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Jeevan Saral aims at providing a higher cover, smooth return, liquidity and considerable flexibility.
Under this plan death cover will be same irrespective of age at entry and term. The sum payable at maturity however differs for different entry ages and terms.
Guaranteed Surrender Value (GSV)
The GSV will be equal to the 30% of the total amount of premiums paid excluding the premiums for the first year and all the extra premiums and premium for accident benefit / term riders.
This policy offers Accidental Death and Disability Benefit and Term Assurance Benefit riders. The maximum cover for the riders will be Rs.25 lakhs under all policies of the Corporation taken together.
Under Accidental Death and Disability Benefit rider on death arising as a result of accident an additional amount equal to the Accident Benefit Sum Assured is payable. In case of total and permanent disability arising due to accident (within 180 days from the date of accident) this amount will be paid over a period of 10 years in monthly instalments. The disability due to accident should be total and such that the Life Assured is unable to carry out any work to earn the living.
In case of Term Assurance Rider an amount equal to Term Assurance Sum Assured will be payable on death of the life assured during the policy term.
The plan offers Auto cover of 12 months after the policy has been in force for a period of 3 years or more.
The policyholder can choose a maximum term but can surrender at any time without any surrender penalty or loss.
The plan will allow partial surrender from 4th year onwards subject to certain conditions for which please refer to policy document. Due to existence of the flexible term and partial surrenders the policyholder will enjoy a lot of liquidity under the plan.
Only loyalty additions will be declared under the plan. The minimum term after which a policy can earn loyalty addition will be 10 years. However, Loyalty Additions will also be payable if death occurs in the 10th year of the policy provided that the policy is in force at the time of death. Loyalty Additions will be subject to Corporations experience, and may be paid incase of death, maturity and surrenders.
On Maturity the invididual will receive the sum assured, plus Loyalty additions, if any.
250 times the monthly premium, plus return of premiums excluding extra/rider premium and first year premium, plus the loyalty additions, if any.
This plan is appropriate for employees seeking life cover through Salary Savings Schemes.