Guidelines

How much is the loyalty addition in Jeevan Saral?

How much is the loyalty addition in Jeevan Saral?

LIC Jeevan Saral Maturity Calculator

Policy year Annual premium Loyalty Additions*
Case 1
Year 10 INR 4704 INR 7000
Year 15 INR 4704 INR 13,000
Year 20 INR 4704 INR 30,000

How is loyalty addition calculated in LIC Jeevan Saral?

Loyalty Addition (LA) in Jeevan Saral policy depends on the duration of the policy completed with full sum assured and, the annual premium band of the policy. An annual premium band can be calculated on the basis of monthly premium in Jeevan Saral. Higher the premium, higher is the loyalty addition in Jeevan Saral.

Can Jeevan Saral be extended?

LIC Jeevan Saral – Key Features Maturity Benefit is Maturity Sum Assured + Loyalty Additions if any. Partial surrender of the policy is allowed after the 3rd policy year. You will get the extended risk cover for one year after 3 years premium payment.

How much is loyalty addition in LIC?

Now, suppose there is a policy with maturity sum assured of 1,00,000 and policy term as 16 years. So loyalty addition will be 100000 x 640/1000= 64,000….What is Loyalty Addition?

Policy Term Loyalty Addition for per 1000 of Maturity Sum Assured
10 425
11 475
12 500
13 550

Is Jeevan Saral a good policy?

As a non-unit linked insurance plan LIC Jeevan Saral is one of the most beneficial endowment plans that provide a lump sum amount of 250 times the premium paid. It provides the dual benefit of protection cum saving.

How is maturity amount calculated for Jeevan Saral?

LIC Jeevan Saral policy maturity amount=sum assured + loyalty additions.

Is Jeevan Saral a money back policy?

LIC Jeevan Saral is actually an endowment policy with a lot of flexibilities that is usually available only with unit linked insurance plans. Hence it is categorized under Special Plans. This plan offers Double Death Benefit of Sum Assured + Return of Premium.

Why Jeevan Saral is closed?

Life Insurance Corporation of India’s (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders. The apex court made it clear it was not expressing any opinion on the merits of the case.

Should I surrender my Jeevan Saral policy?

For a timeframe of 15-20 years, this is extremely poor return. 2. On Surrender, since you haven’t completed 3 years in New Jeevan Anand policy, you will not get back anything. LIC’s Jeevan Saral policy surrender value will be the greater of the guaranteed surrender value (GSV) or special surrender value.

How is maturity amount calculated in Jeevan Saral?

Is there any bonus in Jeevan Saral?

Certain plans like Jeevan Shree (151) and Jeevan Saral (165) have a specialized bonus structure. For such plans, no simple reversionary bonuses are declared. Instead, a one-time bonus with the name Loyalty Addition (LA) becomes payable for the policy at the time of maturity as per the valuation of the plan.

Which is the latest loyalty rate for Jeevan Saral?

As per the latest 2019 march valuation, LIC has declared the loyalty addition rates up to 18 years term for Jeevan Saral Plan. The latest loyalty addition rates are provided in the chart given below.

When did Jeevan Saral endowment plan come out?

Launched in 2004, Jeevan Saral was sold as an easy-to-understand plan. The policyholder had to choose the premium, and the sum assured would be at least 250 times the monthly premium, besides loyalty additions. In this ‘simple’ structure lay the genesis of a controversy.

How is maturity sum assured calculated in Jeevan Saral plan?

But in Jeevan Saral plan Maturity Sum Assured and Death Sum assured are entirely different entities. Death sum assured is defined as, 250 times basic monthly premium, whereas Maturity Sum Assured is calculated based on a table supplied by LIC of India. Maturity Sum Assured considerably varies depending on the age at entry.

How to calculate LIC Jeevan Saral premium rate?

If you cannot view the calculator here click the link provided below to open LIC Jeevan Saral ( Plan 165) Premium and Benefit calculator. As per the latest 2019 march valuation, LIC has declared the loyalty addition rates up to 18 years term for Jeevan Saral Plan.