In today’s world, securing the financial future of loved ones is very important. The LIC Saral Jeevan Bima Plan 859 is a popular term insurance plan by the Life Insurance Corporation of India (LIC), designed to provide an affordable and simple life cover to families in case of an unfortunate event.

Understanding this plan, its features, benefits, and how to use the LIC Saral Jeevan Bima Plan 859 Calculator can help individuals make an informed decision.

What is LIC Saral Jeevan Bima Plan 859?

LIC Saral Jeevan Bima Plan 859 is a pure term insurance plan, which means it provides financial protection to the nominee in case of the policyholder’s death during the policy term. It is a non-linked, non-participating individual life insurance product, which implies that it does not have any investment or savings component—only risk coverage.

• Launched: April 16, 2021
• Type: Pure Risk Term Life Insurance
• Purpose: To provide a death benefit to family if the insured person passes away during the policy term
• Policy Term: Flexible, ranging from 5 to 40 years
• Sum Assured: Minimum ₹5,00,000 and up to ₹25,00,000 (subject to underwriting)
• Premium Options: Single, Regular, and Limited premium payment options

The policy does not pay any maturity benefit if the policyholder survives the policy term. Its sole focus is to ensure financial security for the family through death benefits.

Key Features of LIC Saral Jeevan Bima Plan 859

Understanding the key features makes the plan simpler to evaluate:

Feature	Details
Plan Type	Non-Linked, Non-Participating, Pure Term Life Insurance Plan
Policy Term	5 to 40 years (flexible)
Sum Assured	₹5,00,000 minimum to ₹25,00,000 maximum (multiples of ₹50,000)
Premium Payment Modes	Single, Regular (Annual, Half-Yearly, Monthly), Limited (5 or 10 years)
Waiting Period	45 days (No death benefit except accidental death during this period)
Death Benefit	Sum Assured paid on death during policy term after waiting period
Maturity Benefit	No maturity benefit if the policyholder survives the term
Grace Period	30 days for annual/semi-annual, 15 days for monthly premiums
Rebates	Available for high sum assured and online purchase
Tax Benefits	Premiums eligible for deduction under Section 80C of Income Tax Act

How Does LIC Saral Jeevan Bima Plan 859 Work?

The plan operates on a very simple principle, which is financial protection through risk cover.

• If the insured person dies within the policy term (after 45 days of waiting period), the nominee receives the sum assured as a lump sum.
• If the death happens within the 45-day waiting period, only accidental deaths are covered fully; non-accidental deaths during this period lead to refund of premiums paid (excluding taxes).
• If the insured survives the policy term, no maturity amount is paid.
• The policy will terminate on death payout or expiry of the term.

This simplicity makes it an affordable option for many.

Benefits of LIC Saral Jeevan Bima Plan 859

1. Financial Protection for Family

The primary benefit is that the nominee gets a lump sum death benefit on the unfortunate demise of the insured during the policy term, which helps meet expenses like debts, education, or daily living costs.

2. Affordable Premiums

This plan is designed to be affordable, giving individuals a chance to buy term insurance coverage without heavy financial burden. Options like single premium and limited premium also add flexibility.

3. Flexibility in Premium Payment

Policyholders can choose how they want to pay:

• Single premium (one-time payment)
• Regular premiums (annual, half-yearly, monthly)
• Limited premium (5 or 10 years)

4. Tax Benefits

Premiums paid for this plan qualify for tax deductions under Section 80C of the Income Tax Act, which makes it financially advantageous.

5. Simple and Transparent

The plan has no complex bonuses or maturity payouts, which makes understanding easy for all.

About the LIC Saral Jeevan Bima Plan 859 Calculator

To estimate premiums and understand the premium you need to pay for your desired sum assured and term, LIC offers the Saral Jeevan Bima Plan 859 Calculator.

The calculator helps you:

• Calculate the premium payable by entering your age, sum assured, policy term, and premium payment frequency.
• Check affordability before buying the plan.
• Understand the premium amount with tax and rebate considerations.
• Make a well-informed decision based on your needs.

How to Use LIC Saral Jeevan Bima Plan 859 Calculator

Using the calculator is straightforward and can be done online on LIC’s official website or other trusted insurance portals.

Follow these simple steps:

1. Visit the official LIC website or a trusted insurance comparison portal.
2. Select LIC Saral Jeevan Bima Plan 859 from the list of LIC plans.
3. Enter your details:
   • Date of Birth / Age
   • Gender
   • Sum Assured (choose from ₹5 lakh to ₹25 lakh or more, as required)
   • Policy Term (5 to 40 years)
   • Premium Payment Mode (Single, Regular, Limited)
   • Premium Payment Frequency (Annual, Half-yearly, Monthly)
   • Smoking habits (if applicable)
4. Click on ‘Calculate’ or ‘Submit.’
5. The calculator will instantly display the premium amount you need to pay and other relevant details.

This empowers you to compare different premium modes and amounts before finalizing your policy.

Sample Calculation Example

Let’s say a 30-year-old non-smoking male wants to buy the LIC Saral Jeevan Bima Plan 859 with:

• Sum Assured: ₹25,00,000
• Policy Term: 30 years
• Payment Mode: Regular Annual Premium

Using the calculator may show an annual premium of around ₹4,670 (this is an approximate figure). This means paying ₹4,670 every year for 30 years provides a financial cover of ₹25 lakhs in case of death during policy tenure.

Important Terms Explained for Better Understanding

Waiting Period (45 Days)

During the first 45 days from the start of the policy, no death benefit is paid for natural death. However, accidental death is covered during this period, providing the full sum assured.

Grace Period

If the premium is not paid by the due date, LIC offers a grace period (30 days for yearly/half-yearly and 15 days for monthly payments) to avoid policy lapse.

Sum Assured

This is the total amount promised to the nominee in case of the policyholder’s death.

Premium Modes

You can select from single, regular, or limited premium options based on convenience and budget.

Why Buy LIC Saral Jeevan Bima Plan 859?

• Reliability of LIC: LIC is one of the oldest and most trusted life insurance companies in India.
• Affordable Coverage: It offers protection at competitive premiums.
• Simplicity: No confusion with bonuses or maturity value.
• Flexible Terms: Suitable for all age groups (18 to 65 years at entry).
• Tax Savings: Premiums eligible for income tax benefits.
• Online Discounts: Additional rebates when buying online.

Who Should Consider LIC Saral Jeevan Bima Plan 859?

• Individuals seeking pure life cover without investment risks.
• Those who want to secure their family’s financial future in case of untimely death.
• Budget-conscious buyers looking for affordable premiums.
• People wanting easy and transparent insurance options.
• Anyone eligible between 18 to 65 years of age.

Things to Remember Before Buying

• This plan has no maturity benefits; it only protects against death risk.
• The sum assured must be chosen carefully based on family financial needs.
• Understand the waiting period and grace period rules.
• Compare with other term insurance plans for best fit.
• Read the policy brochure carefully for terms and conditions.
• LIC offers a free-look period (usually 30 days) to review the policy and return it if unsatisfied.

Frequently Asked Questions

Conclusion

The LIC Saral Jeevan Bima Plan 859 is a straightforward and affordable way to ensure that one’s family is financially secure even in the event of the policyholder’s untimely death. The LIC Saral Jeevan Bima Calculator plays a crucial role by giving a clear estimation of premium payments based on individual needs.

Choosing the right term insurance plan like this is an essential step in financial planning. Using the calculator, understanding the plan features, and knowing its benefits could help one protect their family effectively without any confusion.