LIC's Jeevan Saral Plan (Table:165)

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:
250 times the monthly premium
Return of premiums* excluding extra/rider premium and first year premium.
Loyalty addition*, if any.
On Maturity:
Maturity sum assured.
Loyalty addition*, if any.
Other BenefitsThe 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%.

Eligibility Conditions
Age at entry:Minimum 12 years (completed) and maximum 60 years.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

Loyalty Additions
Loyalty Additions will be declared under this 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.