When it comes to securing your family’s financial future, life insurance plays a crucial role. The LIC Saral Jeevan Bima Plan 859 is one such insurance policy offered by the Life Insurance Corporation of India (LIC) that is simple, affordable, and focused on providing essential term insurance protection. This article explains everything about the plan, including how the LIC Saral Jeevan Bima Plan 859 Calculator helps estimate your premium payments and coverage.

What is LIC Saral Jeevan Bima Plan 859?

LIC Saral Jeevan Bima Plan 859 is a pure term insurance plan launched by LIC on April 16, 2021. It is designed to provide financial security to your family in case of your unfortunate demise during the policy term. Since it is a pure term plan, it offers a lump sum amount to the nominee in the event of the policyholder’s death during the policy tenure, without paying any maturity benefit if the policyholder survives.

This plan is non-linked and non-participating, which means it does not invest in any funds or participate in profits or bonuses. It purely covers risk and pays death benefits.

Key Features of LIC Saral Jeevan Bima Plan 859

• Policy Term: Flexible, ranging from 5 years to 40 years
• Sum Assured: Minimum ₹5,00,000, with no fixed upper limit (subject to underwriting)
• Premium Payment Options: Single premium, regular premium, or limited premium payment (5 or 10 years)
• Waiting Period: 45 days from the commencement of risk (during this period, accidental death is covered fully; other deaths get return of premiums paid)
• Maturity Benefits: None (no amount payable if the policyholder survives the term)
• Grace Period: 30 days for yearly/half-yearly payments, 15 days for monthly payments
• Tax Benefits: Premium paid is eligible for deduction under Section 80C of the Income Tax Act

Benefits of the Plan Explained

Death Benefit

The central benefit of this plan is the death benefit paid to the nominee if the policyholder dies during the policy term. This benefit varies depending on when the death occurs:

• During the waiting period (first 45 days):
  • If death is due to accident, the full sum assured is paid.
  • For other deaths, the premiums paid (excluding taxes) are returned.
• After the waiting period (after 45 days):
  • The nominee receives the sum assured on death, which is the higher of:
    • 10 times the annualized premium
    • 105% of all premiums paid till death
    • Basic sum assured amount

For single premium policies, the benefit is the higher of:

• 125% of the single premium paid
• Basic sum assured

No Maturity Benefit

Since this is a pure term plan, no maturity benefit is paid if the policyholder survives the policy term.

LIC Saral Jeevan Bima Plan 859 Premium Calculator

One of the useful tools when considering this plan is the LIC Saral Jeevan Bima Plan 859 Calculator. This calculator helps users estimate the premium amount payable based on individual factors such as

• Age of the applicant
• Sum assured desired
• Policy term chosen
• Premium payment mode (single, regular, or limited)
• Gender and other risk-related factors

Using this calculator, you can get an instant estimate of the premiums you need to pay before purchasing the policy. This simplifies decision-making and budget planning.

How to Use the Premium Calculator

1. Enter your current age (between 18 to 65 years)
2. Choose the sum assured amount (minimum ₹5,00,000)
3. Select the policy term (between 5 to 40 years)
4. Choose the premium payment mode—single, regular, or limited
5. Enter any other required details (gender, smoking status, etc.)

The calculator then displays the premium payable annually, monthly, or as a single payment.

Example of Premium Calculation

Here’s a rough idea of how premium varies with age and payment mode:

Age (years)	Single Premium (₹)	Annual Premium (₹)	Monthly Premium (₹)
25	40,776	3,574	308
30	51,213	4,336	373
35	69,421	5,675	488
40	96,655	7,749	667

The actual premium depends on your exact choices and underwriting norms.

Advantages of LIC Saral Jeevan Bima Plan 859

• Affordability: Designed to be affordable for individuals across income levels
• Flexibility: Options for policy term and premium payment modes suit different budgets
• Simple Terms: Easy to understand without confusing riders or bonuses
• Online Discounts: Reduced premiums if purchased online
• Tax Savings: Premiums paid are eligible under Section 80C for tax benefits
• Financial Security: Protects family against financial hardships in case of premature death

Limitations of the Plan

• No maturity benefit means if you survive, you do not get a refund or savings
• No loan facility given against the policy
• No rider benefits such as accidental death or critical illness cover
• Waiting period of 45 days means initial coverage is limited

Who Should Buy LIC Saral Jeevan Bima Plan?

This plan is ideal for individuals who want basic, affordable term insurance without frills. It suits:

• Young professionals planning long-term financial protection
• Individuals with dependents needing secured future income
• Those looking for a simple pure term plan without investment components
• People seeking LIC’s trusted brand and service network

How to Buy LIC Saral Jeevan Bima Plan?

You can buy this plan through:

• LIC branch offices by filling application forms
• LIC agents or intermediaries
• Online via LIC’s official website or trusted insurance portals

Remember to keep your ID, address proof, and income proof handy for the application. After purchase, receive your policy documents with details of coverage and premiums.

Important Considerations Before Purchase

• Understand your financial needs and choose sum assured accordingly
• Select a policy term that matches your financial goals and dependents’ needs
• Use the LIC Saral Jeevan Bima Plan Calculator to estimate premiums and compare with budget
• Consider health conditions and disclose them accurately during application
• Read the policy brochure carefully for terms, conditions, and exclusions. The official brochure can be found on LIC’s website here

Frequently Asked Questions (FAQs)

Conclusion

The LIC Saral Jeevan Bima Plan 859 is a straightforward, affordable term insurance policy that ensures financial protection for your loved ones in the event of your untimely death. It is designed to be simple, with flexible options on premium payment and policy term, making it accessible to a wide range of individuals.

Using the LIC Saral Jeevan Bima Plan Calculator is a smart way to understand your premium obligations clearly before you commit. Because of its simplicity and backing by LIC’s trusted reputation, this plan suits many who want pure protection without complicated terms.