Why Jeevan Saral is closed?

The spotlight is back on endowment plans. Life Insurance Corporation of India’s (LIC) Jeevan Saral, withdrawn in 2014, was in the news recently after a PIL was filed in the Supreme Court , alleging that LIC had mis-sold the product by misleading policyholders.

Can I surrender Jeevan Saral after 5 years?

Special Surrender: 80 percent of Sum Assured after the completion of 3 years but not 4 years with all premiums paid. 90 percent of Sum Assured after the completion of 4 or more years but less than 5 years with all premiums paid, and 100 percent of the Sum Assured if the premium is paid for 5 years or more.

What is the bonus rate of LIC Jeevan Saral?

Jeevan Saral (Plan 165) has been a very popular plan from the LIC of India. This Year LIC has declared the loyalty addition rates for the 19-year term also and the rate ranges from 670 to 930 as per the monthly premium band.

What is the benefit of Jeevan Saral LIC policy?

Key Features of LIC Jeevan Saral Plan Death Benefit is Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition. Maturity Benefit is Maturity Sum Assured + Loyalty Additions, if any. Partial surrender of the policy is allowed after the 3rd policy year.

What is the maturity amount of Jeevan Saral?

There is no minimum age at maturity but the maximum age is 70 years. The monthly premium for the age group of 12 years to 49 years is Rs. 250/-, for the age group of 50 years to 60 years is Rs. 400/-….LIC Jeevan Saral – Eligibility Criteria.

Is it worth to continue Jeevan Saral?

Jeevan Saral is supposed to give better surrender and/or paid-up value. It was considered a good plan with a lot of flexibility for young people. The main issue with the product is for those in the higher age group. Moneylife has received several complaints from Jeevan Saral policyholders.

What happens if I surrender my LIC policy after 10 years?

You will get a portion of your money only if you have paid consecutive premiums for two years (if premium paying term is less than 10 years), and three years (if premium paying term is more than 10 years). If you surrender before this, you do not get back any money.

How is loyalty bonus calculated in LIC Jeevan Saral?

In the above table, if there is a jeevan saral policy with 16 year policy term and the policy is getting matured in financial year 2016-17, then Loyalty Addition will Rs. 640 for per 1000 of Maturity Sum Assured (MSA). So loyalty addition will be 100000 x 640/1000= 64,000.

What is the maturity amount of Jeevan Saral plan 165?

What is the surrender value of LIC policy after 7 years?

Guaranteed Surrender Value Factors for the premiums paid

Can I withdraw money from LIC Jeevan Saral?

You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies. When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums.

What are the tax benefits of Jeevan Saral plan?

Income Tax Benefit – Premiums paid are exempted from income tax free for Jeevan Saral policy under Sec 80 C. The maturity proceeds of Jeevan Saral are also exempted from tax under Section 10 (10D).

How is SSV calculated for LIC Jeevan Saral?

SSV is calculated based on the number of premiums paid, i.e., 80%sum assured if premiums paid more than 3years and less than 4years. 90% Sum Assured if the premiums paid more than 4years and less than 5years. 100% Sum Assured if the premiums are paid for more than 5years. How to use the LIC Jeevan Saral Maturity Calculator?

How to register with saralharyana.gov.in?

First of all, applicants have to open the official portal that is saralharyana.gov.in From the home page of the official website click on the “New User Registration Here” link from login option Now a new page will open with a registration form Here you have to enter full name, email ID, mobile number, password and select the State