What is Saral Jeevan Bima by LIC?

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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.


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

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