LIC’s Jeevan Saral brings you

SPECIAL FEATURES :

Under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry ages and terms. This plan is very appropriate for employees seeking life cover through Salary Savings Schemes.

BENEFITS :

On death:

On Maturity:

The specimen Maturity Sums Assured (MSAs) per Rs.100/- monthly premium are given below for some of the ages and terms

Age of Entry	Policy Term
	10 Years	15 Years	20 Years	25 Years
20	11,156	19,628	28,039	36,839
30	11,053	19,300	27,345	35,492
40	10,431	17,839	24,598	30,854
50	8,442	13,444	16,164	--

SURRENDER VALUE:

The policy can be surrendered after it has been in force for at least 3 full years. The surrender value will be the greater of Guaranteed Surrender Value or Special Surrender Value as given below:

Guaranteed Surrender Value (GSV):

The GSV will be equal to the 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premium for accident benefit / term riders.

Special Surrender Value (SSV):

The special surrender value under the policy shall be paid as the sum of (a) and (b) given as under:

a) Discounted value or accumulated value, as the case may be, of the following:
80% Of maturity sum assured if less than 4 years premiums have been paid, 90% of the maturity sum assured, if 4 or more years but less than 5 years premiums have been paid and 100% of the maturity sum assured, if 5 or more years premiums have been paid. The maturity sum assured for this para will be the maturity sum assured corresponding to the term for which premiums have been paid under the policy. If the premiums have been paid for a fraction of a year, the maturity sum assured shall be worked out by way of mathematical interpolation.

The above amount shall be discounted from the due date of the next instalment premium to the date of surrender if the duration elapsed from the date of commencement of the policy to the date of surrender is less than the term for which the premiums have been paid. If the duration elapsed from the date of commencement to the date of surrender is greater or equal to the term for which premiums have been paid then the above amount shall be accumulated with interest for the period from the due date of the first unpaid premium to the date of surrender.

The period for which the amount is to be discounted or accumulated shall be taken in complete months and fraction of a month will be ignored. The rate of interest to be used for discounting or accumulating, as the case may be, will be announced by the Corporation at the start of every financial year.

b) The loyalty additions, if any, as announced while declaring the results of the Corporation’s valuation as at 31st March, immediately preceding the date of surrender.

PAID UP VALUE:

If after at least 3 full year’s premiums have been paid, and any subsequent premium is not duly paid, the policy shall not be wholly void, but shall subsist as a paid-up policy for a reduced sum. The benefit payable on death/maturity under such policies would depend on the number of years for which premiums have been paid and shall be the greater of:
- a sum that bears the same ratio to the full maturity sum assured as the number of premiums actually paid shall bear to the total number originally stipulated in the policy
OR
- the surrender value as per para 4 above assuming that the policy has been surrendered on the date of death / maturity, as the case may be.

OPTIONS:

The plan offers following optional riders by payment of additional premium:

The maximum cover for the above riders will be Rs.25 lakhs under all policies of the Corporation taken together.

ACCIDENTAL DEATH AND DISABILITY BENEFIT:

On death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable.

n total and permanent disability arising due to accident(within 180 days from the date of accident) this amount will be paid over a period of 10 years in monthly instalments.

The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living. The following disabilities due to accidents are covered-

TERM ASSURANCE RIDER

An amount equal to Term Assurance Sum Assured will be payable on death of the life assured during the policy term.

OTHER BENEFITS :

The plan offers a number of other benefits :

Auto Cover :

The plan offers Auto cover of 12 months after the policy has been in force for a period of 3 years or more.

Flexible Term :

The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.

Partial Surrenders :

The plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document.

Due to existence of the flexible term and partial surrenders the policyholder will enjoy a lot of liquidity under the plan. The plan also provides for “15 days free look period”.

Loan :

Loan is permissible under the policy after it requires a paid up value. The terms and conditions of the loan and the rate of interest applicable will be as fixed by the Corporation from time to time. At present, the rate of interest is 10.5% p.a compounding half yearly.

Grace Period :

A grace period of 1 month but not less than 30 days will be allowed for payment of yearly, half yearly or quarterly premiums. If the premium is not paid before the expiry of the days of grace, the Policy will be lapsed.

Revival :

Subject to production of satisfactory evidence of good health, a lapsed policy can be revived by paying arrears of premium together with interest within a period of 5 years from the due date of first unpaid premium. The rate of interest at present is 9%.

LOYALTY ADDITIONS

Only loyalty additions will be declared under the plan. The minimum term after which a policy can earn loyalty addition will be 10 years. However, Loyalty additions will also be payable if death occurs in the 10th year of the policy provided that the policy is in force at the time of death. Loyalty additions will be subject to Corporations experience, and may be paid incase of death, maturity and surrenders.

ELIGIBILITY CONDITIONS AND OTHER RESTRICTIONS

Age at entry : Minimum 12 years (completed) and maximum 60 years nearest birthday.
Age at maturity: Maximum 70 years.
Term : All terms from 10-35 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. The premium shall be in multiple of Rs.50 per month.
Mode : Yearly, Half yearly, Quarterly and Monthly under Salary Saving Scheme.
Incase of term rider, minimum and maximum age of entry will be 18 and 50 years respectively. Further minimum sum assured will be Rs.1 lakh.

REBATES FOR MODE OF PREMIUM PAYMENT AND HIGH SUM ASSURED

Mode rebate : 2% for yearly mode and 1% for half yearly mode. There are no rebates for quarterly and SSS mode.

EXCLUSIONS

This policy shall be void if the Life Assured commits suicide (whether sane or insane at the time) at any time or after the date on which the risk under the policy has commenced but before the expiry of one year from the date of acceptance of risk. In case of death due to suicide during this period, the corporation will not entertain any claim by virtue of this policy except to the extent of a third party’s bona-fide beneficial interest acquired in the policy for valuable consideration of which notice has been given in writing to the office where this policy is serviced, at least one calender month prior to death.