In a world where financial security for your loved ones is paramount, a simple and affordable life insurance plan can make all the difference. LIC’s Saral Jeevan Bima (Plan No. 859, UIN: 512N341V01) is one of LIC’s most straightforward pure-risk term insurance options. Launched in 2021 (following IRDAI’s Saral Jeevan Bima guidelines), this non-linked, non-participating individual pure risk premium life insurance plan provides essential death benefit protection without any maturity or survival benefits.
Designed for simplicity, affordability, and ease of purchase, Saral Jeevan Bima is ideal for middle-class families, first-time buyers, or anyone seeking basic life cover without complex features. As of February 2026, it remains a popular choice for those wanting reliable LIC backing at competitive rates. Below is a complete breakdown of its features, eligibility, premiums, benefits, and more.
What is LIC Saral Jeevan Bima?
LIC Saral Jeevan Bima is a pure term life insurance plan that pays a lump-sum death benefit to your nominee if you pass away during the policy term. If you survive the term, there is no payout, making it a classic “protection-only” plan with no savings or investment component.
Key highlights:
- Non-linked and non-participating (no bonuses or dividends).
- Pure risk premium – premiums are used solely for life cover.
- Available for purchase both online (via LIC’s portal) and offline (through agents/advisors).
- Standardized structure focused on high coverage at low cost.
This plan suits people who prioritize high coverage at low cost over returns or maturity benefits.
Key Features of LIC Saral Jeevan Bima
- Policy Type: Non-Linked, Non-Participating, Individual, Pure Risk Premium Term Plan.
- Death Benefit: Sum Assured on Death payable as a lump sum on death during the term.
- Sum Assured Range: Minimum ₹5,00,000; Maximum ₹25,00,000 (in multiples of ₹50,000) per life basis.
- Policy Term: Flexible – 5 to 40 years (subject to maximum maturity age of 70 years).
- Premium Payment Options:
- Single premium.
- Regular premium (annual, half-yearly, monthly via ECS/NACH).
- Limited premium (5 years or 10 years).
- Waiting Period: 45 days from policy commencement (during this period, death benefit is payable only for accidental death; for non-accidental death, premiums paid are refunded, excluding taxes/stamps).
- Grace Period: 30 days for annual/half-yearly; 15 days for monthly.
- Rebates: For example, as per current rebate slabs – high Sum Assured rebate (e.g., 0.10% for ₹10–14.5 lakh, 0.20% for ₹15–19.5 lakh, 0.25% for ₹20 lakh+); mode rebate; possible online purchase rebate.
- No Maturity/Survival Benefit: If you outlive the term, the policy ends with no payout.
- No Loan or Surrender Value: The plan offers no loan facility or surrender value (typical for pure term plans).
- Free Look Period: 15 days (30 days for online/distance marketing) to cancel and get a full refund.
- Tax Benefits: Premiums qualify for deduction under Section 80C; death benefit is tax-free under Section 10(10D), subject to conditions.
Eligibility Criteria
Getting covered under Saral Jeevan Bima is straightforward with minimal requirements:
| Criterion | Minimum | Maximum |
|---|---|---|
| Entry Age (Last Birthday) | 18 years | 65 years |
| Maturity Age | – | 70 years |
| Basic Sum Assured | ₹5,00,000 | ₹25,00,000 |
- Medical tests may not be required for some standard lives, depending on age, sum assured, and LIC’s underwriting rules.
- Suitable for both salaried and self-employed individuals.
- Premium rates may vary slightly for smokers/non-smokers (non-smoker rates are lower/preferred).
How Premiums Work: Examples & Calculator Insights
Premiums for Saral Jeevan Bima are highly affordable due to its pure-risk nature and LIC’s large risk pool. Rates depend on:
- Age at entry
- Sum assured
- Policy term
- Premium payment mode
- Gender/smoking status
- Purchase mode (online often gets a rebate)
Approximate Premium Examples (2026 Indicative, for Non-Smoker Male, Annual Mode):
- Age 30, ₹25 lakh cover, 30-year term → Around ₹5,200–₹6,200 per year (approx. ₹430–₹520 monthly).
- Age 35, ₹25 lakh cover, 30-year term → Around ₹7,000–₹8,500 per year.
- Age 40, ₹25 lakh cover, 25-year term → Around ₹11,000–₹14,000 per year.
These are rough estimates based on standard rates from calculators and brochures – actual premiums may vary with underwriting, rebates (high SA/mode/online), and mode. For higher sums (₹10 lakh+), rebates apply; online purchase can save further.
Use LIC’s official premium calculator on licindia.in or consult an advisor for exact quotes. Enter your age, sum assured, term, and mode to get personalized figures.
Benefits of LIC Saral Jeevan Bima
- High Coverage at Low Cost – Get ₹5–25 lakh protection for modest premiums, ideal for loan/EMI cover, family income replacement, or basic security.
- Simple & Transparent – No complex features, easy to understand and buy.
- Flexible Terms – Choose term and payment mode to fit your budget and needs.
- Trusted Brand – LIC’s high claim settlement ratio (often 98%+) provides peace of mind.
- Tax Advantages – Save on taxes while securing your family’s future.
- Accidental Death Cover – Even during the 45-day waiting period, accidental death pays the full sum assured; only non-accidental deaths are restricted to premium refund.
- No Investment Risk – Pure protection, no market-linked returns to worry about.
Drawbacks to Note:
- No maturity benefit (pure term – zero payout if you survive).
- Sum assured capped at ₹25 lakh (for higher needs, consider LIC’s other term plans like New Jeevan Amar or Tech Term).
- No riders available (plan kept deliberately simple; no built-in or optional riders).
- No loan or surrender value.
How to Buy LIC Saral Jeevan Bima
You can purchase this plan through LIC’s official channels (online via licindia.in or offline at branches/agents). For personalized guidance, premium illustrations, help with application, and buying assistance through our LIC agency, reach out to Shagun Verma at Life Insurance Advisor. Shagun Verma is an expert LIC advisor who can guide you on the best fit for your needs.
Steps generally include:
- Get a quote (online or via advisor).
- Submit KYC, health declaration, and proposal form.
- Undergo any required checks (minimal for most).
- Pay the first premium – policy activates.
Always read the sales brochure, policy document, and Customer Information Sheet (available on licindia.in) before buying.
Is LIC Saral Jeevan Bima Right for You in 2026?
If you’re looking for straightforward, affordable life cover from a trusted insurer – especially ₹5–25 lakh for family protection, loan cover, or basic security – Saral Jeevan Bima is an excellent choice. It’s particularly suitable for:
- Young professionals (30–40 age group).
- Middle-income families.
- Those who want LIC’s reliability without extras.
For higher coverage (₹1 crore+), explore LIC’s other term plans or compare options.
Disclaimer: This is general information based on publicly available details as of February 2026. Premiums, features, and terms can change. Always verify the latest from LIC’s official website (licindia.in), consult a licensed advisor, or get a personalized quote. Insurance involves risk; buy only after understanding policy conditions. IRDAI Regulated.
Ready to get covered or need a customized illustration? Visit https://lifeinsuranceadvisor.in or contact Shagun Verma today for expert LIC guidance and seamless buying through our agency. Stay protected!
