Want To Know The Important Things About Saral Jeevan Bima

The Saral Jeevan Bima policy is a non-linked non-participating individual pure risk premium life insurance plan, which will provide payment of sum assured in a lump sum to the nominee in case of the life assured’s unfortunate death during the policy term. The policy also comes with two optional riders (a) Approved Accident Benefit and (b) Permanent Disability Benefit riders.

Importance Things To Know About Saral Jeevan Bima

Take a look at 10 important features of the standard individual term life insurance policy below:

• Minimum & Maximum Entry Age

Minimum age at entry is 18 years and maximum age at entry is 65 years

• Policy Term

You can buy this policy for a term ranging from 5 to 40 years

• Maximum Maturity Age

The maximum maturity age is 70 years. 

•  Sum Assured

Minimum is ₹5,00,000; maximum is ₹25,00,000 wherein insurers have the option of offering sum assured beyond ₹25,00,000 under Saral Jeevan Bima with all other terms and conditions remaining the same. 

• Premium Payment Options

a) Regular premium

b) Limited premium payment term for 5 years and 10 years

c) Single premium

• Mode of Premium Payment

Regular and Limited Premium Payment Options:

a) Yearly; Half Yearly;

b) Monthly (only under ECS /NACH)

Single premium: In lump sum

• Death Benefit

For regular and limited premium payment policies: Highest of:

a) 10 times of annualized premium;

b) 105% of all the premiums paid as on the date of death;

c) Absolute amount assured to be paid on death.

For single premium policies: Higher of:

a)125% of single premium;

b) absolute amount assured to be paid on death.

• Waiting Period

The policy will have a waiting period of 45 days from the date of commencement of risk. In the case of revival of the policy, the waiting period will not be applicable. Also, this policy will cover death due to accidents only during the waiting period of 45 days from the date of commencement of risk. In case of death of the life assured, other than due to an accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, will be paid. However, the sum assured will not be paid in such a scenario.

• Loan

No loan will be allowed against the policy.

• Maturity Benefit

No maturity benefit is available under the policy.

Endnotes

This article provides you with all the basic information that you should know about this term plan. It is very important for you to know this before buying this term insurance plan because all your benefits and eligibility criteria are listed in this article. You should always make sure that you know all these criteria before buying any term plan. 

Also read 

Crucial Mistakes To Avoid While Purchasing A Term Insurance Plan

How Term Insurance Is Important for Different Age Groups?    

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.