Skip to content
logo
  • Cryptocurrency
  • Finance Tips
  • Investing
  • Make Money Online
  • Work From Home
  • Quiz
  • About Us
  • Privacy Policy

What is Saral Jeevan Bima by LIC?

Posted on July 13, 2022April 15, 2022 By Stuti Patni No Comments on What is Saral Jeevan Bima by LIC?
Investing

LIC, India’s Life Insurance Corporation, has served the nation since 1956 and is still India’s first decision when it comes to Life Insurance. Despite introducing a wide range of insurance policies in the market, LIC feels that its customers should never remain insured no matter what their financial circumstances are, and therefore, continues to design policies that are appropriate for all economic sectors.

LIC Saral Jeevan Bima 859 is a new addition to the long list of LIC programs. This is a pure emergency risk insurance scheme, designed to provide financial protection to the family of the insured in the event of the deceased losing their life during the policy. Affordable and easy to understand, LIC policy Saral Jeevan Bima was introduced to take care of your family’s needs even when you are not at home.

Highlights

The following are the major benefits offered under LIc’s Saral Jeevan Bima Policy:

  1. Many bulk insurance options to choose from, from INR 5 lakhs to INR 25 lakhs
  2. Depending on the circumstances of the premium payment, you may be able to pay one, the regular or limited premium per year, part of the year, or monthly.
  3. The policy provides death benefits for the nominee if the insured person loses his or her life during the policy.
  4. Saral Jeevan Bima Yojna LIC offers a grace period of 30 days for policymakers who make their annual/semi-annual payments and 15 days for monthly payers.
  5. The program offers special discounts on High Amount Guaranteed Purchases and Online Purchases.
  6. A free 30-day free trial period is available when the policy is purchased online.
  7. The policy owner can apply for a tax deduction / s 80C of the Income Tax Act to pay for insurance premiums.

Eligibility criteria

You need to be eligible according to the following ways to apply for LIC Saral Jeevan Bima:

Age of Entry

Minimum: 18 years (Last Birthday)

Age: 65 years (Last Birthday)

Maximum Maturity Age

70 years (Last Birthday)

Basic Amount Guaranteed

Minimum: INR 5,00,000

Maximum: INR 25,00,000

Policy Period

5 years – 40 years

Premium payment period

With Standard Premium: 5 to 40 years

With Limited Premium: 5 and 10 years

With Single Premium: One-time premium payment at the time of purchase

Death benefit

LIC Saral Jeevan Bima 859 comes with a waiting period of 45 days, meaning the death of the insured person will only be covered after 45 days of the purchase date. In such a case, an amount equal to 100% of the insurance premiums (taxes excluded) will be paid. The amount covered by the insurance will not be reimbursed. However, death by accident will be covered from the start. Once the death benefit has been paid, the policy will be terminated.

The death benefit is paid as a lump sum, the maximum amount:

  1. With Limited or Normal Premium Payment,
  2. 10 times an annual premium OR
  3. 105% of all premiums paid OR
  4. Total guaranteed value
  5. With one Premium policy,
  6. 125% of one premium paid OR
  7. Total guaranteed value
Tags: Equity Finance Tips Investing Personal Finance Stock MArket Stocks

Post navigation

❮ Previous Post: What is MoneyTap?
Next Post: 401(k) vs. IRA: How to Choose The Best Retirement Account for You ❯

You may also like

Offer for Sale
Investing
Understanding Offer for Sale
January 17, 2022
ESG
Investing
ESG Investing Theme
March 6, 2022
Future & Options
Investing
Everything you need to know about Futures and Options
January 12, 2022
SIP
Investing
What is a SIP and why is everyone interested in it?
January 19, 2022

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You may also like:

  • What is RBI’s Digital Rupee?
  • Top Money Management Apps
  • Loan Settlement and How Does It Affect Your Credit Score?
  • How to avoid the Debt Trap?
  • Essential Tips for Money Management
  • Buy Now Pay Later vs Personal Loan vs Credit Card
  • Google Pay: Check Limit On Daily Remittance Across India
  • Tax Saving Bank FD Vs Post Office TD: Where Should You Invest To Earn High Returns?
  • Exhausted Section 80C? Here Are Other Ways To Save More Taxes
  • LIC IPO 2022
  • What is FIRE- Financial Independence/Retire Early
  • Beginner’s Guide: Decentralised Finance (DeFi)
  • How To Choose The Best Term Life Insurance Policy?
  • How To Buy, Sell and Gift Digital Gold Through Airtel Payment Bank?
  • What Elon Musk would do with Twitter
  • What Can You Do in Decentraland’s Metaverse?
  • Investing lessons from Raamdeo Agrawal
  • How to Calculate Your DeFi, NFT, and Airdrop Taxes for 2022
  • How to Become Eligible for Token Airdrops
  • Investing tips from V. Vaidyanathan
  • Cryptocurrency
  • Finance Tips
  • Investing
  • Make Money Online
  • Work From Home
  • Quiz
  • About Us
  • Privacy Policy