Lic Jeevan Saral Statement Download

Jeevan Saral Maturity Calculator
Lic Jeevan Saral Calculator
Lic Jeevan Saral Statement Download Software
Lic Jeevan Shree
Jeevan Saral Pdf

LIC online payment receipt and consolidated premium paid statement can be downloaded from the LIC website easily with few clicks. Steps to download LIC premium payment receipt User ID and password for the LIC customer login portal is all that you need to download the LIC premium payment receipt instantly in. LIC Jeevan Saral » LIC offers best insurance plans in India. LIC Jeevan Saral Policy. Update: You can get premium paid statement for policies for which you have paid premium either online (via lic portal or any other medium, such as Online Banking) or offline.

A few days back Moneylife Foundation approached the Supreme Court with regard to LIC Jeevan Saral Plan seeking a refund of premiums to the policyholders. Who is to blame for this? LIC, Agents or Policyholders?

I have written long back about this product “LIC’s Jeevan Saral-Why so much confusion?“.I want to reproduce the same for your benefit.

LIC New Jeevan Nidhi – Plan 818 – Maturity Benefit / Vesting Benefits. For in force policies, at the time of vesting, an amount equal to the Basic Sum Assured, along with accrued guaranteed additions, vested simple reversionary bonuses and final addition bonus (if any) shall be made available to the life assured.
Life Insurance Corporation of India – Corporate Office: Yogakshema Building, Jeevan Bima Marg, P.O. Box No – 19953, Mumbai – 400 021 IRDAI Reg No- 512.
Nov 18, 2018 Below is the details of my LIC Jeevan saral policy details. The premium paid is Rs 1500 monthly. Now I will illustrate the calculation to show that LIC JEEVAN SARAL (PLAN NO: 165) Returns are around 4-6% annually. Here, I am using this to calculate LIC JEEVAN SARAL (PLAN NO: 165) total maturity amount. Please note the annual returns calculator.

In this plan, you can choose your premium amount which is not possible with other plans. Minimum monthly contribution in this plan is Rs.250.
Sum Assured will be 250 times of your monthly premium payment. Hence suppose your monthly contribution is Rs.1,000 then sum assured will be Rs.2,50,000. You may call this benefit as “death benefit sum assured” as this benefit is only meant for deaths. Hence don’t misunderstand that Sum Assured is the amount you get after maturity (which is the case with other plans). Hence I will call it as Death Benefit SA or DBS. So this option is a bit advantage for age-old buyers as irrespective of your age this DBS is fixed on your premium payment but not on your age and term you selected. This is not the case with other plans of LIC. So two persons paying the same premium but age difference is around 30 yrs then they will get the same sum assured benefit under this plan.
In this plan, if death occurs during the policy period then your nominee will receive this Death Benefit SA+Return of premiums paid (but excluding 1st-year premium)+LA till that period.
Now the biggest confusion arises is, what you will receive after the maturity. Usually, in all LIC policies, you will receive Sum Assured+Accrued Bonus+Final Additional Bonus if any. But in this plan depending on your age and term of the policy your sum assured which is also called as Maturity Sum Assured will change. So during the period of taking this policy, you will come to know what is your Maturity Sum Assured you will receive at the end of the policy. This is fixed and will not change during the policy term. Will show you how to calculate it.
In this plan, there are two types of premiums. One is called Basic Premium and another is called Net Premium. The basic premium is the base premium without adding any cost, but Net Premium is the premium which you actually pay to LIC and includes premium mode rebate (a rebate of 2% for yearly and 1% for half yearly payment)+charges for providing you the death benefit SA (@1% DBS). Below table will give you a clear picture of this.

Note-Death Benefit SA charges are arrived as below-

A yearly premium of Rs.3,000 is divided into 12 and then multiplied by 250 times this will be (3,000/12)*250=62,500. This is the DAB and charges for this will be @1 hence Rs.62.

Now notice from the above table that basic premium is nothing but base premium but the net premium will add rebate and costs of this plan (which includes mode rebate and DAB charges @1%).

Jeevan Saral Maturity Calculator

If it is so confusing to you then the simple formula to come to net premium is multiply your basic premium by the factor 1.00083 this will result in net premium which you need to pay to LIC.

Now, what you will get after maturity?

In this plan, you will receive Maturity Sum Assured which is fixed and known to you in advance during the start of the policy once your age and term you chose. With this Maturity Sum Assured LIC will also provide you Loyalty Additions. This Loyalty Addition will be declared annually and currently, LIC declared Loyalty Addition (LA) for 10 yrs and 11 yrs of policies only and which are Rs.250 and Rs.300 respectively. Based on this declaration we may presume the returns from this policy which hover around 6-7%. But for 10 yrs policy, it is just around 3-4%.

How to calculate the Maturity Sum Assured yourself?

LIC provided Basic Maturity Sum Assured list for the premium of Rs.100 per month for all ages. So just you need to select your age and policy term then multiply that to your Basic Premium. I am working on this chart and soon will upload the whole Basic Maturity Sum Assured Chart.

Surrender Value-There are three types of surrender values under this plan. To avail, these option policies need to complete at least 3 years.

a) Guaranteed Surrender Value-In this you will receive 30% of total premiums paid excluding 1st-year premium, all extra premiums and accident benefit/term rider premiums.

b) Special Surrender Value-It will be of 1+2 options given below.

1) 80% of MSA will be paid if less than 4 years premium paid, 90% of MSA if between 4 to less than 5 years of premium paid and 100% of MSA if premiums are paid for 5 years or more.

2) Loyalty Addition until that period.

c) Can be made anytime after completion of 3 years or more from the start of the policy provided full premiums are paid.

Hope now you got clarity on this product. Let me shortlist all these as below.

Unlike other products of LIC, in this plan, you have the flexibility to fix your own premium and sum assured at death. The ideal sum assured at death is 250 times of your monthly premium.
The interesting part of this plan is that irrespective of age, your life risk will remain the same. Because your sum assured at death will depend on premium but not on age.
LIC first time introduced the concept of Maturity Sum Assured through this plan, which is not the sum assured of the plan.

LIC Jeevan Saral – Is it really a scam?

Now let us come to the main issue of why Moneylife Foundation knocked the Supreme Court for compensation towards the policyholders.

As per the Moneylife Foundation’s claim, LIC sold around 50 million policies. The major points of what Moneylife Foundation claiming are WRONG from LIC are listed below.

Maturity Sum Assured was not mentioned in the proposal form. How the LIC forgot to mention the Maturity Sum Assured when this product offers two types of sum assured?
Goraknath Agarwal was the head of the actuarial department of LIC when Jeevan Saral was launched. Mr.Agarwal himself addressed the gathering of LIC Officials and claimed few things like one can surrender after 3 years, good returns, high returns, yield like 9% and not mentioned anything about the loss of the money.
In Policy Bond issued by LIC to the policyholder mentioned the wrong Sum Assured or Maturity Sum Assured. Many policies issued during the years 2003-04, 2004-05 and 2005-06 did not show the maturity sum assured in the policy bond.
Policyholders, especially the senior citizens receiving the lower returns than the actual claim by LIC staff or Agents.

My take on LIC’s Jeevan Saral Vs Monelylife Foundation issue

I am not here either to defend LIC or Moneylife Foundation. Also, I am not a representative of LIC or Moneylife Foundation.
This is a typical endowment plan of LIC. Hence, expecting a higher return from such an endowment plan is the BIGGEST mistake for the buyer.
I am not saying that there are no misselling, as with other financial products, here too few representatives might exaggerate the returns and lured the buyers. Hence, there may be certain genuine misselling by agents.
When we buy any product or invest somewhere, then it is we who has to do the RISK profiling on our own.
The reason why older people purchased this product is mainly life risk coverage is higher or equal like any other young buyer. Because your life risk in this plan depends on the premium but not on age. Hence, this trick might be used by a few agents to sell this product specifically to older people.
Claiming LIC not mentioned the Maturity Sum Assured on proposal form is not a mistake as per me. Because when it comes to Guaranteed Addition products like an older version of Jeevan Shree or Komal Jeevan, where the LIC used to give us the GA at a fixed rate, LIC never mentioned the benefit amount in the proposal form. Hence, claiming this as the BIGGEST fault is not digestible. Also, there is a standard format for all LIC plans rather than separate proposal form for each product.
If whether LIC’s actuary, officials or representative of LIC given in writing about high returns, deviated from the policy feature in claiming, manipulated the benefits and showed to the buyer, then it is complete WRONG. However, as per the Moneylife Foundation, there are no such written or confirmed statements by LIC or it’s representatives that LIC will give us higher returns than the typical endowment plans. Hence, I don’t think this it is an issue to squarely blame LIC.
As per Moneylife Foundation claim, LIC not mentioned or wrongly mentioned the Sum Assured or Maturity Sum Assured in the Policy Bond. If this is true, then definitely LIC has to pay the penalty for this. Because Policy Bond is an agreement between the Policyholder and the Life Insurance Company. If there are any such wrongdoing by LIC, then policyholder has every right to claim the compensation.
Yes, I can understand the situation of the old people who for the sake of GUARANTEED income, higher returns and TRUSTWORTHY LIC, purchased this product and now ended up with lower returns ranging from 3% to 6%. But, it does not mean we have to blame LIC for this.
Claiming LIC responsible for launching this product, claiming LIC responsible for lower returns NOW, or claiming LIC for the misguide happened by an agent (without valid proof) is completely wrong.
However, as I said above, if there is valid proof where LIC did wrong in printing wrong Sum Assured and MSA in a policy bond, then it is a responsibility of LIC to compensate for the same.
Moneylife did not understand the product properly. The reason is that in their one article they mentioned as “For example, a 58-year-old person, paying a half-yearly premium of Rs4,076 for 12 years, had paid a total of Rs97,824. The maturity sum assured, which was paid to him after 12 years, was a mere Rs24,575 plus bonus, amounting to Rs34,405. Even though the maturity amount was mentioned in the policy document, it was missing in the proposal, which only specified the death sum assured of Rs1.25 lakh.” The reason is that this policy not offer you the BONUS, but a LOYALTY Addition.

Hence, considering all these aspects, we just can’t brand LIC Jeevan Saral is a TOXIC just because this product was not delivered the returns I EXPECTED (rather than the actual claim by LIC), just because LIC did not mention the MSA (Maturity Sum Assured) on the proposal form, just because few representatives misguided the buyers (without valid proof) or just because Moneylife received many complaints about Jeevan Saral, we can’t brand LIC Jeevan Saral plan as a WRONG.

However, if the Moneylife Foundation has valid proof where certain LIC representatives manipulated the product feature, misguided the buyers with higher returns, LIC defaulted it’s a payment to the policyholders as per the policy wordings, wrongly mentioned the sum assured and maturity sum assured in policy bond, then definitely LIC has to take responsibility and compensate to those where such things happened.

But we can’t squarely blame LIC for all our mistakes. It is we the buyers or investors first have to OPEN our eyes before BLINDLY judging or investing in any product.

I am recommending to read the few of Moneylife Foundations article for your better understanding on their claim about LIC’s Jeevan Saral.

LIC Policy Status check is necessary because it helps you know the next premium due date. For that, you no need to visit the nearest branch office. That means due to advanced technology, one can check their LIC of India policy status online now, with just a few clicks on your computer. So, go through the following sections to know your LIC Premium Status.

Contents

1 LIC Policy Status Online
- 1.6 How to Check LIC Policy Status without Registration?
- 1.7 Other Additional Services for LIC India Registered Users

LIC Policy Status Online

LIC of India Policy Status Enquiry helps you to know the status of your LIC policy. Tracking your own policy status is significant because it allows the policyholder to know the details of next premium due, accumulated bonus, loan status, claim status, revival quote etc. In earlier days, the insured should visit the nearest branch office or approach an agent to View LIC India policy status. With time and advanced technology, LIC also has modernized. So, He/she can do LIC Policy Status enquiry online at www.licindia.in by registering on the official website. The Customers can also check the LIC status or LIC Premium payment status through SMS & Phone services without registration.

In today’s busy life, it is too likely to miss out on premium payments and sometimes, even the grace period goes unnoticed. So to avoid these issues, one should perform a timely LIC Login Policy Status check and stay updated about upcoming premium payments. The Insured can verify the LIC Online policy status by using LIC login portal. Hence the customer can check LIC Policy status by policy number Online.

Here, on this web page, we have provided the LIC Login page to know the LIC Policy Online Status report. If you go to LIC branch office just for LIC status, it consumes your time and money. So make use of these Lic online services. That is just by using User ID, password and Policy Number you can know the LIC India Policy Status online, free.

LIC of India Policy Status Enquiry

Life Insurance Corporation is the leading Insurance company in India, and its policyholders are spread widely all over. The people might have a question of how to check my LIC Policy details. For the convenience of policyholders, LIC has provided different methods through which policyholders can check LIC policy status. The corporation also provides mobile services through which customers can know their LIC Premium Payment Status. But make sure that you have your policy number ready with you while making calls to the customer care or checking your status online. So, follow the steps given in this article and check LIC Premium due date. By following any of these methods, you can View Lic Policy Status easily within minutes.

How to Check LIC Policy Status?

Methods for Checking LIC India Policy Status
Using LIC Online Services	Click here
Calling LIC Customer Care	Click here
Using SMS Services	Click here
Commenting Policy Number	Click here

Since the corporation has provided different methods for tracking the status of any policy, the policyholder can choose any of those methods as per their convenience. The different methods for checking the LIC India Policy status using Policy Number are

Using LIC Online service for already Registered Users and New users.
By Calling LIC Customer Care Number.
Using SMS Service.
Commenting policy number at the end of the page.

The insured can also get LIC Policy Status Report in the below sections. So check the report and make LIC Policy Payment online. The Customer who wants to check the LIC Online Policy Status has to register on the Official Website of Life Insurance Corporation of India. The New Users have to follow the steps mentioned below to know the LIC of India Policy Status Online.

Procedure to check LIC Online Policy Status for New Users

1. First of all, log on to LIC website, i.e., www.licindia.in
2. Click on LIC’s e-Services option as shown below.
3. A new page appears on the screen with two fields namely Registered User and New User.
4. If you are not yet registered, Click on “New User”. Now you will redirect to New Registration page.
5. For registration as New user, you need to provide information like

Policy number
Premium amount
Date of Birth
E-mail I.D on the screen shown as below.

Note: You need to give the premium amount and date of birth details as per the policy document.
6.After entering the above details click on proceed, then you’ll redirect to a page where you have to create a username and password to open new LIC policy account as shown in below image.

The username can be alpha, numeric, with characters dot and underscore
Make sure that Password is at least 8 characters long

Password need to have at least one numeric character (Ex: 0-9)
i.e., Password must be alphanumeric (Ex: naveen1990)

The user-id chosen must be unique.
The password should be unique and should be kept confidential.

7. After creating a password, you’ll receive a message through the mail which provides your LIC login details for checking LIC Online policy status.
8. You can see a list of options on the left side of your screen, choose view enrolled policies among them.
9. It will ask you to enter your policy number, enter it and then click on the policy number to view the details.
10. With this, you can view LIC policy status, maturity date, Premium due date, loan amount, loan interest amount.

LIC Policy Registration Online

On successful registration, the customer will have access to know information regarding the status of policies, loan, revival, premium due/policy calendar, maturity calendar, etc. But the Existing Users can Login with the Login Id and Password to know the Policy Status of LIC. The Registered users can check the details of premium payments, accrued bonuses, group schemes, etc., by simply logging into the LIC India direct website. Here you have an option like LIC policy status login with LIC Login facility on the Homepage for registered users. So follow the steps as under and check the Premium Payment Status through the LIC Policy Statement.

Steps to Check LIC Login Policy Status for Registered Users

1. Log on to LIC India website www.licindia.in
2. Click on LIC eServices available under Online Services section.
3. If you are an existing customer, then select “Registered User” as shown in below image. Clicking this option will take you to a new page with log in details.
4. Enter your LIC policy status Login Id and password. After entering the details, click on “submit” option as shown in the image given below.

5. By clicking the submitbutton, it will take you to the fresh page where you need to click on “View enrolled policies”.
6. By clicking that, you will direct to a new page where you need to enter the text shown in the image and then click submit.
7. Then a separate page will be opened. You need to click on Policy number to view LIC policy status online.
8. With this, the status of your LIC policy will be displayed.

How to Check LIC Policy Status without Registration?

How to find LIC Policy Number by Name? Can I get my policy status without registration? Of course, yes!! If you don’t want to check your policy status online, or want to avoid the hassle of registration, you can check your premium status by following other ways like SMS, calling to the customer care, etc. These services ensure that the individuals who are not connected to the internet do not get sidelined with the latest updates.

Check LIC India Policy Status by calling customer care

LIC has provided another easy option to know your LIC policy status by calling LIC customer care. Those who don’t have access to the internet they can easily find out their LIC India policy status through phone. This 24* 7 facility is available only in selected cities. You need to dial 1251 if you are MTNL/ BSNL user or type your city code before the IVR number to use this facility. Here I have provided LIC Toll free number for some main cities only. You can also check the helpline number for your city on this site.

Lic Jeevan Saral Calculator

City name	Contact Number	Email id
Delhi	1251 or 011-23762681	customerzone_delhi@licindia.com
Mumbai	1251 or 022-26766221	customerzone_mumbai@licindia.com
Chennai	1251 or 044-25300030	customerzone_chennai@licindia.com
Kolkata	1251 or 033-22545454	customerzone_kolkata@licindia.com

Process to check LIC Policy Online Status by SMS

LIC of India has introduced SMS services for policyholders. Now you can get LIC policy status Ask your e books all engineering e books for free reading. just by sending a single text message using your mobile phone. This is a free SMS information system which will be helpful to all the LIC policy holders to get policy and servicing details. Through SMS service, you can enquire about LIC Individual Policy or LIC Pension Policy.

1. To enquire about LIC Individual policy through SMS, type
ASKLIC <POLICY NO> PREMIUM / REVIVAL / BONUS / LOAN / NOM and send to 9222492224.

Lic Jeevan Saral Statement Download Software

Premium- Installment premium under policy.
Revival – If policy lapses, Revival amount payable.
Bonus – Amount of bonus Vested.
Loan – Amount available as loan.
NOM – Details of Nomination.

2. To enquire about LIC Pension policy through SMS, type
LICPension <PolicyNumber> [STAT / ECDUE / ANNPD / PDTHRU / AMOUNT / CHQRET ]) and send to9222492224

IPP Policy Status – (STAT).
Existence Certificate Due – (ECDUE).
Last Annuity Released Date – (ANNPD).
Annuity Payment through – CHQ/ECS/NEFT) (PDTHRU).
Annuity Amount – (AMOUNT).
Cheque Return Information – (CHQRET).

Procedure to check LIC Premium Status by using Comments

This is another simple facility where you can get the status by simply commenting at the bottom of the page. So, leave a comment with your policy number with what information you want to know like premium amount, surrender value or bonus amount acquired. We will post you the information on your Queries.

Lic Jeevan Shree

Other Additional Services for LIC India Registered Users

In Addition to all these, you have other options through which you can know more information by going to Policy tools options at the left side of the page, in which you can enroll new policy number. This page would be accessible only after successful registration. After registration, the policyholder can provide the policy number and the premium amount. A reply mail would be sent to the policyholder. If the policy information mentioned is error free the status information about the policy would be displayed. The policy number should be the same as given on your LIC bond. The other additional Services of LIC India are explained in detail below.

LIC Policy Details

1. At the left corner of the page, go to policy tools in which the first option is “Enroll policies”, Click on Enroll policies, then page shown as below appears.
2.The enrolment process is necessary to authorize access to certain functions offered through online such as a request for change of address.
3. To view the “policies already enrolled” go to the second option in policy tools and click on “View enrolled policies”. The following page appears with details.
4. To know about other customer related services pls see the right column where customer services are provided.

LIC Policy Premium Payment

1. LIC has given the option to pay the Premiums online, to pay premiums online go to customer services on the page shown above in which the first option is “pay premium online”. Then the following page appears, you need to mark the options and click submit to process your payment.

2. Regarding the second option in Customer services, View pay premium online receipts you need to enter the financial year and click on submit.

Premium receipts are available for the Current and Previous Financial years ONLY.

3. There are also other options available in the customer services through which we can know required details like premium paid statement. To know premium paid statement which is the third option in customer services. Click on “premium paid statement”.

After entering the details in the above page click on submit, then it gives you the premium paid statement particulars in a new page in which all the details of premiums paid will be displayed for the financial year you have selected.

Jeevan Saral Pdf

Hence using LIC Policy Statusenquiry, you can easily make your payment, and you may also know your premium amounts.