Term Insurance Plans
LIC's Saral Jeevan Bima (859)
Simple term cover of ₹5 lakh to ₹25 lakh, available offline and online
- Entry age
- 18 years to 65 years (age last birthday)
- Policy term
- 5 to 40 years
- Premium paying term
- Regular: same as policy term; Limited: 5 or 10 years; Single: lump sum
- Min. sum assured
- ₹5,00,000
Plan overview
LIC's Saral Jeevan Bima is a simple, standard term insurance plan that pays the sum assured to your family if you die during the policy term. Cover ranges from ₹5 lakh to ₹25 lakh, with single, regular or limited (5 or 10 year) premium payment. It suits first-time buyers and people looking for basic, affordable life cover through an agent or online.
New to term insurance plans? Read our simple guide: What Is Term Insurance? Pure Protection Explained →Key benefits
- Pure term plan: death benefit paid to the family; no maturity benefit
- Basic Sum Assured from ₹5 lakh to ₹25 lakh per life
- Entry age 18 to 65 years, policy term 5 to 40 years, cover up to age 70
- Pay by Single, Regular or Limited premium (5 or 10 years)
- Death benefit for regular/limited pay is at least 10 times the annualised premium
- Extra rebate of 2% to 7% on tabular premium when bought online without an agent
- Available through agents and online at www.licindia.in
Eligibility at a glance
- Plan number
- 859
- UIN
- 512N341V01
- Plan type
- Non-Linked, Non-Par, Individual, Pure Risk Premium Life Insurance Plan
- Entry age
- 18 years to 65 years (age last birthday)
- Maximum maturity age
- 70 years
- Policy term
- 5 to 40 years
- Premium paying term
- Regular: same as policy term; Limited: 5 or 10 years; Single: lump sum
- Minimum sum assured
- ₹5,00,000
- Maximum sum assured
- ₹25,00,000 per life
- Premium payment modes
- Yearly, Half-yearly, Monthly (ECS/NACH only) for Regular/Limited Premium; Single Premium
How the plan works
Saral Jeevan Bima is a standard pure term plan. You choose the sum assured, policy term and premium payment option. If the life assured dies during the term (subject to the 45-day waiting period rule below), the nominee receives the death benefit in a lump sum. Nothing is paid if the life assured survives the term. It can be bought from agents and other intermediaries or online at www.licindia.in.
| Eligibility | Details |
|---|---|
| Entry age | 18 to 65 years (last birthday) |
| Maximum maturity age | 70 years (last birthday) |
| Policy term | 5 to 40 years |
| Premium paying term | Regular: same as term; Limited: 5 or 10 years; Single: lump sum |
| Basic Sum Assured | ₹5,00,000 to ₹25,00,000 per life, in multiples of ₹50,000 |
Premiums depend on entry age, policy term, premium paying term and sum assured.
Sample premiums for ₹10 lakh cover, 25-year term, standard life (excluding taxes):
| Age | Channel | Single | Annual | Half-yearly | Monthly |
|---|---|---|---|---|---|
| 25 | Offline | ₹41,610 | ₹3,850 | ₹1,965 | ₹331 |
| 30 | Offline | ₹52,260 | ₹4,670 | ₹2,383 | ₹401 |
| 35 | Offline | ₹70,840 | ₹6,110 | ₹3,117 | ₹525 |
| 40 | Offline | ₹98,630 | ₹8,340 | ₹4,254 | ₹716 |
| 45 | Offline | ₹1,38,230 | ₹11,660 | ₹5,948 | ₹1,001 |
| 25 | Online | ₹40,776 | ₹3,574 | ₹1,826 | ₹308 |
| 30 | Online | ₹51,213 | ₹4,336 | ₹2,216 | ₹373 |
| 35 | Online | ₹69,421 | ₹5,675 | ₹2,900 | ₹488 |
| 40 | Online | ₹96,655 | ₹7,749 | ₹3,959 | ₹667 |
| 45 | Online | ₹1,35,463 | ₹10,837 | ₹5,536 | ₹932 |
For ₹5 lakh cover, age 30 and 20-year term (offline): Regular ₹2,095; Limited 10 years ₹3,010; Limited 5 years ₹4,955; Single ₹20,310.
Death benefit
Waiting period (first 45 days from start of risk): Only accidental death is covered. If death is due to any other cause during this period, 100% of premiums received (excluding taxes) is refunded instead of the sum assured.
After the waiting period (or accidental death during it), with the policy in force, the Sum Assured on Death is paid as a lump sum:
- Regular/Limited premium: highest of 10 times the annualised premium, 105% of all premiums paid till death, or the Basic Sum Assured.
- Single premium: higher of 125% of the single premium or the Basic Sum Assured.
Maturity benefit
No maturity benefit is payable if the life assured survives to the end of the policy term.
Loan, surrender & revival
- Loan: Not available.
- Surrender value: Not applicable.
- Policy Cancellation Value: For Single premium, available immediately: 70% of single premium × unexpired term ÷ original term. For Limited premium (5 or 10 years), available after at least 2 consecutive full years' premiums: 70% of total premiums paid × unexpired term ÷ original term. Not available for Regular premium policies.
- Revival: A lapsed Regular/Limited premium policy can be revived within 5 consecutive complete years from the first unpaid premium and before maturity, by paying arrears with interest (9.50% p.a. compounding half-yearly for 1 May 2024 to 30 April 2025) and proof of continued insurability if required.
Other key terms
- Grace period: 30 days for yearly or half-yearly premiums; 15 days for monthly.
- Free-look period: 30 days from receipt of the policy document; refund within 15 days of the request after deductions.
- Mode loading: Yearly nil; half-yearly 2%; monthly (ECS/NACH) 3% of tabular annual premium.
- High Sum Assured Rebate: Nil for ₹5,00,000 to ₹9,50,000; 0.10 per thousand BSA for ₹10,00,000 to ₹14,50,000; 0.20 per thousand for ₹15,00,000 to ₹19,50,000; 0.25 per thousand for ₹20,00,000 and above.
- Online sale rebate (no agent assistance): 2% for Single premium; 5% for premium term of 5 to 9 years; 6% for 10 to 14 years; 7% for 15 years and above.
- Suicide exclusion: Within 12 months of risk commencement (or revival), 80% of total premiums paid for Regular/Limited premium, or 90% of the single premium for Single premium policies.
Who should buy LIC's Saral Jeevan Bima?
- First-time buyers who want simple, easy-to-understand life cover
- Earning adults aged 18 to 65 needing cover between ₹5 lakh and ₹25 lakh
- Self-employed people and small earners who want affordable protection for dependants
- Those who prefer to finish paying premiums in 5 or 10 years
Frequently asked questions
What is the cover range under LIC Saral Jeevan Bima (859)?
Basic Sum Assured can be from ₹5 lakh to ₹25 lakh per life, in multiples of ₹50,000.
What are the age and term limits?
Entry age is 18 to 65 years (last birthday), the policy term is 5 to 40 years, and the maximum age at maturity is 70 years.
Is there a waiting period?
Yes. For the first 45 days from the start of risk, only accidental death is covered. Death from other causes during this period gets a refund of 100% of premiums received (excluding taxes).
How can I pay premiums?
You can pay a Single premium, Regular premium for the full term, or Limited premium for 5 or 10 years. Regular/Limited premiums can be paid yearly, half-yearly or monthly (ECS/NACH).
Is it cheaper to buy online?
Proposals completed online without an agent get a rebate on tabular premium of 2% (Single premium) and 5% to 7% depending on the premium paying term.
Will I get money back at the end of the term?
No. It is a pure risk plan and no maturity benefit is payable. Single and Limited premium policies may get a Policy Cancellation Value if cancelled before maturity.