The premium amount deposited in LIC Jeevan saral is exempted under section 80c of income Tax act.
benefits
On Death:
The nominee will be given – 250 times the monthly premium, plus
return of all premiums paid excluding extra/rider premium and first year premium, plus the loyalty addition, if any.
On Maturity:
After completion of the term the policy holder will be given Maturity sum assured, plus The Loyalty Additions, if any
compare with jeevan anand
Jeevan saral is an endowment plan and the life cover stops after maturity or surrender of policy
Jeevan anand is a whole life insurance plan where life cover continues even after the maturity.
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Jeevan saral can be surrendered fully or partially after completion of 5 years without penalty.
There will be a penalty for surrender before the end of the term.
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