Among the life insurance policies of LIC, the LIC JeevanSaralAtm Plan is another one with conventional plan features and flexibility of unit linked plans. There is several benefit of the JeevanSaralAtm plan of LIC. The main benefits of LIC scheme are:
- The schemes are monthly recurring type.
- It can also be called a recurring deposit scheme or a post office scheme where the user can yearly, half yearly, quarterly and monthly ECS in LIC scheme.
- Other facilities like continuation of LIC scheme after 10years, withdrawal of partial amount after 10 years.
- In case of death of the policy holder 250 times of the monthly premium with total premium is paid.
The main features of LIC JeevanSaralAtm plan are:
- The low premium covers high risk.
- After paying the premium for 3 years extended risks are covered.
- The term riders provide optional high cover.
- After a time period of 5 years the policy holder can surrender without any penalty or loss.
- Withdrawal or any number possible through partial surrendering.
To hold this policy the applicant need to fulfill the eligibility conditions mentioned by LIC. The eligibility or the criteria conditions for holding the LIC JeevanSaralAtm plan are:
- The policy holder will have to pay a minimum premium of Rs. 250 per month for entry up to the age of 49 years.
- Rs 500 are applicable for the entry age of 50 years.
- Other information to be submitted are name of applicant, date of birth, amount of insurance required both is words and figure, number of years the applicant is willing to pay, contact details like telephone, mobile, email and residential address, other information as required by the company.
- Certain documents are to be submitted like age proof, address proof, passport size photo, account payee cheque or DD drawn in favor of LIC India.