Death Benefit
₹0 will be paid to nominee on death
What is LIC Saral Jeevan Bima Plan 859?
LIC Saral Jeevan Bima Plan 859 Calculator – In today’s time, protecting the financial well-being of your family is essential. The LIC Saral Jeevan Bima Plan 859 is a well-known term insurance policy offered by LIC, created to provide simple and affordable life insurance coverage to families during unfortunate situations.
Understanding the plan, its features, advantages, and the use of the LIC Saral Jeevan Bima Plan 859 Calculator can help people make better and more informed choices.
LIC Saral Jeevan Bima Plan 859
LIC Saral Jeevan Bima Plan 859 is a pure term insurance policy, meaning it offers financial support to the nominee if the policyholder dies during the policy period.
It is a non-linked, non-participating individual life insurance plan, which means it does not include any investment or savings element and is focused purely on life risk coverage.
Overview of LIC Saral Jeevan Bima Plan 859
- Launch Date: April 16, 2021
- Plan Type: Pure Risk Term Insurance Plan
- Objective: To provide financial support to the family if the insured person dies during the policy term
- Policy Duration: Flexible term ranging from 5 years to 40 years
- Sum Assured: Starts from ₹5,00,000 up to ₹25,00,000, depending on underwriting
- Premium Payment Choices: Single Premium, Regular Premium, and Limited Premium options available
This policy does not offer any maturity benefit if the policyholder survives till the end of the term. The main objective of the plan is to provide financial protection to the family through death benefits.
Key Features of LIC Saral Jeevan Bima Plan 859
Understanding the important features of the plan helps in evaluating it more easily.
Eligibility Criteria for LIC Saral Jeevan Bima Plan 859
| Feature | Details |
|---|---|
| Plan Type | Non-Linked, Non-Participating Pure Term Insurance Plan |
| Policy Term | Flexible term from 5 to 40 years |
| Sum Assured | Minimum ₹5,00,000 and maximum ₹25,00,000 in multiples of ₹50,000 |
| Premium Payment Options | Single, Regular (Yearly, Half-Yearly, Monthly), and Limited Premium (5 or 10 years) |
| Waiting Period | 45 days |
| Death Benefit | Sum Assured payable on death during the policy term after the waiting period |
| Maturity Benefit | No maturity amount payable on survival till policy end |
| Grace Period | 30 days for yearly/half-yearly premiums and 15 days for monthly premiums |
| Rebates | Available for higher sum assured and online purchase |
| Tax Benefits | Premiums qualify for deduction under Section 80C |
How Does LIC Saral Jeevan Bima Plan 859 Function?
The plan works on a simple concept of providing financial security through life risk coverage.
- If the insured person dies during the policy term after completion of the 45-day waiting period, the nominee receives the full sum assured as a lump sum payment.
- If death occurs during the first 45 days, only accidental death is covered completely.
- In case of non-accidental death during the waiting period, the premiums paid are refunded excluding taxes.
- If the policyholder survives the policy term, no maturity benefit is paid.
- The policy ends either after the death claim is settled or when the policy term expires.
This straightforward structure makes the plan affordable and easy to understand.
Benefits of LIC Saral Jeevan Bima Plan 859
1. Financial Security for the Family
The biggest advantage of the plan is that the nominee receives a lump sum death benefit if the insured dies during the policy term. This amount can help the family manage expenses such as loans, education costs, or regular living expenses.
2. Affordable Premium Rates
The plan is designed to provide term insurance coverage at affordable premium rates. Flexible payment options such as single premium and limited premium also make it convenient for policyholders.
3. Flexible Premium Payment Choices
Policyholders can choose premium payment methods according to their convenience:
- Single Premium – One-time payment
- Regular Premium – Annual, Half-Yearly, or Monthly payments
- Limited Premium – Pay for only 5 or 10 years
4. Tax Advantages
Premiums paid under this plan are eligible for tax deductions under Section 80C of the Income Tax Act, offering additional financial benefits.
5. Simple and Easy-to-Understand Structure
The policy does not include complicated bonuses or maturity benefits, making it transparent and easy for everyone to understand.
About LIC Saral Jeevan Bima Plan 859 Calculator
To estimate premiums and understand how much premium needs to be paid for a chosen sum assured and policy term, LIC provides the LIC Saral Jeevan Bima Plan 859 Calculator.
The calculator helps users to:
- Estimate the premium amount by entering details such as age, sum assured, policy term, and premium payment frequency.
- Check whether the plan fits within their budget before purchasing.
- Understand premium calculations along with applicable taxes and rebates.
- Make better decisions according to individual insurance needs.
How to Use LIC Saral Jeevan Bima Plan 859 Calculator
Using the calculator is simple and can be done online through LIC’s official website or trusted insurance portals.
Follow These Steps:
- Visit the official LIC website or any trusted insurance comparison website.
- Choose LIC Saral Jeevan Bima Plan 859 from the available LIC plans.
- Enter the required details:
- Date of Birth or Age
- Gender
- Sum Assured (₹5 lakh to ₹25 lakh or more as needed)
- Policy Term (5 to 40 years)
- Premium Payment Mode (Single, Regular, or Limited)
- Premium Payment Frequency (Annual, Half-Yearly, Monthly)
- Smoking habits, if applicable
- Click on the “Calculate” or “Submit” button.
- The calculator will immediately display the estimated premium amount and other policy details.
This allows users to compare different premium options and payment modes before selecting a policy.
Sample Premium Calculation Example
Suppose a 30-year-old non-smoking male chooses the following:
- Sum Assured: ₹25,00,000
- Policy Term: 30 years
- Premium Payment Mode: Regular Annual Premium
The calculator may display an approximate annual premium of ₹4,670. This means paying around ₹4,670 every year for 30 years can provide life coverage of ₹25 lakh during the policy period.
Important Terms You Should Understand
Waiting Period (45 Days)
During the first 45 days from the commencement of the policy, death due to natural causes is not covered. However, accidental death during this period is fully covered and the complete sum assured is payable.
Grace Period
If premiums are not paid on the due date, LIC provides:
- 30 days grace period for yearly or half-yearly premiums
- 15 days grace period for monthly premiums
This helps prevent the policy from lapsing immediately.
Sum Assured
The sum assured refers to the amount payable to the nominee in case of the policyholder’s death during the policy term.
Premium Payment Modes
Policyholders can choose premium payment options according to their convenience and financial planning:
- Single Premium
- Regular Premium
- Limited Premium
Why Choose LIC Saral Jeevan Bima Plan 859?
Trusted LIC Brand
LIC is among the oldest and most trusted life insurance providers in India.
Affordable Insurance Protection
The plan provides life cover at comparatively economical premium rates.
Simple Structure
There are no complicated bonuses or maturity benefits, making the plan easy to understand.
Flexible Policy Terms
The plan is suitable for individuals between 18 and 65 years of age with flexible policy durations.
Tax Benefits
Premiums paid may qualify for tax benefits under applicable income tax laws.
Online Purchase Rebates
Additional discounts or rebates may be available for online purchases.
Who Should Consider LIC Saral Jeevan Bima Plan 859?
- Individuals looking for pure life insurance protection without investment-related risk
- People wanting to financially secure their family in case of unexpected death
- Buyers searching for affordable premium options
- Individuals preferring simple and transparent insurance plans
- Anyone eligible between 18 and 65 years of age
Important Points to Remember Before Buying
- This plan does not offer maturity benefits.
- The sum assured should be selected carefully according to family financial needs.
- Understand the waiting period and grace period conditions properly.
- Compare the plan with other term insurance options before finalising.
- Read all terms and conditions mentioned in the policy brochure carefully.
- LIC generally offers a free-look period to review and return the policy if not satisfied.
Frequently Asked Questions
What is LIC Saral Jeevan Bima Plan 859?
It is a pure term insurance policy offered by LIC that provides financial support to the nominee if the policyholder dies during the policy term. The plan does not provide maturity benefits.
Who can purchase this plan?
Individuals aged between 18 and 65 years at entry are eligible to buy the plan.
What is the policy term available?
The policy term ranges from 5 years to 40 years.
What is the minimum sum assured?
The minimum sum assured under the plan is ₹5,00,000.
Are different premium payment options available?
Yes. Policyholders can choose between single premium, regular premium, or limited premium payment options.
What happens if the premium is not paid on time?
LIC provides a grace period of:
- 30 days for annual or semi-annual premiums
- 15 days for monthly premiums
during which the premium can still be paid without policy lapse.
How can the premium be calculated?
Premiums can be estimated using the LIC Saral Jeevan Bima Plan 859 Calculator by entering details like age, policy term, sum assured, and premium mode.
Conclusion
The LIC Saral Jeevan Bima Plan 859 offers a simple and affordable method of ensuring financial security for the family in case of the policyholder’s unfortunate death. The LIC Saral Jeevan Bima Calculator helps users estimate premium payments clearly according to their chosen coverage and policy requirements.
Understanding the features, benefits, and calculator functionality can help individuals choose suitable term insurance protection without confusion.
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