Jeevan Saral - Term Information

[sureshm]

Hi,

I am currently 31 years old. I have took Jeevan Saral policy in 2010, paying 48040 per year. Sum assured is 10 lacs. Term is 30 years. How does sum assured value get calculated as 10 lacs? In my case, I would be paying 48040*30yrs as 1441200. Am I paying 441200 more?

What is the amount, I will get in hand after the completion of 30 yrs term? Is there any benefit of this plan or I have been cheated with this plan . Please help me in understanding this policy

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[Matrix]

Hi,

I am currently 31 years old. I have took Jeevan Saral policy in 2010, paying 48040 per year. Sum assured is 10 lacs. Term is 30 years. How does sum assured value get calculated as 10 lacs? In my case, I would be paying 48040*30yrs as 1441200. Am I paying 441200 more?

In this plan, the premium amount is decided by the policyholder and he gets 250 times the monthly premium as Sum Assured. If the Life Insured survives the entire term, then he would receive Maturity Sum Assured + Loyalty Additions. The Maturity Sum Assured depends on different entry ages and policy term and is specified at the beginning of the policy.

Now, if the Life Insured dies within the policy tenure then his nominee would receive the Sum Assured + Return of premiums excluding extra/rider premium and first year premium + Loyalty Addition, if any.

Thus, the Death Benefit would be the same irrespective of age of entry and policy term since it depends only on chosen premium amount but the Maturity Benefit would differ according to varied age of entry and policy term.

Check your policy bond, if there are any Riders in it.

There are 2 additional riders available in Jeevan Saral :
• Term Rider
• Accidental Death and Disability Benefit

What is the amount, I will get in hand after the completion of 30 yrs term?

At the maturity of the policy, you will get
• Maturity Sum Assured +
• Loyalty Additions, if any.

Is there any benefit of this plan or I have been cheated with this plan . Please help me in understanding this policy

What was your requirement, when you bought this plan? Whether that is fullfilled or not. That is the answer of your query.