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Are you looking for a simple, affordable life insurance plan to protect your family’s financial future? Look no further than LIC Saral Jeevan Bima. As the best LIC agent in Kolkata, I’m here to walk you through everything you need to know about this popular policy.
Table of Contents
Key Takeaways
- LIC Saral Jeevan Bima is a simple, affordable term insurance plan
- It offers high coverage (up to ₹25 lakhs) at competitive rates
- Flexible premium payment options and policy terms are available
- No maturity benefit, focus is on providing maximum protection
- Various rebates and discounts can help reduce premium costs
What is LIC Saral Jeevan Bima?
LIC Saral Jeevan Bima is a non-linked, non-participating, individual pure risk premium life insurance plan. In simpler terms, it’s a straightforward term insurance policy that provides financial protection to your loved ones in case of your untimely demise.
Key Features:
- Affordable Premiums: Get high coverage at budget-friendly rates
- Flexible Policy Terms: Choose from 5 to 40 years
- Multiple Premium Payment Options: Single, limited, or regular premium
- High Sum Assured: Up to ₹25 lakhs per life
- Tax Benefits: Under Section 80C and 10(10D) of the Income Tax Act
Why Choose LIC Saral Jeevan Bima?
In today’s uncertain world, having a reliable life insurance policy is more important than ever. LIC Saral Jeevan Bima stands out for several reasons:
- Simplicity: No complex terms or hidden clauses
- Affordability: High coverage at competitive rates
- Flexibility: Choose the policy term and premium payment option that suits you
- Trustworthy: Backed by LIC, India’s largest and most trusted insurance provider
Understanding the Benefits
Death Benefit
The primary purpose of LIC Saral Jeevan Bima is to provide financial security to your family in your absence. Here’s how the death benefit works:
During the 45-day Waiting Period:
- Covers death due to accidents only
- For non-accidental deaths, 100% of premiums paid (excluding taxes) are returned
After the Waiting Period:
For regular or limited premium policies, the death benefit is the highest of:
- 10 times the annualized premium
- 105% of all premiums paid as of the date of death
- Absolute amount assured to be paid on death
For single premium policies, it’s the higher of:
- 125% of the single premium
- Absolute amount assured to be paid on death
Maturity Benefit
It’s important to note that LIC Saral Jeevan Bima is a pure term insurance plan. This means there’s no maturity benefit if you survive the policy term. The focus is on providing maximum protection at affordable rates.
Eligibility and Policy Terms
| Criteria | Details |
|---|---|
| Minimum Entry Age | 18 years |
| Maximum Entry Age | 65 years |
| Maximum Maturity Age | 70 years |
| Policy Term | 5 to 40 years |
| Minimum Sum Assured | ₹5,00,000 |
| Maximum Sum Assured | ₹25,00,000 |
Premium Payment Options
LIC Saral Jeevan Bima offers flexibility in how you pay your premiums:
- Regular Premium: Pay throughout the policy term
- Limited Premium: Choose between 5 or 10 years payment term
- Single Premium: One-time lump sum payment
You can pay premiums yearly, half-yearly, or monthly (through ECS/NACH).
Sample Premium Rates
To give you an idea of the affordability of LIC Saral Jeevan Bima, here are some sample annual premium rates for a sum assured of ₹10 lakhs and a policy term of 25 years:
| Age | Annual Premium (₹) |
|---|---|
| 25 | 3,850 |
| 30 | 4,670 |
| 35 | 6,110 |
| 40 | 8,340 |
| 45 | 11,660 |
Note: These rates are for illustration purposes only and may vary based on individual circumstances.
Rebates and Discounts
LIC offers several ways to save on your Saral Jeevan Bima premiums:
- High Sum Assured Rebate:
- ₹10-14.5 lakhs: 0.10‰ of Basic Sum Assured
- ₹15-19.5 lakhs: 0.20‰ of Basic Sum Assured
- ₹20 lakhs and above: 0.25‰ of Basic Sum Assured
- Online Purchase Rebate:
- Single Premium: 2%
- 5-9 years premium paying term: 5%
- 10-14 years premium paying term: 6%
- 15 years and above: 7%
- Mode of Payment Rebate:
- Yearly mode: No loading
- Half-yearly mode: 2% loading on tabular annual premium
- Monthly (ECS/NACH): 3% loading on tabular annual premium
Important Considerations
Grace Period
- 30 days for yearly or half-yearly premium payments
- 15 days for monthly premium payments
Revival of Lapsed Policies
You can revive a lapsed policy within 5 years from the date of first unpaid premium, subject to certain conditions.
Suicide Exclusion
- For regular/limited premium policies: Void if suicide occurs within 12 months from the date of commencement or revival
- For single premium policies: Void if suicide occurs within 12 months from the date of commencement
Why Choose Me as Your LIC Agent in Kolkata?
As the best LIC agent in Kolkata, I offer:
- Personalized Service: Tailored advice based on your specific needs
- Extensive Knowledge: Up-to-date information on all LIC products
- Prompt Assistance: Quick response to queries and help with claims
- Ongoing Support: Regular policy reviews and updates
Securing your family’s financial future is just a phone call away. As the best LIC agent in Kolkata, I’m here to help you navigate the world of life insurance and find the perfect plan for your needs. Call me at 7980031260 to discuss LIC Saral Jeevan Bima or any other LIC products you’re interested in. Let’s work together to protect what matters most!
FAQs
Can I get LIC Saral Jeevan Bima if I have pre-existing health conditions?
Yes, but you may need to undergo medical tests, and premiums might be higher based on the underwriting decision.
Is there a medical examination required for LIC Saral Jeevan Bima?
It depends on your age, sum assured, and health condition. For lower sums assured and younger ages, medical tests may not be required.
Can I increase my sum assured during the policy term?
No, the sum assured remains fixed throughout the policy term. You can, however, buy additional policies if needed.
What happens if I stop paying premiums?
The policy will lapse after the grace period. You can revive it within 5 years by paying due premiums with interest.
Are there any tax benefits with LIC Saral Jeevan Bima?
Yes, premiums paid are eligible for tax deduction under Section 80C, and death benefits are tax-free under Section 10(10D) of the Income Tax Act.
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