LIC’s Saral Jeevan Bima
LIC’s Saral Jeevan Bima is a standardized individual pure term life insurance plan introduced as per IRDAI guidelines. The plan offers simple, transparent, and affordable life cover with uniform features across insurers.
Plan Overview
Saral Jeevan Bima has been designed to make term insurance easily understandable and accessible to all sections of society. The policy provides financial protection to the family of the life assured in case of untimely death during the policy term.
Key Features
Pure Protection Plan
Provides life cover without any maturity or survival benefits.
Standardized Policy
Uniform terms and conditions across all insurers as mandated by IRDAI.
Affordable Premiums
Designed to offer economical life insurance protection.
LIC Reliability
Backed by LIC’s governance, claims strength, and nationwide presence.
Eligibility & Policy Criteria
| Parameter | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 65 Years |
| Policy Term | 5 to 40 Years |
| Sum Assured | ₹5 Lakh to ₹25 Lakh |
| Premium Payment Term | Regular / Limited Pay |
Premium Payment Options
Premiums can be paid on a regular or limited basis, depending on the chosen policy structure. The premium amount depends on age, sum assured, policy term, and payment mode.
Tax Benefits & Regulatory Compliance
Tax benefits under LIC’s Saral Jeevan Bima are available as per applicable provisions of the Income Tax Act. Death benefit is tax-free as per prevailing rules. The plan operates strictly under IRDAI regulations.
Conclusion & Official Assistance
LIC’s Saral Jeevan Bima is suitable for individuals seeking straightforward, affordable, and standardized life insurance protection without complexity.