1. What is Jeevan Saral Maturity?

Jeevan Saral is a life insurance plan from LIC that provides both insurance coverage and savings. The maturity value consists of the Maturity Sum Assured plus any Loyalty Additions declared by LIC.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Maturity Sum Assured — The guaranteed amount payable at maturity
• Loyalty Addition — Bonus amount declared by LIC (varies by policy year)

Explanation: This calculation provides the total amount the policyholder will receive at the end of the policy term.

3. Importance of Maturity Calculation

Details: Calculating the maturity value helps policyholders plan their finances and understand the returns from their insurance investment.

4. Using the Calculator

Tips: Enter the Maturity Sum Assured (as per your policy document) and the current Loyalty Addition (available from LIC). Both values must be non-negative.

5. Frequently Asked Questions (FAQ)

Q1: What is Maturity Sum Assured in Jeevan Saral?
A: It's the guaranteed amount payable at maturity, calculated based on your premium and policy term.

Q2: How is Loyalty Addition determined?
A: LIC declares Loyalty Additions annually based on the company's performance and policy duration.

Q3: Is the maturity amount taxable?
A: Maturity proceeds from LIC policies are generally tax-exempt under Section 10(10D) of Income Tax Act.

Q4: Can I get partial withdrawals before maturity?
A: Jeevan Saral allows partial withdrawals after 3 years under certain conditions.

Q5: What happens if the policyholder dies before maturity?
A: The nominee receives the Sum Assured plus Loyalty Additions, which is typically higher than the maturity value.