Jeevan saral policy by Lic of India is also called ATM - Any Time Money or monthly saving plan. Jeevan saral is a Monthly Recurring Life Insurance Plan by Lic of India where you can pay choose your monthly premium and get 250 times of your monthly premium + total premium paid + Loyalty additions if any in case of death and on maturity you get a lumpsum amount which is 100% tax free.
Jeevan Saral has won a Golden Peacock award.
LIC’s Jeevan Saral is a unique insurance plan having good features of the conventional plans and he flexibility of unit linked plans. To the policyholder it provides —
- · higher cover
- · a smooth return,
- · liquidity and flexibility
BENEFITS:
On death:
· 250 times the monthly premium, plus
· return of premiums excluding extra/rider premium and first year premium,
plus
· the loyalty addition, if any.
On Maturity:
· Maturity sum assured, plus
· The Loyalty Additions, if any
Special Features:
- High risk cover at low premium
- Extended risk cover for one year after 3 years premium payment.
- Optional higher cover through Term Riders
- The policyholder can choose a maximum term but can surrender at any time
- Without any surrender penalty or loss after 5 years
- Any number of withdrawals through partial surrendering
ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS:
- Age at entry : Minimum 12 (completed) and maximum 60 years nearest
- Age at maturity : Maximum 70 years.
- Term : All terms from 10 to 35 years.
- Premium : Minimum premium of Rs.250/- per month for entry age upto 49 years and Rs.400/- per month for entry age 50 years and above. There will be no limit on the maximum premium per month.
- Mode : Yearly, Half-yearly, Quarterly and Monthly under Salary Saving Scheme
- In case of term rider, minimum and maximum age at entry will be 18 and 50 years
- respectively. Further minimum sum assured will be Rs.1 lakh.
