LIC Saral Jeevan Bima (Plan No.859) – Term Life Insurance

Finally, LIC is offering a standard Term Life Insurance for its customers from 16th April 2021. Let us see the LIC Saral Jeevan Bima (Plan No.859) features, benefits, and eligibility.

As I mentioned in my earlier posts “Saral Jeevan Bima Term Life Insurance – Features, Eligibility, and Benefits” and “Top 5 Best Term Insurance Plans in India 2021“, to make buyers life simple, IRDA recently issued Guidelines on Standard Individual Term Life Insurance Product, “Saral Jeevan Bima” vide which all life insurers are directed to offer a Standard Individual Term Life Insurance Product mandatorily. The plan features and parameters under this product have been prescribed by the IRDA.

In view of the above, LIC decided to introduce SARAL JEEVAN BIMA (Plan No.859) with effect from 16/04/2021.

Saral Jeevan Bima (Plan No.859) plan is a Non-Linked, Non-participating, Individual Pure Risk Premium Life Insurance Plan. This plan can be purchased offline as well as Online.

LIC Saral Jeevan Bima (Plan No.859) – Eligibility, Features and Benefits

Let me share with you the Saral Jeevan Bima (Plan No.859) eligibility conditions.

LIC Saral Jeevan Bima (Plan No.859) – Who should buy?

You noticed that even though IRDA gave free hand to set the maximum sum assured, LIC not thought to go beyond the mandatory maximum limit of Rs.25 lakh.

The problem with current LIC’s term plans is that the existing ONLINE term life insurance Tech Term minimum sum assured is Rs.50 lakh and the OFFLINE term life insurance Jeevan Amar is Rs.25 lakh.

If someone wishes to buy an online term life insurance below Rs.50 lakh, then from now onwards they have to satisfy with Rs.25 Lakh Saral Jeevan Bima (Plan No.859). Because LIC Jeevan Amar is an offline plan.

The best advantage of this product is that LIC made it available for both ONLINE and OFFLINE. Hence, if someone is looking for coverage of up to Rs.25 lakh can opt for it by buying online. However, I am not sure why still offering Jeevan Amar OFFLINE.

Saral Jeevan Bima (Plan No.859) plan is best for those who wish to buy up to Rs.25 lakh coverage. Instead of buying an offline Jeevan Amar between Rs.25 lakh to Rs.50 lakh, better either choose LIC Saral Jeevan Bima (Plan No.859) or Tech Term Plan as both are available online and save your premium.

Conclusion:- If someone is looking for term life insurance with a trusted brand and the sum assured is less than Rs.25 lakh, then better to go for this product. Otherwise, better to go beyond Rs.50 lakh coverage with Tech Term than the Jeevan Amar Offline plan. I know premiums may be higher than the other private players. However, it is the best product who are looking for small coverage (within Rs.25 lakh) with a trusted brand.

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4 thoughts on “LIC Saral Jeevan Bima (Plan No.859) – Term Life Insurance”

  1. Thnk U for ur reply.

    While I dont want to avoid medical, I was asking from logistics reason.

    For the second question request kind revert.


  2. Does this require medical? Which are the term plans tht do not require medical and cover patients with ailments say kidney disease, diabetes or angioplasty for 50 plus age male.

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