LIC Jeevan Saral Calculator

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Question & Answers

I have taken LIC Amulya Jeevan  and Jeevan Saral, sum assured of which is 25 lakh and 5 lakh, respectively. I bought the Jeevan Saral policy in 2008 and pay yearly premium of Rupees twenty four thousand . As mentioned in the policy document and told by an authorized agent of LIC , the lock-in period of three years will be completed in April 2011. Can you please let me know , If I surrender Jeevan Saral policy , what would be the surrender amount and the tax implications?  - Nilesh

? If you surrender the Jeevan Saral policy which you have taken in 2008, after end of the three years lock-in period, but before it completes five years from the date of commencement, you will get eighty percent of the maturity sum assured applicable in that year, provided the premium has been paid for three years. The surrender amount of your policy will be exempted under Section 10-10-D of the IT Act, 1961.

I have invested in  LIC’s Jeevan Saral policy in May 2009 and I am paying a premium of Rs 60K per year. I was assured a return of Rs twenty five lacs at the end of fifteen years by agent. Will I get that much of amount after fifteen years? Is that true? I have received the policy document but it is not mentioned there. My objective to invest in Jeevan Saral was just for my son’s higher education.    — Archana

? Hello Archana, Please note that this is an endowment assurance plan. Some benefits are assured and some are changeable with returns based on future performance of corporation. Loyalty addition is not certain in this plan but may be payable from tenth year onwards.

• I am 35 years old  paying Rupees fifty thousand towards premium for Life Insurance Corporation of India’s Jeevan Sathi, Jeevan Shree. I also have taken two other LIC policies to save on tax, Anmol Jeevan is a 25-year term insurance planb and  Jeevan Saral endowment policy. I in addition have normal and accident risk covers of Rupees twenty five lacs. I just wanted to know whether these policies are sufficient to secure my family and future?  -- Uday  Joshi

? The object of taking insurance policy is to protect the future income in case of the unfortunate death of the policyholder. I suggest you to buy a term plan and invest some amount in other financial instruments like PPF and ELSS also , depending on your risk taking aptitude and investment prospect.

Hello, My name is Shriram  , working with a private firm in Thane. I need your advice whether I should continue my two Jeevan Saral policies one for myself  and one more in my wife’s name taken in June 2008 with yearly premium of Rupees twelve thousand.  The natural death benefit sum assured in the policy is Rupees 2,50,000 and accidental death sum assured is Rupees 5,00,000. I am regularly paying premiums since the commencement of the policy . Please suggest me whether I should continue these policies or surrender and get premature payment. I also want to know whether the sum assured indicated are correct or not?