LIC Saral Jeevan Bima - Plan 859

LIC Saral Jeevan Bima (Plan 859) is commonplace time period plan supplied by LIC. This time period plan is as per guideline of IRDAI for the Saral Jeevan Bima. It’s commonplace particular person time period life insurance coverage product. The important thing options, advantages of Saral Jeevan Bima stays identical throughout insurance coverage firms. LIC has began providing this plan from 16th April, 2021. Along with Saral Jeevan Bima LIC can be providing different time period plan reminiscent of LIC Tech Time period Plan and LIC Jeevan Amar Plan. LIC Saral Jeevan Bima Plan 859 is non-linked, non-participating pure danger insurance coverage plan. You should purchase LIC Saral Jeevan Bima Plan 859 on-line in addition to offline. On this submit, let’s check out LIC Saral Jeevan Bima Key options, eligibility and advantages. On the final we can even focus on that ought to you go for LIC Saral Jeevan Bima?

LIC Saral Jeevan Bima

LIC Saral Jeevan Bima – Plan 859 – Options, Advantages & Eligibility

Options & Eligibility

Minimal Age Entry – 18 Years

Most Age Entry – 65 Years

Coverage Time period – 5 Years to 40 Years

Most Maturity Age – 70 Years

Sum assured – 5 Lakh to 25 Lakh

Mortgage – No Mortgage possibility

Premium Fee Possibility – Yearly, Half Yearly, Month-to-month, Restricted (5 or 15 Years) and Single Premium


Maturity Advantages – On survival until the tip of coverage time period No Maturity Advantages payable

Dying Advantages –

(a) Throughout ready interval of 45 days from the date of graduation of Danger – On dying throughout ready interval all premium acquired excluding tax shall be payable to the nominee. In case of dying throughout ready interval on account of accident and all premium due is paid “sum assured on the dying” shall be payable to the nominee.

For normal premium and restricted premium insurance policies – sum assured on dying is outlined as the very best of –

  • 10% of annualized premium or
  • 105% of all of the premium paid as on date of dying or
  • 100% of foundation sum assured is paid

For single premium policliies – sum assured on dying is outlined as the very best of –

  • 125% of single premium
  • 100% of primary sum assured is paid

(b) After Ready interval of 45 days from the date of graduation of danger –

If all premium are paid by the coverage holder sum assured on the dying shall be payable to the nominee.

LIC Saral Jeevan Bima Plan 859 Instance

Suppose particular person X of 30 years’ age buy LIC Saral Jeevan Bima Plan with sum assured of 25 Lakh with coverage time period of 20 years. Suppose he pay Rs.3000 yearly for this coverage.

This implies coverage holder must pay Rs.3000 yearly for this coverage. In case coverage holder survives until the maturity age nothing is payable on the time of maturity. If coverage holder dies throughout coverage time period sum assured 25 Lakh shall be paid to the nominee.

Distinction Between regular time period plan and LIC Saral Jeevan Bima

Time period PlanLIC Saral Jeevan Bima
Regular Time period insurance coverage isn’t accessible for the decrease sum assured reminiscent of 5 Lakh. Sum assured begins with 25 Lakh and above.LIC Saral Jeevan Bima means that you can buy time period plan from 5 Lakh to 25 Lakh.
Personalized Plan this implies insurance coverage firm can determine options and advantages related to the plan.Normal Plan issued as per IRDAI guideline the place options and advantages are as per IRDAI.
The premium of time period plan is way decrease in comparison with Saral Jeevan BimaThe premium of Saral Jeevan Bima is greater as phrases and situations and options are commonplace.

Do you have to purchase LIC Saral Jeevan Bima?

Saral Jeevan BIma is for low earnings group individuals. Saral Jeevan Bima is obtainable by a number of insurers. So it’s advisable to examine declare settlement ratio by the insurance coverage firm. LIC gives finest declare settlement. Nonetheless, at any time when you’re shopping for time period plan it is very important take a look at premium paid and sum assured.

LIC Saral Jeevan Bima is obtainable at a lot greater premium in comparison with different time period plans. The sum assured can be restricted 25 Lakh. Thus it’s advisable to go for regular time period plan as an alternative of Saral Jeevan Bima.