LIC's Saral Jeevan Bima

LIC's Saral Jeevan Bima Plan is a Non-Linked, Non-Participating, Individual, Pure Risk Life Insurance plan which provides financial protection to the insured's family in case of his/her unfortunate death during the policy term.

I. BENEFITS:
A. Death Benefit:

(i) During the Waiting Period of 45 days from the date of commencement of Risk:
This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk.

In case of death of the Life Assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid and the Basic Sum Assured shall not be paid.

In case of death of the Life Assured due to accident during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:
(1) For regular premium or limited premium payment policy, equal to Sum Assured on Death which is the highest of:
(a)10 times the Annualized Premium, or
(b)105% of all premiums paid as on the date of death, or
(c) Absolute amount assured to be paid on death.

(2) For Single premium policy, equal to Sum Assured on Death which is the higher of:
(a) 125% of Single premium or
(b) Absolute amount assured to be paid on death.

(ii) After the expiry of Waiting Period of 45 days from the date of commencement of Risk: On death of the Life Assured after the expiry of Waiting Period but before the stipulated Date of Maturity and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:

(1) For Regular premium or Limited premium payment policy, "Sum Assured on Death" which is the highest of:
(a)10 times of annualized premium; or
(b)105% of all the premiums paid as on the date of death; or
(c) Absolute amount assured to be paid on death.

(2) For Single premium policy, "Sum Assured on Death" which is the higher of:
(a) 125% of Single Premium or
(b) Absolute amount assured to be paid on death.

Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision if any.

Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured.

B. Maturity Benefit:
No Maturity Benefit shall be payable on the Life Assured surviving the stipulated Date of Maturity.