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LIC — Term Assurance Plans
LIC's Saral Jeevan Bima (Plan 859)
Premium
₹25/Day
Sum Assured
₹5 Lakh - ₹25 Lakh
Term
5-40 Years
Premium Paying
Same as Policy Term
Key Features
IRDAI standardized term plan - easy to compare
Simple terms and conditions
No medical examination up to certain limits
Available offline through agents
Tax benefits under Section 80C & 10(10D)
Grace period of 30 days
Benefits
Maturity Benefit
No maturity benefit - Standardized term plan
Death Benefit
Higher of 7x Annualized Premium or Sum Assured on Death. Minimum 105% of premiums paid.
Available Riders
Accident Benefit Rider
Eligibility
Age: 18-65 years, Min SA ₹5 Lakh, Max SA ₹25 Lakh
Highlights
IRDAI standardized plan - same features across all insurers for easy comparison