Term plans

LIC Term Plans


Pure Risk Cover Plan  | Without Profits | Single or Regular Premiums | Non Linked. 

1. Eligibility Conditions :

Age entry18Yrs(Lbd)65Yrs(Lbd)
Maturity Age23Yrs70Yrs
Sum Assured5 lac25 lac
Premium Paying term options Limited premium: 5-10yrs
Single Premium: One time 
Regular premium: Full term

2. Maturity: 

Nothing is Payable

3. Death Benefit : 

During waiting Period: 

(a) Natural Death – Refund of 100% of all the premium paid without Taxes.

(b) Accidental Death -Sum Assured on Death

After waiting period: Natural / Accidental Death : Sum Assured on Death & Sum Assured on Death is 100% of Basic Sum Assured

4.Available riders: Nil

5. Mode of Payment Under Regular & Limited PPT:
Yearly, Half Yearly or Monthly (ECS/NACH)

6.Back Dating: Not Allowed

7. Revivals under Regular and Limited PPT:
Between 31 to 60 days of FUP: DGH only
From 61 days to 5 years of FUP: Normal
Underwriting Requirements.
Waiting Period not applicable after Revival.

8. Surrender Value: Guranted surrender value is available in this plan

Payable under Single & Ltd PPT mode 

9.Paid up / Loan: Not Available

10. Tax Benefits: 

 Regular Premium: u/s 80C the premium is tax free.

Death claim : u/s 10(10D

11. Nomination:  Multiple and successive nomination is possible 

Multiple Nomination: More than one nominee is possible in this plan and their share in the death claim can also be specified.

Successive nominations: Sucessive nominations are possible in this plan. That is if something happens to first nominee then death claim will be given to the second nominee and if something happens to first and second nominee then the death claim will be payable to the third nominee. 

12. LIC Saral Jeevan Bima Enquiry form:

    13. LIC Saral Jeevan Bima Illustration :

    LIC saral Jeevan BIma

    14. Grace Period: 30 days for Yearly / Half Yearly and 15 Days for Monthly Mode from Date of FUP.


    LIC term plans:

    LIC OF INDIA has three term plans.

    1. Jeevan Amar
    2. Saral Jeevan
    3. Jeevan Kiran

    Jeevan Amar and Saral Jeevan are the pure term plans. That is the customer has to pay the premium till the end of the term to enjoy the life insurance coverage, at the end of the term there is no maturity.

    Kind of Term plan in LIC
    i) Pure risk plan without maturity

    LIC Saral Jeevan: Term plan for insurance less than Rs 24 lacs.
    LIC Jeevan Amar: Term plan for life insurance  25 lacs or more

    ii) Term plan with ROP(Return Of Premium

    LIC Jeevan Kiran : Whatever premium is paid during the term of the policy, if nothing goes wrong the same will be returned at the end of the term.

    LIC Saral Jeevan (Table no 859) is a pure risk plan without maturity. The minimum insurance cover in this plan is Rs 5 lac and maximum insurance cover of Rs 25 lac.


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