What is the maximum maturity age?

The maximum maturity age is 70 years, subject to the selected policy term.

What policy terms are available?

The policy term can range from 5 to 40 years, subject to the plan’s maturity-age restrictions.

What premium payment options are available?

The plan offers single premium, regular premium and limited premium payment for 5 or 10 years.

Is there a waiting period?

Yes. A 45-day waiting period applies from commencement of risk. Accidental death is covered during this period, subject to the policy terms. For non-accidental death, 100% of premiums received excluding taxes is refunded instead of paying the Basic Sum Assured.

How is the death benefit calculated for regular or limited premium?

The Sum Assured on Death is the highest of 10 times the annualised premium, 105% of premiums paid up to death, or the absolute amount assured to be paid on death, subject to the policy terms.

Does Saral Jeevan Bima have a maturity benefit?

No. It is a pure-risk term insurance plan. No maturity benefit is payable if the insured survives to the end of the policy term.

Can I add a rider to Saral Jeevan Bima?

The official sales brochure for Saral Jeevan Bima does not list an optional rider. Do not assume that riders available with other LIC plans can be attached to this policy.

Can I buy Saral Jeevan Bima online?

Yes. The plan can be purchased online directly from LIC as well as offline through licensed agents and other eligible intermediaries.

Does the plan provide health or hospitalisation cover?

No. It provides life insurance protection and is not a substitute for health insurance or hospitalisation cover.

LIC Saral Jeevan Bima Plan 859: Eligibility & Benefits

Q: How is the death benefit calculated for a single-premium policy?

The Sum Assured on Death is the higher of 125% of the single premium or the absolute amount assured to be paid on death, subject to the policy terms.

LIC Saral Jeevan Bima Plan 859: Eligibility & Benefits

LIC's Saral Jeevan Bima Overview

LIC’s Saral Jeevan Bima is a non-linked, non-participating individual pure-risk life insurance plan designed to provide financial protection to the insured’s family in the event of an admissible death during the policy term. It follows a standardised term-insurance structure and can be purchased online directly from LIC or offline through licensed agents and other eligible intermediaries. The Basic Sum Assured ranges from ₹5 lakh to ₹25 lakh per life, in multiples of ₹50,000. Applicants can choose a policy term from 5 to 40 years, subject to the permitted maturity age. Premium payment can be single, regular throughout the policy term, or limited to 5 or 10 years. The plan includes a 45-day waiting period from commencement of risk: during this period, death due to accident is covered, while death from other causes results in a refund of 100% of premiums received, excluding taxes, rather than payment of the Basic Sum Assured.

Standard pure-term cover with a 45-day waiting period, single or regular premium, and limited premium payment over 5 or 10 years.

Expert Review of LIC's Saral Jeevan Bima

Saral Jeevan Bima may suit people who want a relatively simple, standardised term-insurance product with a modest cover limit and clearly defined premium-payment choices. It offers online and intermediary-based purchase channels, a choice of policy term, and a high-sum-assured rebate where eligible. However, the maximum Basic Sum Assured is ₹25 lakh, which may be insufficient for families with large financial obligations. The 45-day waiting period is especially important: non-accidental death during this period does not trigger the standard death benefit. This is a pure-risk plan, so there is no maturity benefit if the insured survives the term. The official brochure does not list an optional rider, and buyers should not assume that riders offered with other LIC plans can be attached to this one. Premiums depend on age, cover, policy term, payment frequency and underwriting; no universal starting premium is stated here.

Pros

Standardised structure: The plan follows a standard term-insurance format that is relatively straightforward to compare.
Multiple purchase channels: Eligible buyers can apply online through LIC or through licensed agents and other permitted intermediaries.
Flexible premium payment: Single, regular and limited premium options are available.
Choice of policy term: The plan permits policy terms from 5 to 40 years, subject to the maturity-age rules.
High-sum-assured rebate: Eligible policies may receive a premium rebate under the official rules.

Cons

Limited maximum cover: The Basic Sum Assured is capped at ₹25 lakh per life, which may not meet every family’s protection needs.
45-day waiting period: Non-accidental death during the waiting period results in a refund of premiums received rather than the standard Sum Assured on Death.
No maturity benefit: No maturity payout is available if the insured survives until the end of the policy term.
No optional rider listed: The official brochure does not list a rider that can be attached to this plan.
No savings component: The plan is pure-risk insurance and is not designed to build a maturity corpus.

About LIC (Insurer Profile)

LIC

Key Insights

Founded

1956

LIC was established 70 years ago and has built strong credibility over time, backed by its long-standing presence in the market.

Claims Experience

95.8% CSR, calculated as a 3-year average

LIC settles 95.8% of all claims it receives, demonstrating strong credibility.

Contact Details

022-6827 6827

Headquarters: Jeevan Bima Marg, Nariman Point, P.O. Box No. 19953, Mumbai, Maharashtra 400021, India

LIC's Saral Jeevan Bima Features and Benefits

Basic Sum Assured

The Basic Sum Assured ranges from ₹5 lakh to ₹25 lakh per life, in multiples of ₹50,000.

The amount available is subject to underwriting and the policy conditions.

Entry Age

The minimum entry age is 18 years and the maximum entry age is 65 years, measured at the last birthday.

The maximum permitted maturity age is 70 years.

Policy Term

The policy term can be selected from 5 to 40 years.

The selected term must comply with the maximum maturity-age condition.

Regular Premium

Under regular premium payment, premiums are payable throughout the policy term.

Premium payment must follow the frequency and conditions selected at policy inception.

Limited Premium Payment

The plan allows limited premium payment for 5 or 10 years.

The selected premium-paying term must comply with the plan’s permitted policy-term conditions.

Single Premium

The policyholder may pay a single premium at the start of the policy instead of recurring premiums.

The death-benefit formula differs from the formula for regular and limited premium policies.

Death Benefit — Regular or Limited Premium

For an admissible death claim, the Sum Assured on Death is the highest of 10 times the annualised premium, 105% of all premiums paid up to the date of death, or the absolute amount assured to be paid on death.

Applicable taxes and other excluded amounts are treated according to the policy wording.

Death Benefit — Single Premium

For an admissible death claim under a single-premium policy, the Sum Assured on Death is the higher of 125% of the single premium or the absolute amount assured to be paid on death.

The single premium used for the calculation excludes taxes and other amounts as specified in the policy terms.

45-Day Waiting Period

During the first 45 days from commencement of risk, death due to accident is covered subject to the policy terms.

For death from causes other than accident during this period, 100% of premiums received excluding taxes is refunded; the Basic Sum Assured is not payable.

High Sum Assured Rebate

The plan offers a high-sum-assured rebate where the policy qualifies under the official premium-rebate rules.

The applicable rebate depends on the Basic Sum Assured and the rates in LIC’s brochure.

What LIC's Saral Jeevan Bima Does Not Cover (Exclusions)

Conditions or treatments that the policy clearly says it will not cover.

Non-accidental death during the 45-day waiting period: The Basic Sum Assured is not payable. The policy pays 100% of premiums received excluding taxes, as provided by the policy terms.
Suicide within 12 months under a regular- or limited-premium policy: The policy’s suicide clause limits the claim to 80% of total premiums paid, excluding applicable extra premiums and taxes, subject to the policy wording.
Suicide within 12 months under a single-premium policy: The applicable suicide clause limits the claim to 90% of the single premium paid, excluding applicable extra premiums and taxes, subject to the policy wording.
No maturity benefit: No benefit is payable merely because the insured survives to the maturity date.
Lapsed regular- or limited-premium policy: Where the policy has lapsed and the policy wording provides no amount payable, a death claim may not be payable unless the policy has been validly revived.
Eligibility restrictions: Cover is subject to the permitted entry age, policy term, maturity age and Basic Sum Assured limits.
Policy conditions: A claim is subject to the policy being in force, the applicable death-benefit rules and all terms in the policy document.
Material misstatement: Incorrect statements or withholding material information may affect policy validity and claims, subject to Section 45 of the Insurance Act, 1938, as amended.

Disclaimer: For illustration purposes only - exact terms are in the policy wording.

Insurer

LIC plans and claim process

LIC's Saral Jeevan Bima FAQs

What is LIC’s Saral Jeevan Bima?

It is a non-linked, non-participating individual pure-risk life insurance plan that provides a death benefit during the policy term, subject to the policy conditions.

What is the minimum sum assured?

The minimum Basic Sum Assured is ₹5 lakh.

What is the maximum sum assured?

The maximum Basic Sum Assured is ₹25 lakh per life. The Basic Sum Assured is selected in multiples of ₹50,000.

What is the eligible entry age?

Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official LIC website before purchasing.