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LIC, the Life Insurance Corporation of India, has been serving the nation since 1956 and is still the first choice of Indians when it comes to Life Insurance. Despite launching numerous insurance policies in the market, LIC feels that its clients should never stay uninsured no matter what their financial conditions are, and therefore, it keeps on designing policies suitable for all economic backgrounds. 

LIC Saral Jeevan Bima 859 is a new addition to the long list of LIC plans. This is a pure risk term life insurance plan, that is designed to provide financial protection to the family of the insured individual in case the latter loses his life during the policy term. An affordable and easy-to-understand plan, the LIC Saral Jeevan Bima policy has been launched to take care of the needs of your family even when you are not with them.

Highlights of LIC Saral Jeevan Bima Policy

Following are the major benefits that are being offered under LIc’s Saral Jeevan Bima Policy:

  1. A number of sum insured options to choose from, ranging from INR 5 lakhs to INR 25 lakhs
  2. Flexibility in premium payment, you can either pay single, regular or limited premiums on an annual, semi-annual, or monthly basis.
  3. The policy offers death benefits to the nominee if the assured person loses his life during the policy term.
  4. Saral Jeevan Bima Yojna LIC offers a grace period of 30 days to the policyholders making their payments annually/ semi-annually and 15 days to those paying monthly.
  5. The plan offers special rebates on High Sum Assured and Online Purchase.
  6. An attractive 30-day free look period is available if the policy is bought online.
  7. The policyholder can claim tax deductions u/s 80C of the Income Tax Act for the payment of premiums of the policy.

Eligibility criteria of LIC Saral Jeevan Bima Policy

You need to be eligible according to the following criteria to apply for LIC Saral Jeevan Bima:

Entry Age Minimum: 18 years (Last Birthday)
Maximum: 65 years of age (Last Birthday)
Maximum Maturity Age 70 years (Last Birthday)
Basic Sum AssuredMinimum: INR 5,00,000
Maximum: INR 25,00,000
Policy Tenure 5 years – 40 years
Premium Paying TermFor Regular Premium: 5 years to 40 years
For Limited Premium: 5 and 10 years
For Single Premium: One-time premium payment at the time of purchase 

Death benefit under LIC Saral Jeevan Bima Yojna
LIC Saral Jeevan Bima 859 comes with a waiting period of 45 days, which means the death of the insured would be covered only after 45 days of the date of purchase. In such an event, an amount equal to 100% of the premiums paid towards the policy (taxes excluded) will be paid. The sum insured would not be payable. However, death due to an accident will be covered from the beginning. Once the death benefit is paid, the policy will be terminated. 

The death benefit is payable as a lump sum, which is the highest:

  • For Limited or Regular Premium Payment,
    1. 10 times the annual premium OR 
    2. 105% of all the premiums paid OR 
    3. Absolute amount assured
  • For Single Premium Policy,
    1. 125% of the single premium that has been paid OR
    2. Absolute amount assured

Maturity Benefit
If the insured individual outlives the tenure of the policy, no maturity benefit is paid out.

Key features of LIC Saral Jeevan Bima 

Before you move ahead with the purchase of LIC’s Saral Jeevan Bima policy, have a look at these key features it comes with:

  1. Grace Period:
    LIC’s Saral Jeevan Bima policy offers a special grace period to its policyholders. The policy allows a grace period of 30 days to the ones paying their premiums on an annual or semi-annual basis whereas a period of 15 days is allowed to the individuals paying their premiums every month. The policyholders will have to make their premium payments before the grace period to save their policy from lapsing.
  2. Revival of Lapsed Policy:
    If in any case the Saral Jeevan Bima policy lapses due to non-payment of the premiums within the grace period, it can still be revived. The policyholders can revive their lapsed policy within a period of 5 consecutive years before it reaches the date of maturity.
  3. Free Look Period:
    It may be the case where a policy buyer may not feel satisfied by the terms and conditions of the policy and thus wants to cancel it. The, the period within which a person can return the policy is known as the free look period. LIC Saral Jeevan Bima policy offers a 15 day free look period to its clients who will get their paid amount back in a time of the next 15 days. Moreover, a 30 day free look period is allowed for the ones who have made an online purchase.
  4. Surrender Value
    There is no surrender value applicable in LIC Saral Jeevan Bima policy.

Premium details for LIC Saral Jeevan Bima:

This plan offers three premium payment options which include regular, limited, and single premium. The regular and limited premium payment option allows to pay the premium regularly with the help of premium paying term along with the modes of premium payment: 

  • Yearly 
  • Half-yearly
  • Monthly ( through ECS/NACH only)

The payable premium depends on the age at the time of the entry of the life to be assured, policy term, premium paying term and sum assured chosen. Let us see an example:

For a 25-year-old, non-smoker male, with a sum assured of INR 10 lakhs, the Regular Premium would be as follows:

Yearly: INR 4320 + INR 778 (Taxes) = INR 5,098

Half-Yearly: INR 2,204 + INR 397 (Taxes) = INR 2,601

Monthly: INR 371 + 67 (Taxes) = INR 438 

*These premiums are indicative only and subject to change at any point of time.

Additional/optional rider benefits for LIC’s Saral Jeevan Bima 
There are no Rider benefits available in LIC Saral Jeevan Bima 859.

Policy Loan

There is no facility for taking a loan under LIC Saral Jeevan Bima 859

Documents required for LIC Saral Jeevan Bima Policy

  • To purchase the Policy:
    This plan will have to be purchased from a company office or through an insurance agent. The documents that would be asked to produce are your ID and Address proof along with income proof. 
  • To make a Claim:
    When making a claim for LIC Saral Jeevan Bima 859, it is advised that the nominee or the claimant keep these documents ready: Policy Document, duly filled and signed Claim Form, Death Certificate, and the NEFT details. 

Also Read: LIC premium payment online

How to buy LIC’s Saral Jeevan Bima online?

This is how you can buy the LIC Saral Jeevan Bima Policy via online mode:

  1. Visit LIC’s official website and click on the “Buy Policy Online” button.
  2. From the displayed options choose “Saral Jeevan Bima Policy” and read the terms and conditions of the policy.
  3. Next, select your required sum assured, premium payment mode, premium payment term, and other such details.
  4. Fill in your personal details like date of birth, name, husband’s/ father’s name, gender, etc, and also upload the required documents.
  5. Select the “submit” button if you are satisfied with the policy terms and premiums to be paid.

Before you Buy:
Before you buy LIC’s Saral Jeevan Bima policy, it is suggested that you visit Turtlemint to understand the various aspects of the policy. You can also see how the different variables will influence the payout and the premium. 

Exclusions under LIC’s Saral Jeevan Bima

  1. Under Limited/ Regular Premium Policy
    The policy would be invalid if the insured individual commits suicide within 12 months of policy purchase. LIC will pay only 80% of the premiums paid
  2. Under Single Premium Policy
    The policy would be void if the insured individual commits suicide within 12 months of policy purchase. LIC will only pay 90% of the premiums paid.


From the past few years, Indian citizens are seen to be more concerned about investing in a life insurance policy to protect the lives and needs of their loved ones. Moreover, it becomes a necessity for families that have one single earner. LIC the most trusted Life insurance provider of India has continuously been in the race to design pocket-friendly and efficient policies for their clients. LIC’s Saral Jeevan Bima Yojana serves as a boon for all especially for the first-time buyers as they get good life coverage that too at affordable rates. 

You can also use the LIC Saral Jeevan Bima premium calculator to estimate your premiums before you make the purchase.


Being an online plan, it would be very convenient for you to purchase online through the official website or Turtlemint. However, if you wish to you can purchase the plan offline, by visiting a branch office or through a trusted insurance agent.

The minimum sum assured is INR 5 lakhs, while the maximum is INR 25 lakhs.

When an online purchase is made without an intermediary, you would be eligible for a rebate on the premium:

  • Single Premium – 2%
  • PPT of 5 to 9 years – 5%
  • PPT of 10 to 14 years – 6%
  • PPT of 15 years and above – 7%

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