Quick Answer: What Will Be The Maturity Amount Of LIC Jeevan Saral?

What is return on Jeevan Saral?

LIC Jeevan Saral – Key Features Premium is chosen by the policyholder and Sum Assured is 250 times the Monthly Premium amount.

You will get death benefit+ Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition.

Maturity Benefit is Maturity Sum Assured + Loyalty Additions if any..

Can I surrender my LIC policy after 10 years?

Guaranteed Surrender Value: The policy can be surrendered after it has been in force for at least 3 full years. The Guaranteed Surrender value will be equal to 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premiums for accident benefit / term rider.

Will I get bonus if I surrender my LIC policy?

Once you have surrendered your LIC policy, the insurer will provide you with a portion of money known as ‘accumulated bonus’ along with the premiums that you have paid for that period of time.

Which month is declared bonus in LIC?

Let us see the complete details about LIC Bonus Rates for 2020 – 2021 and how they affect your life insurance returns. LIC of India has declared the latest bonus rates for the valuation period 1 st April 2019 to 31st March 2020.

Which plan of LIC is best?

Best LIC PlansLIC PoliciesPlan TypePolicy TermLIC Jeevan UmangWhole Life Insurance100 years minus(-) the age at entryLIC Jeevan AmarTerm Assurance Plan10 years-40 yearsLIC Money Back 25 yearsMoney Back Policy25 yearsLIC New Jeevan AnandEndowment Plan15 years-35 years1 more row

How is maturity amount calculated in LIC Jeevan Saral?

LIC’s Jeevan Saral (Plan 165) – Key features + Loyalty Additions (if any). Maturity amount of the plan shall be the sum of, the Maturity Sum Assured (which varies based on the age at entry and term of the plan) + Loyalty additions (if any).

How is maturity benefit calculated?

If your policy term is 10 years, then the value in the balance column when the year column shows 10, will be your maturity benefit. If you subtract the sum of all premiums from maturity benefit amount, you will get your net returns.

How Loyalty addition is calculated?

Loyalty Addition for per 1000 of Maturity Sum Assured 640 for per 1000 of Maturity Sum Assured (MSA). 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.

How much LIC will I get after maturity?

Benefits of LIC Money Back Policy- 20 years 125% of the Basic Sum Assured as chosen at the policy inception or. 10 times of annualized premium as being paid. Subject to a minimum of 105% of the total premiums paid as on date of death.

How can I get my lic money after maturity?

To claim maturity of the LIC policy one needs to send/submit the original policy document with Discharge voucher (form 3825),NEFT Mandate Form, Identity & Residence Proof, cancelled bank cheque before the due date to the LIC branch from where you had taken the policy.

Why Jeevan Saral is closed?

The spotlight is back on endowment plans. 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.

Is LIC maturity amount taxable?

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).

How can I surrender my LIC policy online?

First keep in mind that as of now Surrendering LIC policy is not possible ONLINE. Also, you have to surrender the LIC policy at your servicing LIC branch ONLY. Servicing branch may be the branch where you purchased the policy.

What is maturity sum assured in LIC Jeevan Saral?

The plan provides financial protection against death throughout the term of the plan. The death benefit is directly related to the premiums paid. The Maturity Sum Assured depends on the age at entry of the life to be assured and is payable on survival to the end of the policy term.

What is the benefit of LIC Jeevan Saral policy?

Key Features of LIC Jeevan Saral Plan Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition. Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any. Partial surrender of the policy is allowed after the 3rd policy year.