LIC Jeevan Saral is a traditional endowment policy. Due to the seemingly simple outline of the policy, it has become very popular in recent years. The
policy also earned accolade of Golden Peacock for the best innovative
product life insurance among all insurance companies in the world.
Some exclusive features such as - high liquidity, the risk cover up to 250 times a fixed monthly premium regardless of age are the factors that adds to its popularity. Recently, the adequacy of the policy as an instrument insurance cum savings is widely spoken. In this brief account until there is an effort to clear some contradictory points of this plan.
The entry age policy may be 12 to 60 years, while the age of maturity is 70 years maximum. The term policy can be 10 to 35 years. The minimum premium may be Rs 250 per month until age 49 and Rs 400 per month for 50 years and above. There is no maximum limit.
Death Benefit: If the insured dies during the beneficiary will receive 250 times the basic monthly premium (which is considered as the sum insured death benefit) and the return of premiums paid (excluding premium for the first years and premiums) plus loyalty additions.
Maturity Benefit: If the contract expires, the policyholder receives the sum assured maturity (MSA) and the additions of fidelity.
Investment: The partial redemption is authorized at any time after completion of three years, provided premiums have been paid in full. If she opts for sure, the basic premium under the policy is reduced and the policyholder gets the cash value equal to the amount by which the basic premium is reduced. For this special feature of this plan is also cited as ATM plan. But note that, like ATM, you may not unlimited withdrawal from politics.
A minimum waiting period of one year is required between two successive transfers and reduced basic annual premium after partial surrenders can not fall below the stipulated minimum level.
Auto cover: If a policy under this regime is in force for full benefits for 3 years, the risk coverage under the master plan continues for 12 months, although the following premiums are not paid on time . This coverage, however, do not continue under the rider benefits.
Optional benefits: The plan also offers two optional riders by payment of additional premium. These are the accidental death and disability benefit rider and term insurance rider benefit. The term insurance and accident benefits are provided under the riders must not exceed the sum insured death benefit under the basic plan. In addition, the maximum coverage for runners above Rs 25 lakh will be in all company policies, taken together.
The complexities with ease: In all life insurance premiums by increasing political will with age. Jeevan Saral But, the premium has no direct relationship with age at entry. A number of marketing brochures floating in the market, in which the values of maturityare projected directly related to the premium paid by the insured. These projections do not take any link between age, the premium and the maturity sum assured (MSA). The reality is, this policy provides coverage in the risk of 250 times the monthly premium.
Therefore proportional risk premium based on your age is deducted from the total amount paid by you. This is the reason why the MSA diminishes with age. At maturity of the policy of the MSA and the additions of loyalty (which is declared on the basis of per thousand MSA) will be payable to the insured.
Disadvantages: There is always a tendency to compare the returns of insurance policies with PPF or bank RD. Please note that an insurance policy is not at all comparable to these savings vehicles. When you invest in PPF, you earn interest on interest (since the interest is attached to your account each year) and you get the power of compounding. But there are no aggravating effect in an insurance policy. The loyalty additions will be calculated on the maturity sum assured (MSA) on bybase miles.
Back and Benefits: This plan is very flexible function and liquidity are good compared to other life insurance policies. Be a conventional return policy is safe, and it only varies depending on your age at entry and duration taken by you. Bother me, in direct contrast to PPF or bank RD, loyalty additions are calculated on the maturity sum assured (MSA) and not on the premium paid by you. So, when your MSA is higher than the premium paid by you, your return is growing but you do not have any effect on compound interest to your funds. The second advantage of this plan is that, unlike the term PPF is adjustable according to your needs and convenience. Third, in addition to generating a form of forced savings (because premium payable under the policy is always mandatory and not optional), it also provides a good hedging. Last but not least, the amount of the premium paid to LIC is exempted under section 80c of the Act on Income Tax and the policyholder receives the amount at the end of the period after payment of all premiums are tax exempt under section 10-10D of the Income Tax Act on income.
My verdict: A term life insurance sufficient to cover the habit of regular investment through PPF and mutual fund is a must if you ultimately want to cover all possible future and your future needs. On top of that an endowment policy as a good insurance Jeevan Saral will multiply your benefits with regard to liquidity, portfolio diversification and hedging additional risk.
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Some exclusive features such as - high liquidity, the risk cover up to 250 times a fixed monthly premium regardless of age are the factors that adds to its popularity. Recently, the adequacy of the policy as an instrument insurance cum savings is widely spoken. In this brief account until there is an effort to clear some contradictory points of this plan.
The entry age policy may be 12 to 60 years, while the age of maturity is 70 years maximum. The term policy can be 10 to 35 years. The minimum premium may be Rs 250 per month until age 49 and Rs 400 per month for 50 years and above. There is no maximum limit.
Death Benefit: If the insured dies during the beneficiary will receive 250 times the basic monthly premium (which is considered as the sum insured death benefit) and the return of premiums paid (excluding premium for the first years and premiums) plus loyalty additions.
Maturity Benefit: If the contract expires, the policyholder receives the sum assured maturity (MSA) and the additions of fidelity.
Investment: The partial redemption is authorized at any time after completion of three years, provided premiums have been paid in full. If she opts for sure, the basic premium under the policy is reduced and the policyholder gets the cash value equal to the amount by which the basic premium is reduced. For this special feature of this plan is also cited as ATM plan. But note that, like ATM, you may not unlimited withdrawal from politics.
A minimum waiting period of one year is required between two successive transfers and reduced basic annual premium after partial surrenders can not fall below the stipulated minimum level.
Auto cover: If a policy under this regime is in force for full benefits for 3 years, the risk coverage under the master plan continues for 12 months, although the following premiums are not paid on time . This coverage, however, do not continue under the rider benefits.
Optional benefits: The plan also offers two optional riders by payment of additional premium. These are the accidental death and disability benefit rider and term insurance rider benefit. The term insurance and accident benefits are provided under the riders must not exceed the sum insured death benefit under the basic plan. In addition, the maximum coverage for runners above Rs 25 lakh will be in all company policies, taken together.
The complexities with ease: In all life insurance premiums by increasing political will with age. Jeevan Saral But, the premium has no direct relationship with age at entry. A number of marketing brochures floating in the market, in which the values of maturityare projected directly related to the premium paid by the insured. These projections do not take any link between age, the premium and the maturity sum assured (MSA). The reality is, this policy provides coverage in the risk of 250 times the monthly premium.
Therefore proportional risk premium based on your age is deducted from the total amount paid by you. This is the reason why the MSA diminishes with age. At maturity of the policy of the MSA and the additions of loyalty (which is declared on the basis of per thousand MSA) will be payable to the insured.
Disadvantages: There is always a tendency to compare the returns of insurance policies with PPF or bank RD. Please note that an insurance policy is not at all comparable to these savings vehicles. When you invest in PPF, you earn interest on interest (since the interest is attached to your account each year) and you get the power of compounding. But there are no aggravating effect in an insurance policy. The loyalty additions will be calculated on the maturity sum assured (MSA) on bybase miles.
Back and Benefits: This plan is very flexible function and liquidity are good compared to other life insurance policies. Be a conventional return policy is safe, and it only varies depending on your age at entry and duration taken by you. Bother me, in direct contrast to PPF or bank RD, loyalty additions are calculated on the maturity sum assured (MSA) and not on the premium paid by you. So, when your MSA is higher than the premium paid by you, your return is growing but you do not have any effect on compound interest to your funds. The second advantage of this plan is that, unlike the term PPF is adjustable according to your needs and convenience. Third, in addition to generating a form of forced savings (because premium payable under the policy is always mandatory and not optional), it also provides a good hedging. Last but not least, the amount of the premium paid to LIC is exempted under section 80c of the Act on Income Tax and the policyholder receives the amount at the end of the period after payment of all premiums are tax exempt under section 10-10D of the Income Tax Act on income.
My verdict: A term life insurance sufficient to cover the habit of regular investment through PPF and mutual fund is a must if you ultimately want to cover all possible future and your future needs. On top of that an endowment policy as a good insurance Jeevan Saral will multiply your benefits with regard to liquidity, portfolio diversification and hedging additional risk.
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