1. What is LIC Jeevan Saral?

LIC Jeevan Saral is a money-back life insurance policy that offers a combination of protection and savings. It provides death benefits during the policy term and maturity benefits if the policyholder survives the term.

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 based on policy performance

Explanation: The maturity value is the sum of the guaranteed maturity amount plus any loyalty additions declared by LIC during the policy term.

3. Importance of Maturity Calculation

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

4. Using the Calculator

Tips: Enter the Maturity Sum Assured (as specified in your policy document) and the Loyalty Addition (if known). Both values should be in rupees.

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 Addition 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-free under Section 10(10D) of Income Tax Act.

Q4: Can I get partial withdrawals during policy term?
A: Yes, Jeevan Saral allows partial withdrawals after completion of 3 policy years.

Q5: What factors affect the maturity value?
A: Policy term, premium amount, and LIC's bonus declarations affect the final maturity value.