LIC Saral Jeevan Bima Plan 859, Benefits, Features, parameter and Review
INTRODUCTION OF LIC Saral Jeevan Bima 859 (Table No. 859) – IRDA has issued Guidelines on Standard Individual Term Life Insurance Product, “Saral Jeevan Bima” vide which all life insurers are’ directed to offer a Standard Individual Term Life Insurance Product mandatorily. The plan features and parameters under this product have been prescribed by the Authority.
In view of the above, it has been decided to introduce LIC SARAL JEEVAN BIMA (Plan No.859) with effect from 16/04/2021. The Unique Identification Number (UIN) for LlC’s SARAL JEEVAN BIMA plan is 512N341V01. This number has to be quoted in all relevant documents furnished to the Policyholders and other users’ (public, distribution channels).
LlC’s SARAL JEEVAN BIMA 859 plan is a Non-Linked, Non-participating, Individual Pure Risk Premium Life Insurance Plan.This plan can be purchased Offline as well as Online.
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LIC Saral Jeevan Bima 859 Parameter
| Minimum Age at Entry | 18 years (Last Birthday) |
| Maximum Age at Entry | 65 years (Last Birthday) |
| Maximum Age at Maturity | 70 years (Last Birthday) |
| Premium Paying Mode | Yearly, Half Yearly, Quarterly, Monthly OR single |
| Policy Term | 5 to 40 years |
| Premium Payment Term | Regular Premium – Same as policy term Limited Premium – 5 years and 10 years Single Premium – Lumpsum |
| Sum Assured | Rs. 5,00,000/-. To Rs 25,00,000/- (in multiple of 50,000) |
| Loan | No Loan available |
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Rebates
Rebate means discount on premium. Two rebates and One loading in this policy.
High Sum Assured Rebate: High Sum assured Rebate Based on Sum assured means Policy Value.
| Basic Sum Assured (BSA) | Rebate per Rs. 1000 /- S.A. |
| 5, 00,000 to 9, 50,000 | NIL |
| 10,00,000 to 14, 50,000 | 10.10 %0 B.S.A |
| 15,00,000 to 19, 50,000 | 0.20 %0 B.S.A |
| 20, 00,000 and above | 0.25 %0 B.S.A |
Rebate under Online Sale
| Premium Paying Term | Online Sale (Rate of rebate) |
| Single Premium | 2.00% |
| 5 to 9 years | 5.00% |
| 10 to 14 years | 6.00% |
| 15 years and above | 7.00% |
Mode Loading: Mode Loading given based on premium payment mode chosen.
| Mode | Loading as a % of tabular annual premium |
| Yearly | Nil |
| Half yearly | 2% |
| Monthly (ECS/NACH) mode | 3% |
Benefits
Maturity Benefits
LIC Saral Jeevan Bima Plan 859 Maturity Benefit = On survival of the life assured to the end of the policy term, no maturity benefit is payable.
Death Benefits
(A) During waiting period of 45 days from the Date of Commencement of Risk:
- On Death (due to any reason other than accident) during waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid.
- On Death due to accident provided all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee.
For Regular Premium and Limited Premium Payment policies: “Sum Assured on Death”
is defined as the highest of:
- 10 times of annualized premium; or
- 105% of all the premiums paid as on date of death; or
- Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.
For Single Premium policies: “Sum Assured on Death” is defined as the higher of:
- 125% of Single Premium.
- Absolute amount assured to be paid on death i.e. 100% of Basic Sum Assured.
(B) After waiting period of 45 days from the Date of Commencement of Risk:
On Death after waiting period during the policy term including death due to accident provided
all due premiums have been paid, “Sum Assured on Death” shall be payable to the nominee,
An “Accident” for the purpose of this policy is defined as “An Accident is a sudden, unforeseen
and involuntary event caused by external, violent and visible means.”
RIDERS
No riders are available under this plan
SURRENDER VALUE:
No surrender value shall be available under this Plan.
However, on surrender of policy, policy cancellation value shall be payable’ in the following cases
as given below:
- Regular Premium policies: No policy cancellation value shall be payable.
- Single Premium Policies:
The policy shall acquire policy cancellation value immediately after receipt of Single Premium
and the same is payable upon the policyholder applying for the same before the stipulated date
of maturity.
The amount of policy cancellation shall be calculated using the following formula:
70% * Single Premium Paid* (Unexpired Policy Term / Original Policy Term)
The Single Premium mentioned above is exclusive of taxes but inclusive of extra premiums
charged due to underwriting decisions, if any.
- Limited Premium Payment:
Policy cancellation value shall only be payable if premiums have been paid for at least two (2)
consecutive full years and the same is payable upon the Policyholder applying for the same
before the stipulated date of maturity or at the end of the revival period if the policy is not
revived.
The amount of policy cancellation value shall be calculated by using the following formula:
70% * Total Premium Paid* (Unexpired Policy Term / Original Policy Term)
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LIC Saral Jeevan Bima Plan 859 with an Example
An example of Vinod who is purchasing this Plan with following details.
| Sum Assured (Rs.) | 25,00,000 |
| Age (Years) | 30 |
| Policy Term(Years) | 20 |
| Premium Paying Term | 20 |
| Purchase Year | 2021 |
| Yearly Premium | Rs. 11,623/- (18% GST included) |
As per above example, policy holder needs to pay the premium of Rs. 11,623/- per year for 20 years (Premium Paying Term) and after completion of 20 years (Policy Term).
Maturity Details
If Policy holder survives 20 years, then Maturity will be as under.
| Maturity Year | Age at Maturity | Total Premium Paid | Maturity Amount (Approx.) |
|---|---|---|---|
| 2041 | 50 | 2,32,460/- | Nil |
Death Claim Details
In case of death during policy term ( Before 20 years ), Sum Assured Rs. 2500000 will be paid to nominee.
Suppose if, unfortunate death of policy holder happens in year 2034 (at age 42), then by that time total premium paid will be Rs. 1,62,722 and nominee will get death claim as Rs. 25,00,000 in case of normal death or accidental death and policy will be stop.
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इकाई 117
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नई दिल्ली -110001
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