Two-wheelers are the most convenient modes of transport, especially in a country like India where traffic jams are the norm and the roads are not in the best shape. If you have not renewed your license on time and you are using your 2 wheeler, even for a short ride, then you are committing a punishable offense. Similarly, the implications of not renewing your 2 wheeler insurance plan are quite severe.
These insurance policies come with a grace period of 90 days, thereby enabling you to still renew the policy by retaining benefits such as a no-claim bonus. If you let the 90 days elapse, then you will have to avail a new policy, in such a scenario, the earlier accumulated benefits will not be brought forward.
In the event of availing of a new policy, you will have to submit the necessary documentation and the inspection of the vehicle becomes mandatory. There are a host of other hassles that you may have to undergo, in case you fail to reinstate your 2-wheeler insurance policy within the stipulated 90-day grace period after expiry.
Implications of not renewing your 2-wheeler policy on time:
Illegal to ride an uninsured bike: There are multiple implications apart from the fact that it is illegal to ride a bike without 2 wheeler insurance in India. It is a punishable offense if you are caught by traffic police riding a bike that is not insured. The traffic policy can levy a penalty of up to Rs. 2000 or you could be liable for imprisonment up to 3 months. This is mandated in the Motor Vehicle Act, 1988.
No cover during break-in period: Policy lapses when you fail to renew your policy by paying the premium after the expiry of your policy and also fail to reinstate it within the 90-day grace period. In such an event, you will have to void a new policy, and the period between the old policy expiration and the new policy coming into effect is termed as the break-in period. You will be unable to avail of any benefits during such period, further, your 2-wheeler will remain uninsured during such period. It is illegal to ride your bike during such a period in India.
Loss of no-claim bonus: The no-claim bonus that you have accumulated over the years will lapse if you fail to reinstate your policy. No claim bonus is a reward that is extended to policyholders by insurance companies in the event of no claims done by the individual. This is typically a 50% discount on your bike insurance premium for not having made any claims during the policy year.
Cumbersome and inconvenient: If you have not been able to reinstate the policy on time, then you will have to undergo the rigmarole of submitting new documents, taking the bike for inspection at the insurance office. On inspection, there is a possibility of an insurer refusing your insurance proposal, in which case you will have to submit a new proposal with a new insurer. This when compared to renewing your insurance with just a few clicks is cumbersome and time-consuming.
All this can be avoided by just renewing your policy on time! Renewing of policy can be done online and just requires a few clicks.
Renewing your 2-wheeler policy: It’s simple and easy!
The renewal of a two-wheeler insurance policy can be done online, thereby saving time and effort. The renewal can be done in 3 easy steps –
Choose the type of bike insurance policy you wish to opt for
Previous policy claim details such as:
Previous policy type
When is it expiring
Claims made in the previous year
No Claim Bonus %
Previous insurer details
Choose your policy from the options shown. You can also compare the select the one which best suits your needs
Then go ahead and fill in the necessary details and make an online payment
The policy document would be emailed to your registered email id.
Porting your policy before renewing
While you must ensure that you renew your policy on time, to ensure that you do not have to face regulatory/legal implications. There may be a scenario where you may want to shift your bike insurer. In such a case, you should ideally set a reminder at least 45 days before starting to scout for a new policy. Check for the benefits, coverage, and premium before you choose the new insurer. It is also important to choose an insurer that offers good service, including reminders for renewal and hassle-free claim settlement.
Renewing your 2 wheeler policy on time is not only easy, but it is also the right thing to do! It is quite apparent that timely renewal of your two-wheeler policy will save cost, effort, and time.
Buying car insurance enables one to hedge the risks that may arise due to damage or accident. It could be a very expensive affair to pay for an accident or damage out of your pocket. Car insurance is often considered complex as the terminologies may be tough to comprehend. By understanding these terms, we can gain deeper insight into car insurance premiums and claims. Read on to know why you need to consider car type before availing of a motor insurance policy!
Why is car classification critical for insurance policy premiums?
Car type is the primary factor for determining IDV (Insured Declared Value). IDV is the market value of the car, it is assessed at the time of extending the car insurance. The assessment is made by the insurer, based on the market value, the premium is decided. The IDV is based on the car classification which is in turn based on engine capacity. Within the car classification, the insurer typically looks at the engine capacity and car’s body type whilst determining the premium of car insurance.
In much simpler terms, IDV can be understood as the sum assured amount against your car insurance policy. Any claims that you raise due to any damage to your vehicle will be against this sum assured. The insurer will decide the appropriate claim amount to be paid out with IDV as the reference point.
What is the classification of cars?
Now, there are various ways to classify cars. It could be based on body style, segment, fuel type, size of the vehicle, or purpose.
Cars can be classified as per:
Body Style as a hatchback, sedan, crossover, vans, convertibles, etc.
Car Segment as compact cars, luxury cars, sports cars, utility vehicles, mid-size or full-size cars, etc.
Car Fuel as diesel, petrol, CNG, hybrid, etc.
Size as micro, compact, sub-compact, mid-size or full-size cars, etc.
Purpose as commercial, personal, sports, or luxury
Now, even with the classification, the insurance premium gets affected on the third party premium cost and the own damage premium cost independently. Let us understand how each portion of the premium is affected.
The effect of car classification on Third-Party Premium component of insurance:
Third-party insurance is a legally required part of car insurance. Third-party insurance compensates for the losses/expenses incurred by the other party with whom you have had an accident. The Motor Accident Claims Tribunal is obligated to compensate the victim in the event of an accident through the third–party insurance claim. By this means, the victim is compensated for any expense (vehicle-related or hospitalization) incurred, the vehicle owner is not burdened in this process.
Depending on the engine size, a third-party insurance policy is bifurcated across 3 price brackets. While the insurance premium itself will vary minutely based on other factors such as model number, past claims, etc. The broad categorization gives us the idea of the quantum of premium payable for third-party insurance.
Less than 1000 cc
More than 1000 cc – less than 1500 cc
More than 1500 cc
The effect of car classification on Own-Damage Premium component of insurance:
Many factors determine the insurance premium on your car insurance policy, one of the primary aspects is the type of your car. The car body indicates the strength of the car itself to sustain during an unforeseen incident. This is one of the primary factors which determines the premium payable on your car insurance premium.
Some of the common factors related to this aspect are –
Hatchback or sedan? It has been observed that car insurance premiums of hatchbacks are cheaper to insure due to their small size and large sales volume. On the contrary, sedans cost more than a hatchback, however, the segment into which they fall will be determined by the actual on-road price of the car, and the premium is decided accordingly.
High-end hatch-back and sedans: Car insurance premiums for high-end hatchbacks and sedans vary from that of the normal hatchbacks and sedans due to the higher on-road price applicable to these cars. This is although hatchbacks, even the high-end ones have a small car body.
SUVs and MUVs: Utility vehicles have been classified as Small or Midsize Utility Vehicles, SUVs, and MUVs. SUVs. / MUVs and other people carrier vehicles are usually more expensive to insure. These cars have a rugged build and are built for rough use, hence the possibility of damage is quite high. Also, the expenses for damage repair can be quite substantial.Also, SUVs and MUVs are used for off-road driving, and hence chances of damage are higher and hence the cost of repair is estimated to be higher than city vehicles.
Sports Cars: Sports SUVs, luxury SUVs, sports sedans, supercars fall into the category with the most expensive premiums due to the complex build of the cars and the expensive technology embedded into these cars. These segments of a car are almost always insured/renewed on time to ensure that there is minimal out-of-pocket expense since the repairs can be quite expensive in these categories.
Luxury Vehicles: Luxury vehicles have a completely different calculation for insurance, over and above the segment in which they fall due to the additional accessories that are usually attached to them.
Remember to consider the car insurance premium as well while purchasing a car. Getting your IDV assessed correctly is critical for availing of the right car insurance policy. The IDV is determined by your car type. While it may seem like a chore to avail yourself of car insurance, it is worth every penny especially if you are caught in the middle of any unfortunate accident leading to damage on either side.
Term insurance is one of the first steps to personal financial planning. However, most people procrastinate and hence delay the process of opting for one. So, if you are planning to opt for a term insurance plan, we will try and simplify the process for you.
A term insurance plan needs to be taken only after carefully evaluating your family’s financial goals. Here are the top 6 things to consider whilst buying a term cover.
Calculate your total life insurance coverage based on your needs
The amount for which you need to be insured is one of the most critical aspects, many individuals avail themselves of a term cover as a multiple of their annual income. There are many free online tools that will enable you to ascertain the right amount of term cover that you need to avail yourself. Although this is a thumb rule followed across the industry, it may not be the correct way ahead to calculate such an important aspect of your life!
Arriving at the term insurance requirement needs you to assess your financial goals including children’s education, retirement, etc. evaluate household requirements after factoring in inflation and provisioning your liabilities. You would have to deduct the corpus from existing investments. The amount would actually be the term cover you would require. Tip: Everyone with similar income levels might not have similar life insurance requirements. It is a factor of many other aspects, which need to be incorporated to accurately estimate your life insurance requirement.
So, Term Insurance Coverage can be calculated as Insurance Need = Long Term Needs + Short Term Needs + Maintenance Requirements + Outstanding Liabilities – Assets – Existing Insurance Coverage.
Remember, being underinsured is as big a risk as no insurance at all!
Ascertain the tenure of the plan
Term insurance need not be taken for a very long tenure. In fact, it is a function of your financial milestones. Thus, you can opt for tenure for your term plan as long as you are financially responsible for anyone, i.e. you actively participate in contributing to the family’s income to run the same. Thus, you can take it till your retirement.
Alternately, your term plan tenure needs to be taken till such time your financial goals are not fulfilled and there are no further financial obligations and your current net worth is sufficient to provide your family’s future expenses.
Tip: The easiest way to calculate this is to opt for a term plan till retirement or till your dependents (especially children) are financially independent and there are no outstanding debts.
You need to know how much premium you need to pay for the entire policy tenure so that it is budgeted in advance. If the premium for a term insurance plan is not paid on time, it would lapse and your life insurance coverage would cease to exist. Also, the premiums are held constant over the predetermined tenure of the policy. Thus, the earlier you buy the plan, the better it is. However, most individuals only realize the importance of term insurance at a much higher age, when there could be a substantial rise in the premium.
Further, the premiums could rise if the policyholder develops a life-threatening habit (drinking/smoking) or physical condition (illness/disability/obesity). This could also lead to difficulty in getting the policy issued.
Tip: It is extremely important to go through the nuances before signing on the dotted line. Also, remember to declare EVERY POSSIBLE detail at the time of filling up the proposal form yourself, such as your family history, past illnesses of yourself and your entire family, BMI details, smoking and drinking habits, past insurance plans, etc. even if that results in a rise in premium so that there are no complications at the time of claim!
Choice of add-ons
Although add-ons may seem like unwanted frills, they will be worth every penny in the event where you may have to spend on one such unfortunate incident.
There are 3 major riders that are available across all term cover plans –
Cover for death due to accident:
In addition to the base sum assured, the additional cover earmarked under this add-on will be paid to the beneficiary in the event of death due to an accident.
Critical illness cover:
Medical expenses on critical illness have been escalating at a rate much higher than that of inflation. Infact, medical expenses are the fastest growing expenses, in the event where you may have to face a critical illness, there is a high possibility that it could deplete your savings substantially. The premiums for this add-on cover are higher as compared to the other riders.
The amount of coverage that you opt for under this add–on will be paid out to the policyholder in the event of being diagnosed with one of the diseases which is covered under the critical illness category in the policy issued by the insurance company.
A premium waiver on critical illness or disability:
In the event of the policyholder becoming permanently disabled or being diagnosed with a critical illness, the future premiums will be waived off. However, the cover will remain active throughout the predetermined tenure of the policy. These add-ons are relatively low cost as compared to the others.
Tip: Although most term covers offer similar riders, it is important to read the fine print, there may be minute differences across insurance companies. Hence, it is important that you read through the brochure and do your research before you commit to a term cover.
Compare the benefits and service offerings
Term cover is a long-term commitment, it is only sensible to do thorough research and avail a plan which offers the most competitive premiums, best service in terms of reminders. You need to leverage the platform with an in-depth comparison before opting for the plan which best suits your needs.
Tip: In this digital world, it is not advisable not to compare the benefits of the term insurance plan before opting for the one which best suits your needs!
Claim settlement ratio (CSR)
Lower premiums may be a great attraction, but the claims settlement ratio is probably one of the most important criteria while choosing the right term cover. You should look out for insurance companies that have a high claim settlement ratio, if a company mentions 99% as its claim settlement ratio, it essentially means that out of every 100 claims submitted to the insurer, 99 have been settled.
Tip: CSR cannot be the sole criteria for decision making, but could be one of the criteria for shortlisting options. All these 7 aspects need to be considered before opting for the term plan!
Necessary information on Proposal Form + Documents
There are quite a few documents that need to be submitted at the time of applying for a term insurance plan such as identity and address proof of the policyholder, duly filled proposal form with all health and family history details, income declaration/proof of the policyholder, as may be needed by the underwriter along with an age proof of the insured.
Tip: Remember to fill the proposal form yourself with accurate details of yourself, family, medical history as well as previous life insurance policy details, so that there is no confusion at the time of claim if needed. Put in your nominee details as well.
The most prevalent reason for claim rejection is “non-disclosure” or “misrepresentation” of material facts, as specified by the IRDAI, i.e. if any information is not given or is incorrect, then it may lead to a claim repudiation. Hence filling up the proposal form with accurate details and genuine documentation is the crux of opting for a term insurance plan.
Choosing a term cover is a long-term commitment, it is in the best interest of you and your loved ones that you make the right choice based on the above considerations.
While the beginning of this decade has been dominated by ramifications of the COVID-19 pandemic, its middle and end will tell a different story. India, with its aspirations of becoming a USD 5 trillion economy by 2025, is well on its way to becoming a global economic powerhouse. Propelling the country forward is its massive working population and a business positive regulatory environment. Turtlemint, through its technology tools is not just empowering the insurance advisor but creating an opportunity for individuals to become micro-entrepreneurs.
Even though entrepreneurship can be very rewarding, it is certainly not an easy journey. Starting is difficult and adapting to the changing environment is even more difficult. Turtlemint has created an end-to-end application that can help aspiring micro-entrepreneurs to embark on this journey and continuously stay ahead with the right upskilling tools. As a result, the company has been able to create more than 1,50,000 micro entrepreneurs with penetration in 14,000+ pin codes out of 19,000 pin codes in India. Further, it also has more than 1.5 million customers majorly from tier 2 and tier 3 cities and towns of India and has been able to penetrate the rural market of India by leveraging digital technology. Due to its deep penetration, micro-entrepreneurs in these regions have an opportunity to address the insurance needs of people.
From a micro-entrepreneur’s perspective, Turtlemint can be a valuable partner throughout his / her journey.
Recruitment: Provide budding insurance advisors with digital tools that can enable them to sell multiple insurance products of multiple insurance companies through one single and multilingual mobile application. Turtlemint has also onboarded approximately 90% of the insurers in the country.
Training: Built a comprehensive online skill development program for insurance advisors. The program offers more than 70+ courses ranging from insurance advisor certification to personality development courses, sales skills, podcasts, etc. Further, many of these courses and training modules are available in regional languages to enable people from all backgrounds and education qualifications to leverage the opportunity to learn, upskill, and grow their business.
Sales toolkit: Enable the advisor to grow his/her business by providing access to a complete suite of products and information required to become a great insurance advisor. The Turtlemint’s multilingual app also provides relevant analytics and information and support on lead management. Further, it also provides renewals and claims support.
Marketing: Turtlemint provides advisors with the relevant content for self-branding. It also provides insights on emerging opportunities in the market and shares marketing tools like brochures, posters, own profile, etc.
Value: These tools enable advisors to embark on their entrepreneurial journey. Most importantly, it is not simply a stepping stone, rather a guide throughout the journey. It can help advisors improve productivity and efficiency, reach a wider audience, and benefit from a better incentive structure. Overall, more value is likely to accrue to advisors.
The future is bright for India, and it’s the country’s micro-entrepreneurs, armed with their dreams and the right set of digital tools, who are going to write the next chapter in India’s growth story.
COVID-19 has been tough on all of us. It upended the way we work and live and has, in some cases, precipitated irreversible change. One of the biggest changes that it has affected is in the way we work and interact with each other. Due to the social distancing norms that were mandated in an attempt to mitigate the spread of the virus, many of our interactions have now become digital in nature. Considering that a digital transformation was already underway across most industries, the pandemic only served to accelerate it further. This had widespread ramifications for insurance advisors.
Selling insurance has always been a very personal business. As an insurance advisor, you need to regularly meet with your clients and establish a relationship of trust. Many of these meetings are about educating clients about the different types of insurance policies that are available and handholding them through the insurance buying process. This means a great deal of paperwork and a 5 to 7 day issuance process. While this is the way the industry has traditionally functioned, due to digitisation in other industries, clients were already beginning to demand a more seamless insurance buying journey. With COVID-19, advisors were no longer able to physically meet their clients, leaving a big gap in the client interaction process. The only solution was digital in nature.
Turtlemint – enabling insurance advisors to become digitally ready
Even before the onset of the pandemic, Turtlemint recognised that the best way to empower insurance advisors and ensure that they continue to stay relevant in a changing economic and insurance landscape was to provide them with digital tools. The company launched its app before the pandemic in an attempt to transform the industry and democratize access to technology, thereby effectively digitizing all aspects of the advisors’ business.
With this, you don’t need to dig deep to find the true value proposition – it is out there, visible, and for you to easily capture. You can compare quotes, compare prices & offer the magic of choice to your clients. All this in just a few clicks. You stand out from your competitors, as you transform from being an agent, to a true financial advisor – who can advise your clients with the right solution. The app provides an intuitive experience and allows clients to compare amongst atleast 30 options and buy the insurance policy online. With the app, the advisor can offer multiple products, ranging from motor, health, and life insurance. It not only reduces the issuance timelines from approximately 6 days to almost zero, i.e., issuance of policy is almost instant, but also helps to improve claims settlement outcomes through its expert claims desk. Further, the app also has an in-built CRM that enables the advisor to focus on her business and identify areas of growth. More importantly, gives the advisor an opportunity to upskill through certification and skill enhancement programs. Considering all these advantages, it is easy to imagine how the app really came to the rescue of advisors during the pandemic when they were unable to step out of their homes and interact with their clients. As a matter of fact, Turtlemint advisors have witnessed a 2.5x increase in business by going digital.
Even though things have eased up a bit, digital interventions are here to say. Inarguably, Turtlemint advisors, who have already been engaging proactively with digital solutions, are likely to find this transition easy and might even be well-positioned to capitalise from it.
When the pride meets, there are likely to be resounding roars. And, that is exactly what happened at the Turtlemint Annual Grandstand -TAG 2021, one of India’s Biggest Insurance Advisors Meet with over 50,000 insurance advisors and their families across the country. The main purpose of the event was to bring together the entire tribe of insurance advisors and salute their animal spirits. In a tough year, insurance advisors have stood steadfast and forged ahead with determination. They have served as an inspiration at a time when even the optimists were beginning to become pessimists.
Given the reason for the event, it had to be unique and larger than life. Even though it was a virtual meet, it was designed to deliver a tangible experience. There was a stadium, helicopter entries, a large stage, and a lot of activities like photo booths, thought boards, quizzes, games, etc. Not just that, the evening of 17th July 2021 was made sweeter with the soulful performance of Kailash Kher, happier with the unstoppable laughter brought about by Bollywood comedian Sanket Bhosale, and insightful with the visionary ideas shared by two of the finest InsurTech leaders in the country – Dhirendra Mahyavanshi & Anand Prabhudesai.
In addition to entertainment, the event also recognised and lauded the contribution of Turtlemint advisors. Around 40+ advisors were awarded for their excellent performance in shaping insurance distribution in the country. Several advisors who had optimally leveraged digital tools to not only survive but thrive during the pandemic shared their success stories. These served as an inspiration to all and encouraged people to see the light at the end of the tunnel.
For Turtlemint, TAG 2021 was very special as it served as a reminder of how far the company has come. With a focus on shaping insurance distribution in India and with its network of over 1,50,000 insurance partners, the company is all set to bring the digital transformation the industry needs.
The Life Insurance Corporation of India (LIC) offers a range of life insurance plans which promise attractive benefits. Both traditional, as well as market-linked insurance plans, are offered by LIC. One such policy is LIC’s Jeevan Saral policy which was quite popular among individuals when it was offered. The policy, however, has been withdrawn by the company. However, the company offers several life insurance plans, some of them combined with attractive investment options that make for a great overall package. The list of plans along with their briefly explained features can be found here. We at Turtlemint also offer a number of life insurance plans combined with investment options suited to your personal needs. Click the link below to browse the most relevant plans at attractive premiums LIC Jeevan Saral is a traditional life insurance plan promising guaranteed death and maturity benefits. The plan promised a secured corpus which was why many individuals invested in it. Let’s understand how –
What is LIC’s Jeevan Saral Plan?
LIC’s Jeevan Saral Plan is a traditional endowment plan which has a guaranteed death or maturity benefit. The plan requires you to pay a premium depending on which the death and maturity benefits are calculated.
Salient features of LIC’s Jeevan Saral Plan
You could choose the amount of premium that you wanted to pay and the premium payment mode
This is a participating endowment plan wherein you get loyalty additions when the plan matures or in case of death
The death benefit is 250 times the monthly premium that you pay along with the loyalty additions
There are riders under the plan which you could choose as per your coverage requirements
Benefits of LIC’s Jeevan Saral Plan
LIC’s Jeevan Saral Plan gives you the following benefits –
You can get the guarantee of death benefit throughout the policy tenure. Thus, the plan provides financial security
Loyalty additions enhance the corpus and give you additional returns
Since you can choose the premium you have the flexibility of choosing the amount that you want to invest under the plan
The plan can be surrendered if you have paid at least three full years’ premium. The surrender benefit is guaranteed and depends on the number of premiums that you have paid
Being the largest life insurer in India, LIC has a variety of plans that combine the unique benefits of the Jeevan Saral Plan and other important features of life insurance that can easily be compared for their pros and cons here.
Eligibility Criteria For LIC Jeevan Saral Policy:
Premium payment term-
Minimum – 10 years
Maximum – 35 years
Minimum – 10 years
Maximum – 35 years
Minimum monthly premium
(a) For 12 to 49 years- INR 250,
(b) For 50 to 60 years- INR 400
Maximum monthly premium
LIC Jeevan Saral Calculator
LIC’s Jeevan Saral is a beneficial plan which gives a lot of benefits to policyholders. Let’s understand how the death and maturity benefits of the plan are calculated.
Jeevan Saral calculator – death benefit The death benefit under the plan is calculated using the following formula-
Death benefit = (250 * monthly premium paid) + Loyalty Additions paid on death
Jeevan Saral calculator – maturity benefit The maturity sum assured is calculated based on your entry age and the premium that you have paid. It also depends on the policy tenure. On maturity, the benefit paid would be calculated as follows –
Maturity benefit = maturity sum assured + loyalty additions Let’s understand the working of the plan with the help of an illustration –
Illustration Suppose a 35-year-old male buys the plan for a term of 25 years. The premium is paid yearly and the amount of annual premium is INR 4704. Given these details, let’s check the maturity and death benefit promised by the plan –
Jeevan Saral Calculator
Guaranteed Death Benefit
(*Loyalty additions are not guaranteed. That is why they have been calculated at an assumed rate for calculation purposes.) When the policy matures after 25 years, you get the guaranteed benefit of INR 280,200 or INR 426,200 depending on the loyalty addition added under the policy.
Since the policy has been withdrawn, you cannot apply for a fresh plan.
However, if you have already invested in the plan when it was sold, you can check your maturity value and death benefit using the Jeevan Saral Calculator. Moreover, you have two options for managing your policy. You can either continue the coverage by paying the premium or you can surrender the plan and apply for a new endowment policy offered by LIC as well as other leading life insurance companies. When you surrender the Jeevan Saral plan, you get a surrender value if you have paid at least the first three years’ premiums. Do you know how the surrender value is calculated?
Jeevan Saral calculator – surrender benefit
If you have paid three full years’ premiums, you can surrender the plan. On surrender, the policy pays the surrender benefit. This benefit is calculated to be higher of the Guaranteed Surrender Value (GSV) or the Special Surrender Value (SSV). Special Surrender Value is applicable when premiums for more than three years have been paid. The values are calculated as follows – GSV = 30% of total premiums paid – first-year premium SSV depends on the number of premiums paid and is calculated as follows –
80% of the maturity sum assured if premiums for more than 3 years but less than 4 years have been paid
90% of the maturity sum assured if premiums for more than 4 years but less than 5 years have been paid
100% of the maturity sum assured if premiums for more than 5 years have been paid
So, if the above illustration is considered, here are the surrender values which you can expect from the policy –
LIC Jeevan Saral Calculator – calculation of surrender benefit
Guaranteed Surrender Value
(*Loyalty additions are not guaranteed. That is why they have been calculated at an assumed rate for calculation purposes.)
Claiming the maturity benefits of LIC Jeevan Saral Plan
If you do not surrender but continue the plan to term, you get the maturity benefit when the term comes to an end. To avail the maturity benefit you would have to fill up a Maturity Discharge Form and submit the same to LIC. You would also have to submit the original policy document for the claim process to be properly completed. In case you have lost the original policy bond you would have to file a police FIR and fill up an indemnity bond. Your claim would then be processed based on the FIR and the indemnity bond and the maturity amount would be credited to your bank account. LIC’s Jeevan Saral Policy pays guaranteed benefits and lets you decide on the premium that you want to invest. So, understand the policy benefits before you invest in the plan. Use LIC Jeevan Saral calculator to calculate the plan benefits so that you know the benefits which you can receive in case of death, early surrender or maturity. LIC Jeevan Saral calculator helps you to quantify the benefits giving you an estimate of the funds which you can create with the plan. However, the plan has been withdrawn and so if you are looking for other endowment plans which give a guaranteed benefit, here are some of the best options –
It is a participating endowment plan which offers simple reversionary bonuses throughout the policy tenure
There are two optional riders if you want to increase the scope of coverage under the plan
You get premium discounts if you pay premiums yearly or half-yearly and also if the chosen sum assured is INR 5 lakhs and above
8 years to 59 years
INR 2 lakh onwards
Depends on the coverage, age and term selected
16, 21 or 25 years
Premium payment mode
HDFC Life Sanchay Plus
There are four coverage options to choose from
Two additional riders are available under the plan
The plan promises guaranteed incomes till 99 years of age if you choose Lifelong income coverage option
5 years to 60 years
Depends on age, term, premium amount and the coverage option selected
Minimum – INR 30,000/year Maximum – no limit
6 years to 20 years
Premium payment mode
HDFC Life offers a number of plans that closely compete with LICs insurance plans. These plans seek to provide the assurance of a secure financial future to the customers. It offers plans with multiple benefits and flexible modes of payments, which can be found here.
ICICI Pru Life Cash Advantage Plan
The plan offers guaranteed incomes every year for 10 years during the term of the plan
Premiums are payable for a limited tenure after which the guaranteed incomes start
A guaranteed maturity benefit is paid when the plan matures
0 years to 60 years
7 or 10 times the annual premium depending on the age
Minimum – INR 12,000/year Maximum – no limit
15, 17 or 20 years
Premium payment mode
Bajaj Allianz POS Goal Suraksha
The policy offers guaranteed additions which help in enhancing the corpus
On maturity, the benefit payable is guaranteed
You can avail a policy loan for financial needs
You can choose to change the premium payment mode during the policy tenure
18 years to 55 years
Minimum – INR 30,000 Maximum – INR 10 lakhs
Minimum – INR 3000/year Maximum – depends on the maximum sum assured, age and term
10 or 15 years
Premium payment mode
Bajaj Allianz is counted among India’s leading insurance companies. Its POS Goal Suraksha plan has additional features to benefit the customer. Along with it, the company offers other diverse variety of plans for life insurance which can be found here. Still confused about which life insurance linked investment option to choose from? Choose the best investment plan from a wide variety of insurance providers & compare them for the best features suitable to you at Turtlemint’s investment comparison portal. You can choose from these top endowment plans and create a good maturity corpus. To buy any of these plans you can choose Turtlemint which allows you to buy the policy online through some simple steps. Visit Turtlemint and compare the available endowment plans. Choose the best plan as per your coverage requirements and you can buy the plan with some simple clicks of the mouse. It’s as simple as that!
Things to remember before buying LIC Jeevan Saral Policy
While buying a LIC Jeevan Saral Policy, you need to keep certain points in mind-
The maturity benefit and death benefit amount mentioned in the policy are only applicable for non-smokers, both males, and females. One’s medical certificate, occupation, and lifestyle will be considered checkpoints.
The loyalty benefits are subject to the prospective benefits and are not guaranteed.
At the end of the year, the maturity benefits become equal to the amount assured.
A lump sum amount is paid to the family of the policyholder as long as the policy is continued.
Exclusions under LIC Jeevan Saral Policy
The policy will be termed void if the policyholder dies by committing suicide
The policy will be nullified if the person commits suicide after the risk under the policy has started but within one year of the risk acceptance during the policy term
Documents required for LIC Jeevan Saral Policy
To apply for the LIC Jeevan Saral Policy, the person needs to submit a number of documents. They are as follows-
An filled up application form.
Accurate medical details.
Medical test reports might be needed in specific cases, depending upon sum assured and age assured
What happens if you stop making the payment of the premium?
The policy can be surrendered only after it has been active for at least 3 years. If you stop making the payment of the premium, a paid-up value will be acquired for a Reduced Sum Assured by the policy.
What happens if you want to avail of a loan against the policy?
You can avail loan against the Jeevan Saral Policy if you wish to. But it is only available after you have paid premiums for 3 years. The maximum loan value you can get is a specified percentage of the Surrender Value. This amount is calculated based on the policy values at the time of making premiums.
Policy cancellation and refund of the premium shall be as per the terms and conditions of the policy. The refunds are processed by the Insurance Company directly. You are requested to contact the toll free number of your Insurance Company or refer the respective section of your Policy terms and conditions. You can also call us at our toll free number 1800-266-0101 or write a mail to us at email@example.com. We shall be available to guide/assist you.
Complaints & Grievance
For any complaints, services related issues or policy, claim related queries/ customer can reach us on - our toll free number 1800-266-0101 Or address mail to firstname.lastname@example.org