LIC Jeevan Saral is an Endowment Assurance plan where the death benefit is directly related to the premiums paid. Life Assured has to choose the Amount of insurance he needs and the mode of premium, from options like Yearly, Half-yearly, Quarterly or monthly (ECS only).
If the death of Life Assured occurs in the policy term, a lump sum amount of 250 times the monthly premium plus any Loyalty Additions will be payable to the nominee. During the term of the policy, the holder can add certain riders for additional protection, in case of which, there will be an increase in the premium to be paid.
In case you want to surrender the policy (see LIC Policy surrender value), you can do so only once you complete at least 3 covered years. The minimum guaranteed surrender value will be 30% of the total amount of premium paid till date minus the first year premium and any riders mentioned above.
If you have completed 5 years of policy cover, your surrender value will be 100% of the maturity value, where maturity value will be recalculated corresponding to the number of years for which the premiums have been paid.
If you have stayed in this policy for atleast 10 years, your policy will also be eligible for loyalty bonus depending on the profits made by LIC. This bonus will be payable to you (or your kin) along with maturity benefit (at the end of the policy term) or along with death claim.
Checking your policy condition
Your LIC Jeevan Saral policy or any LIC policy can be registered at this LIC login portal to view its status, next premium date, number of years remaining etc. You can also pay lic premium online for Jeevan saral policy by registering the policy number in LIC portal.