1. What is LIC Jeevan Saral?

LIC Jeevan Saral is a life insurance plan that offers death and maturity benefits along with loyalty additions. The maturity benefit is calculated as the sum of the Maturity Sum Assured and any Loyalty Addition declared by LIC.

2. How Does the Calculator Work?

The calculator uses the simple formula:

Where:

• Maturity Sum Assured — The guaranteed amount payable on maturity
• Loyalty Addition — Bonus amount declared by LIC

Explanation: The maturity value is the sum of the guaranteed amount and any bonuses declared by the insurance company.

3. Importance of Maturity Calculation

Details: Calculating the maturity value helps policyholders understand their expected returns and plan their finances accordingly.

4. Using the Calculator

Tips: Enter the Maturity Sum Assured and Loyalty Addition amounts in rupees. Both values must be valid (positive numbers).

5. Frequently Asked Questions (FAQ)

Q1: What is Maturity Sum Assured?
A: It's the guaranteed amount payable on maturity of the policy as per the terms of the plan.

Q2: What is Loyalty Addition?
A: It's a bonus amount declared by LIC that gets added to the maturity benefit, depending on the company's performance.

Q3: How is Loyalty Addition determined?
A: LIC declares Loyalty Addition annually based on its financial performance and actuarial calculations.

Q4: Are there any tax benefits?
A: Policyholders may be eligible for tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, subject to conditions.

Q5: Can I surrender the policy early?
A: Yes, but surrender values are typically lower than the maturity value and may have tax implications.