LIC Saral Jeevan Bima Plan 859 is a pure term insurance policy designed to provide financial protection to the insured person’s family. It offers life cover for a selected policy term and pays the applicable death benefit if the life assured dies while the policy is in force.

The plan does not contain an investment, bonus or savings component. If the life assured survives until the policy’s maturity date, LIC does not pay any maturity or survival benefit.

This distinction is important when using an LIC Saral Jeevan Bima premium calculator. The calculator can estimate premiums, taxes, death cover and policy cancellation value, but it should not show an expected maturity corpus because the maturity benefit under this plan is nil.

According to the official LIC sales brochure, it is a non-linked, non-participating, individual pure-risk premium life insurance plan.

LIC Saral Jeevan Bima Plan 859 Overview

Policy detail	Applicable condition
Plan name	LIC’s Saral Jeevan Bima
Plan number	859
UIN	512N341V01
Launch date	16 April 2021
Plan category	Individual term insurance
Plan type	Non-linked and non-participating
Primary benefit	Death benefit
Maturity benefit	Not available
Minimum entry age	18 years
Maximum entry age	65 years
Maximum maturity age	70 years
Minimum Basic Sum Assured	₹5,00,000
Maximum Basic Sum Assured	₹25,00,000 per life
Sum Assured multiples	₹50,000
Policy term	5 to 40 years
Premium payment choices	Single, regular or limited premium
Limited Premium Paying Term	5 years or 10 years
Loan facility	Not available
Surrender value	Not available
Waiting period	45 days from the commencement of risk

The policy can be purchased through LIC’s permitted offline distribution channels or directly through LIC’s online channel, subject to availability and underwriting requirements.

What Is LIC Saral Jeevan Bima?

LIC Saral Jeevan Bima is a protection-focused life insurance policy. Its purpose is to provide a lump-sum payment to the nominee or eligible claimant if the life assured dies during the policy term and the claim is admissible under the policy conditions.

It is called a pure-risk plan because the premium primarily pays for life insurance protection. It does not accumulate a maturity fund and does not participate in LIC’s profits.

Therefore, the plan does not provide:

• Simple reversionary bonus
• Final additional bonus
• Guaranteed additions
• Money-back payments
• Survival benefits
• Market-linked returns
• Maturity proceeds

The absence of these savings features keeps the plan straightforward. However, it also means that surviving the entire policy term does not produce a payment.

Key Features of LIC Saral Jeevan Bima

Pure life insurance protection

The plan is designed to cover the financial risk of the life assured’s death during the selected term. It is not intended to generate wealth or regular income.

Choice of premium payment structure

The policyholder can select one of three premium payment options:

• Single premium
• Regular premium
• Limited premium

This provides flexibility in deciding whether to pay once, throughout the policy term or for a shorter fixed period.

Flexible policy term

The available policy term ranges from 5 to 40 years. The selected term must comply with the maximum maturity age of 70 years.

For example, a person entering at age 45 cannot select a 40-year term because the resulting maturity age would be 85. The maximum possible term in that case would ordinarily be 25 years, subject to LIC’s acceptance.

Fixed range of life cover

The Basic Sum Assured can be selected from ₹5 lakh to ₹25 lakh per life. It must be chosen in multiples of ₹50,000.

Online and offline purchase channels

The policy may be purchased offline through authorised intermediaries or through LIC’s direct online channel. Online proposals completed without assistance from an agent or intermediary may qualify for the prescribed online-sale rebate.

High Sum Assured rebate

A rebate is available when the selected Basic Sum Assured reaches the specified level. The rebate is applied according to the premium rules and should not be confused with an increase in death cover.

No maturity uncertainty

The maturity benefit is clearly defined as nil. There are no bonus assumptions or investment returns to calculate.

Waiting-period protection for accidental death

During the first 45 days from the commencement of risk, normal life cover applies only to accidental death, subject to the policy being in force and the applicable terms.

For non-accidental death during this period, LIC refunds the prescribed premiums instead of paying the Basic Sum Assured.

Benefits Under LIC Saral Jeevan Bima

The main benefits and values available under this policy are:

1. Death benefit
2. Refund for non-accidental death during the waiting period
3. Policy Cancellation Value in eligible single and limited-premium policies
4. Free-look cancellation facility

There is no maturity benefit, surrender value or policy loan.

Death Benefit During the 45-Day Waiting Period

The policy has a waiting period of 45 days from the date of commencement of risk.

The benefit during this period depends on whether death results from an accident or another cause.

Accidental death during the waiting period

If the life assured dies due to an accident during the waiting period and the policy is in force, LIC pays the applicable Sum Assured on Death as a lump sum.

For a regular or limited-premium policy, the Sum Assured on Death is the highest of:

• 10 times the Annualized Premium;
• 105% of all premiums paid up to the date of death; or
• Basic Sum Assured.

For a single-premium policy, it is the higher of:

• 125% of the Single Premium; or
• Basic Sum Assured.

Here, the “absolute amount assured to be paid on death” stated in the brochure is equal to the Basic Sum Assured.

Non-accidental death during the waiting period

If death occurs for a reason other than an accident during the 45-day waiting period, LIC pays 100% of all premiums received, excluding applicable taxes.

The Basic Sum Assured is not payable in this situation.

For example, suppose ₹4,670 has been received as the premium, excluding tax, and the life assured dies from a non-accidental cause on the 30th day. Subject to the policy terms, the amount payable would be the prescribed premium refund—not the selected ₹10 lakh Basic Sum Assured.

Death Benefit After the Waiting Period

After completing the 45-day waiting period, the policy provides the normal death benefit for an admissible death occurring before the maturity date, provided the policy is in force.

Regular and limited-premium policies

The death benefit is the highest of:$$10 \times \text{Annualized Premium}$$10×Annualized Premium$$105\% \times \text{Premiums Paid up to Death}$$105%×Premiums Paid up to Death

or Basic Sum Assured

Single-premium policies

The death benefit is the higher of:$$125\% \times \text{Single Premium}$$125%×Single Premium

or Basic Sum Assured

Extra premiums charged due to LIC’s underwriting decision are excluded when determining the Sum Assured on Death under these formulas.

Death Benefit Calculation Example

Consider the following illustrative policy:

Particular	Selected value
Age at entry	30 years
Basic Sum Assured	₹10,00,000
Policy term	25 years
Payment option	Regular premium
Offline annual premium	₹4,670, excluding tax

Suppose death occurs after the waiting period when five annual premiums have been paid.

The three values would be:

10 times Annualized Premium$$₹4,670 \times 10 = ₹46,700$$₹4,670×10=₹46,700

105% of premiums paid$$₹4,670 \times 5 \times 105\% = ₹24,517.50$$₹4,670×5×105%=₹24,517.50

Basic Sum Assured$$₹10,00,000$$₹10,00,000

The highest value is ₹10,00,000. Therefore, the Sum Assured on Death would be ₹10,00,000, subject to the policy being in force, claim admissibility and all applicable terms.

This is an illustration based on the brochure’s sample premium. It is not a personalised premium or claim quotation.

LIC Plan 859 Maturity Benefit

LIC Saral Jeevan Bima does not provide a maturity benefit.

If the life assured survives until the stipulated maturity date:

Benefit	Amount
Maturity benefit	₹0
Survival benefit	₹0
Bonus	Not applicable
Guaranteed additions	Not applicable
Return of premium	Not available

Therefore, an LIC Plan 859 maturity calculator should display zero as the maturity amount. It should not treat the premiums paid as savings or show them as a maturity return.

The policy provides insurance protection only. The fact that no claim occurs during the term does not create a refund entitlement.

Eligibility Conditions

Age requirements

The minimum entry age is 18 years and the maximum entry age is 65 years, calculated using age last birthday.

The maximum permitted maturity age is 70 years.

A suitable policy term must therefore satisfy:$$\text{Entry Age} + \text{Policy Term} \leq 70$$Entry Age+Policy Term≤70

Basic Sum Assured

The available Basic Sum Assured ranges from ₹5 lakh to ₹25 lakh per life and must be selected in multiples of ₹50,000.

Valid examples include:

• ₹5,00,000
• ₹7,50,000
• ₹10,00,000
• ₹15,50,000
• ₹20,00,000
• ₹25,00,000

An amount such as ₹10,25,000 would not follow the required ₹50,000 multiple.

Policy term

A term from 5 to 40 years may be selected, subject to the maximum maturity age.

Underwriting

Eligibility does not guarantee automatic policy issuance. LIC may consider factors such as health, occupation, income, lifestyle, medical history and other insurance held.

The final premium can also include an extra underwriting charge where applicable.

Premium Payment Options

Single premium

The entire premium is paid once at the beginning of the policy. No renewal premiums are required.

Regular premium

Premiums are payable throughout the policy term. The Premium Paying Term is the same as the policy term.

For a 20-year regular-premium policy, premiums are normally payable for 20 years.

Limited premium

Premiums are payable for either 5 years or 10 years, while life cover continues for the selected policy term, provided the policy remains entitled to the applicable benefits.

The limited-premium option does not mean that cover ends when premium payments finish.

Premium Payment Modes

Regular and limited premiums can be paid through:

Mode	Frequency
Yearly	Once a year
Half-yearly	Twice a year
Monthly	Through ECS/NACH only

A simple division of the annual premium may not give the correct instalment because mode loadings apply.

The brochure specifies:

• Yearly mode: no mode loading
• Half-yearly mode: 2% of tabular annual premium
• Monthly mode: 3% of tabular annual premium

The mode loading is applied according to LIC’s premium calculation method.

Official Sample Premiums

The following figures are illustrations for standard lives and exclude taxes. Actual premiums may differ because of age, policy term, payment structure, underwriting and other applicable conditions.

₹5 lakh Basic Sum Assured, age 30 and 20-year policy term

Premium option	Illustrative premium excluding tax
Regular annual premium	₹2,095
Limited premium—10 years	₹3,010 annually
Limited premium—5 years	₹4,955 annually
Single premium	₹20,310

A shorter payment period results in a higher annual payment because the required premiums are paid within fewer years.

₹10 lakh cover for 25 years through offline channel

Age	Single premium	Annual	Half-yearly	Monthly
25	₹41,610	₹3,850	₹1,965	₹331
30	₹52,260	₹4,670	₹2,383	₹401
35	₹70,840	₹6,110	₹3,117	₹525
40	₹98,630	₹8,340	₹4,254	₹716
45	₹1,38,230	₹11,660	₹5,948	₹1,001

₹10 lakh cover for 25 years through online channel

Age	Single premium	Annual	Half-yearly	Monthly
25	₹40,776	₹3,574	₹1,826	₹308
30	₹51,213	₹4,336	₹2,216	₹373
35	₹69,421	₹5,675	₹2,900	₹488
40	₹96,655	₹7,749	₹3,959	₹667
45	₹1,35,463	₹10,837	₹5,536	₹932

These figures are not guaranteed quotations for new proposals.

High Sum Assured Rebate

The brochure provides the following high-cover rebate structure:

Basic Sum Assured	Rebate
₹5,00,000 to ₹9,50,000	Nil
₹10,00,000 to ₹14,50,000	0.10 per thousand of BSA
₹15,00,000 to ₹19,50,000	0.20 per thousand of BSA
₹20,00,000 and above	0.25 per thousand of BSA

The brochure uses the per-thousand symbol, not a percentage rate. This is an important correction because treating 0.10 per thousand as 0.10% would overstate the rebate.

Online-Sale Rebate

An eligible proposal completed online without assistance from an agent or intermediary receives the following rebate on tabular premium:

Premium Paying Term	Online rebate
Single premium	2%
5 to 9 years	5%
10 to 14 years	6%
15 years and above	7%

This rebate is reflected in the premium and is not paid separately.

LIC Saral Jeevan Bima Calculator Plan 859 Premium

A well-designed LIC Saral Jeevan Bima Plan 859 calculator should provide more than a basic premium split.

Recommended calculator inputs

• Age at entry
• Basic Sum Assured
• Policy term
• Single, regular or limited-premium option
• Premium Paying Term
• Premium payment mode
• Online or offline purchase channel
• Official base or tabular premium
• Applicable tax rate
• Number of premiums paid
• Completed policy duration
• Death during or after the waiting period
• Accidental or non-accidental death scenario

Recommended calculator results

• Eligibility status
• Maturity age
• Premium excluding tax
• Tax amount
• Total premium including tax
• Instalment amount
• Sum Assured on Death
• Waiting-period benefit
• Maturity benefit of zero
• Estimated Policy Cancellation Value
• Grace period
• Important exclusions and limitations

Important Limitations of Saral Jeevan Bima Calculator

A third-party calculator normally cannot calculate an exact LIC premium from age and cover alone unless it contains the complete official premium rate table.

The exact payable premium can depend on:

• Age
• Basic Sum Assured
• Policy term
• Premium Paying Term
• Premium mode
• Purchase channel
• Underwriting decision
• Medical assessment
• Occupational or lifestyle risk
• Applicable taxes

Calculator results should therefore be treated as estimates unless they reproduce an official LIC quotation.

How to Use the Saral Jeevan Bima Plan 859 Calculator

1. Enter age on last birthday.
2. Select the Basic Sum Assured between ₹5 lakh and ₹25 lakh.
3. Choose a policy term between 5 and 40 years.
4. Confirm that the maturity age does not exceed 70.
5. Select single, regular or limited premium.
6. For a limited premium, choose a 5-year or 10-year Premium Paying Term.
7. Select yearly, half-yearly or monthly mode where applicable.
8. Choose an online or offline purchase.
9. Enter the premium from the official quotation if the calculator requests it.
10. Enter the applicable tax rate separately.
11. Select the relevant death scenario or policy year.
12. Click “Calculate” to view the premium, benefit, and policy-value estimates.

Grace Period and Policy Lapse

For regular and limited-premium policies, LIC allows:

• 30 days for yearly and half-yearly premiums
• 15 days for monthly premiums

Risk cover continues during the grace period according to the policy terms.

If the premium remains unpaid when the grace period ends, the policy lapses. A lapsed policy may no longer provide the normal death protection.

Also Check:

• LIC New Jeevan Amar Calculator Plan 955
• LIC Jeevan Utsav Plan 771 Calculator
• LIC Jeevan Umang Plan 745 Calculator

Revival of a Lapsed Policy

A regular or limited-premium policy may be revived within five consecutive complete years from the date of the first unpaid premium and before maturity.

Revival is not automatic. It may require:

• Payment of outstanding premiums
• Revival interest at the applicable rate
• Declaration of good health
• Medical or special reports
• Proof of continued insurability
• LIC’s approval

LIC may accept the revival on original terms, accept it with modified terms or decline it according to its underwriting policy.

Surrender Value and Policy Cancellation Value

Surrender value

No surrender value is available under LIC Saral Jeevan Bima.

Policy Cancellation Value for single premium

It becomes available immediately after LIC receives the Single Premium. $$\text{Cancellation Value} = 70\% \times \text{Single Premium Paid} \times \frac{\text{Unexpired Policy Term}}{\text{Original Policy Term}}$$Cancellation Value=70%×Single Premium Paid×Original Policy TermUnexpired Policy Term​

For this calculation, the Single Premium includes any extra amount charged due to an underwriting decision.

Policy Cancellation Value for a limited premium

It becomes available only after at least two consecutive full years’ premiums have been paid. $$\text{Cancellation Value} = 70\% \times \text{Total Premiums Paid} \times \frac{\text{Unexpired Policy Term}}{\text{Original Policy Term}}$$Cancellation Value=70%×Total Premiums Paid×Original Policy TermUnexpired Policy Term​

Total Premiums Paid includes underwriting extras for this calculation.

Regular premium policy

No Policy Cancellation Value is payable for a regular-premium policy.

Illustration

Suppose a 20-year single-premium policy has:

• Single Premium paid: ₹50,000
• Completed policy duration: 8 years
• Unexpired term: 12 years

The illustrative value would be:$$70\% \times ₹50,000 \times \frac{12}{20} = ₹21,000$$70%×₹50,000×2012​=₹21,000

This is a simplified illustration. LIC determines the actual payable value according to completed duration, relevant dates and policy conditions.

Policy Loan

No loan facility is available under this plan. The policy cannot be used like an endowment policy to borrow against accumulated surrender value.

Free-Look Period

The updated brochure provides a free-look period of 30 days from receipt of the electronic or physical policy document, whichever is earlier.

If the terms are not acceptable, the policy can be returned within this period by stating the reasons for cancellation. LIC refunds the deposited premium after deducting:

• Proportionate risk premium for the period covered
• Medical examination expenses
• Stamp duty charges

The draft brochure contains an editing mark showing “15 30 days”; the intended updated period stated in the provision is 30 days.

Suicide Exclusion

Regular and limited-premium policies

If the life assured dies by suicide within 12 months from commencement of risk, while the policy is in force, or within 12 months from revival, the normal death benefit is not payable.

LIC instead pays 80% of total premiums paid up to the date of death, excluding:

• Taxes
• Underwriting extra premium

Nothing is payable under this clause if the policy is already lapsed, as specified in the brochure.

Single-premium policy

If suicide occurs within 12 months from commencement of risk, LIC pays 90% of the Single Premium, excluding taxes and underwriting extra, instead of the normal death benefit.

Tax Treatment

Applicable statutory taxes are charged separately over the policy premium at the prevailing rate.

Taxes paid:

• Are not included in the brochure’s premium examples
• Are not treated as premium for calculating plan benefits
• Are not added to the death benefit
• May change according to applicable law

Income-tax treatment depends on prevailing tax law and individual circumstances. It should be confirmed with a qualified tax professional.

Advantages and Limitations

Main advantages

• Straightforward term insurance structure
• Choice of single, regular or limited premium
• Policy term of up to 40 years, subject to maturity-age limits
• Online-sale and High Sum Assured rebates
• Accidental death cover during the waiting period
• Clear and fixed Basic Sum Assured range
• Policy Cancellation Value in eligible cases

Important limitations

• No maturity benefit
• No return-of-premium feature
• No bonus or guaranteed additions
• Maximum Basic Sum Assured limited to ₹25 lakh per life
• No policy loan
• No surrender value
• 45-day waiting period for non-accidental death cover
• Regular-premium policies do not receive Policy Cancellation Value
• Premium may increase following underwriting assessment

Who May Consider This Policy?

LIC Saral Jeevan Bima may be considered by people looking for:

• Basic term insurance protection
• A simple policy without market-linked returns
• Cover between ₹5 lakh and ₹25 lakh
• A choice between one-time and recurring premiums
• Direct online or permitted offline purchase
• A policy whose benefits are easy to understand

However, the ₹25 lakh maximum cover may be insufficient for a household with large loans, young dependants or long-term income-replacement needs.

Cover should be selected after considering outstanding debts, family expenses, children’s education, future obligations, existing insurance and emergency savings.

Frequently Asked Questions

Is LIC Saral Jeevan Bima a term insurance plan?

Yes. It is a non-linked, non-participating, individual pure-risk life insurance plan.

Does LIC Plan 859 pay a maturity benefit?

No. The maturity benefit is nil if the life assured survives until the maturity date.

Is accidental death covered during the waiting period?

Yes. Accidental death during the 45-day waiting period is covered through the applicable Sum Assured on Death formula, provided the policy is in force and the claim satisfies the terms.

What happens after non-accidental death within 45 days?

LIC pays 100% of premiums received, excluding taxes. The Basic Sum Assured is not payable.

What is the maximum cover?

The maximum Basic Sum Assured is ₹25 lakh per life.

Can premiums be paid monthly?

Yes, monthly payment is permitted through ECS/NACH for regular and limited-premium policies.

Is there a return-of-premium option?

No. This plan does not return premiums simply because the life assured survives the term.

Is surrender value available?

No. Surrender value is not available.

Is Policy Cancellation Value the same as surrender value?

No. The plan separately defines a Policy Cancellation Value for eligible single and limited-premium policies. Regular-premium policies do not receive it.

Can a loan be taken against the policy?

No. LIC does not provide a loan under this plan.

Can a lapsed policy be revived?

An eligible regular or limited-premium policy may be revived within five consecutive complete years from the first unpaid premium and before maturity, subject to LIC’s requirements and approval.

Conclusion

LIC Saral Jeevan Bima Plan 859 is a protection-only term insurance plan. Its principal benefit is the lump-sum death cover available during the policy term, subject to the 45-day waiting-period rules, exclusions, policy status and claim admissibility.

The plan provides flexible premium payment choices, but it does not provide a maturity amount, survival benefit, bonus, loan or regular surrender value.

An LIC Saral Jeevan Bima premium calculator should therefore concentrate on premium estimation, taxes, death benefit, waiting-period treatment and Policy Cancellation Value. For an LIC Plan 859 maturity calculator, the correct maturity result is ₹0 because no maturity benefit is payable.

All calculator figures should be treated as estimates. The official LIC quotation, policy schedule and policy document govern the actual premium and benefits.