In short (tl;dr)
Saral Jeevan Bima is the standardised term product mandated by the IRDAI. Every insurer sells the same design, so the only variable is price and service.
About LIC Saral Jeevan Bima
Saral Jeevan Bima (Plan 859) exists because the IRDAI required every life insurer to offer one simple, identically-worded term plan. The sum assured range is ₹5 lakh to ₹25 lakh, the term is 5 to 40 years, and there are no options, riders or variants to compare.
The standardisation is the feature. Because the wording is identical across insurers, you can compare LIC's premium against any competitor's with confidence that you are comparing the same contract — something that is genuinely hard with ordinary term plans.
There is a waiting period of 45 days from the risk commencement date, during which only accidental death is covered. That applies to every insurer's version of the product.
Key features
- Standardised wording mandated by the IRDAI — directly comparable across insurers
- Sum assured ₹5 lakh to ₹25 lakh
- Policy term 5 to 40 years, entry age 18 to 65
- Regular, limited (5 or 10 year) or single premium
- No medical or occupational exclusions beyond suicide in the first year
Saral Jeevan Bima at a glance
- Plan number
- 859
- Category
- Term Insurance
- Entry age
- 18 to 65 years
- Policy term
- 5 to 40 years
- Premium paying term
- Same as policy term
- Sum assured
- ₹5 Lakh to ₹25 Lakh
- Maximum maturity age
- 70 years
- UIN
- 512N341V01
LIC publishes a page for this plan. It does not state the plan number or UIN on the page itself, so treat those two rows here as unconfirmed. Check it on licindia.in
Benefits under Saral Jeevan Bima
Death benefit
For regular and limited premium policies, the higher of 10 times the annualised premium and the absolute amount assured, never less than 105% of premiums paid. A 45-day waiting period applies from the risk commencement date, during which only accidental death is covered.
Maturity benefit
None. Pure protection.
Who it suits
A first term policy, a small top-up on existing cover, or anyone who wants to price-shop a genuinely identical contract across insurers.
What to watch out for
The ₹25 lakh ceiling is low for a primary breadwinner. For meaningful family cover, New Tech-Term will usually be both larger and cheaper per ₹1000.
How this calculator works
Saral Jeevan Bima is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- ₹2.10 per ₹1,000 at age 30, 25-year term, 25-year premium term
- Discount basis
- 3.76% a year, on LIC (2012-14) Ultimate mortality
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Saral Jeevan Bima on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
Saral Jeevan Bima carries no optional riders, so the premium above is the whole premium. Some LIC plans let you bolt on accident, term or premium-waiver cover for an extra premium; this one does not.
Source: Saral Jeevan Bima sales brochure (PDF), read in full.
LIC Saral Jeevan Bima — frequently asked questions
What is Saral Jeevan Bima?
A standard individual term life insurance plan that the IRDAI requires every life insurer in India to offer, with identical terms and conditions. LIC's version is Plan 859. Because the design is fixed by regulation, premiums are directly comparable between companies.
What is the maximum sum assured under Saral Jeevan Bima?
₹25,00,000. The minimum is ₹5,00,000. If you need more cover than that, LIC's New Tech-Term or New Jeevan Amar are the alternatives.
Is there a waiting period in Saral Jeevan Bima?
Yes, 45 days from the date of commencement of risk. During that window only accidental death is covered. The waiting period does not apply to a policy that is being revived.
Is Saral Jeevan Bima cheaper than other LIC term plans?
Usually not, per ₹1000 of cover. Its small sum assured band means it misses the volume discounts New Tech-Term applies at ₹1 crore and above. Its value is standardisation and accessibility, not price.
Related calculators
Plans people usually weigh up against Saral Jeevan Bima before deciding.
New Tech-Term
No. 954LIC's online term plan — the cheapest cover it sells.
Open calculatorNew Jeevan Amar
No. 955The offline term plan — same cover as Tech-Term, bought through an agent.
Open calculatorJeevan Kiran
No. 870Term cover that returns every rupee of premium if you survive the policy.
Open calculatorJeevan Azad
No. 868Short premium term, guaranteed maturity equal to the sum assured.
Open calculator