LIC’s Saral Jeevan Bima

Description

 

The benefits provided by this insurance policy include:

A. Death Benefit:

(i) During the Waiting Period of 45 days from the date of commencement of Risk:

• During this initial waiting period of 45 days from the date of commencement of risk, the policy covers death due to accidents only.
• If the Life Assured passes away due to any reason other than an accident during this waiting period, an amount equal to 100% of all premiums received (excluding taxes, if any) shall be paid. The Basic Sum Assured will not be paid.
• If the Life Assured dies due to an accident during this Waiting Period and the policy is in force, the Death Benefit payable as a lump sum is as follows:

For regular premium or limited premium payment policy, it is the highest of:

• 10 times the Annualized Premium, or
• 105% of all premiums paid as of the date of death, or
• Absolute amount assured to be paid on death.

For a Single premium policy, it is the higher of:

• 125% of the Single premium, or
• Absolute amount assured to be paid on death.

(ii) After the expiry of Waiting Period of 45 days from the date of commencement of Risk:

• Once the waiting period of 45 days is over, the policy covers death due to all reasons, not just accidents, until the stipulated Date of Maturity provided the policy is in force.
• In case of the Life Assured’s demise after the expiry of the waiting period but before the stipulated Date of Maturity, the Death Benefit amount payable as a lump sum is as follows:

For regular premium or limited premium payment policy, it is “Sum Assured on Death,” which is the highest of:

• 10 times the annualized premium, or
• 105% of all premiums paid as of the date of death, or
• Absolute amount assured to be paid on death.

For a Single premium policy, it is “Sum Assured on Death,” which is the higher of:

• 125% of the Single Premium, or
• Absolute amount assured to be paid on death.

Premiums mentioned above do not include any extra amount chargeable under the policy due to underwriting decisions, if any. The Absolute amount assured to be paid on death is equal to the Basic Sum Assured.

B. Maturity Benefit: No Maturity Benefit shall be payable if the Life Assured survives the stipulated Date of Maturity. This policy focuses on providing a Death Benefit rather than a Maturity Benefit.

 

Eligibility Conditions:

Minimum Basic Sum Assured	5,00,000
Maximum Basic Sum Assured	25,00,000 per life basis
Minimum Age at entry	18 years (last birthday)
Maximum Age at entry	65 years (last birthday)
Maximum Maturity Age	70 years (last birthday)
Policy Term	Single / Regular / Limited Premium
Premium Paying Term	5 to 40 years Regular Premium / Limited Premium / Single Premium

 

(The Basic Sum Assured shall be in multiples of Rs. 50,000/-)