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Saral Jeevan Bima: How This New Product Is Making Life Insurance Simple

Saral Jeevan Bima is a non-linked, non-participating life insurance plan which entirely focuses on the life protection part of the insurance policy. This plan is most suitable for the first time buyers who do not have much knowledge about the investment aspect of the insurance along with those individuals who do not wish to invest substantial time and energy into the insurance related investments. The plan represents pure simplicity and reliability in terms of life protection. The more elaborated features of the plan are mentioned below: 

Features of Saral Jeevan Bima

The following are some of the best features of the Saral Jeevan Bima plan: 

  • Standard Term Plan

Saral Jeevan Bima is a standard plan which provides protection against uncertainties of life with a policy term ranging from 5 years to 40 years. In case of the death of the life assured, the insurance company pays a death benefit to the nominee of the life assured. The payout of the death benefit in case of death due to accident or during waiting period is explained below:

  • For Regular Limited Premium payment policies- The highest of the following is paid to the nominee- 
  1. 10 times the annualised premium
  2. 105% of all premiums paid as on the date of death
  3. Absolute amount assured to be paid on death 
  • For Single premium policies- The higher of the following is payable to the nominee-
  1. 125% of Single premium
  2. Absolute amount assured to be paid on death

For the death due to other than accident or during the waiting period, the death benefit is payable as 100% of the premiums paid till the date of the death. 

  • Affordable Premiums

The plan offers quite an affordable minimum premium amount to its policyholders . The minimum premium amount for yearly, half-yearly, monthly and, single premium are INR 1,415 , INR 721.65 , INR 120.28 and, INR 5,480 respectively. Along with such low premium rates, the sum assured provided by Saral Jeevan Bima plan is quite high. The minimum sum assured is INR 5 Lakh and the maximum sum assured is INR 25 Lakh. 

  • Standard Terms and Conditions

Saral Jeevan Bima is a life insurance plan which is specifically made as a less complicated insurance plan as compared to other plans available in the market to assist ameteur buyers. The plan does not provide any survival benefit, maturity benefit, surrender benefit and rider options however, its main focus is on the payout of the death benefit. 

  • Flexible- Premium Payment Terms

The plan provides you with the convenience of different premium paying terms and premium paying frequency. The premium can be paid single time, for a limited period of time or regularly during the entire policy term. The limited premium payment term can be of 5 years or 10 years. The premium payment frequency is yearly, half-yearly, monthly, and single premium. 

  • Tax Benefits

The life assured is entitled to tax benefits under Section 80C and 10 (10D) of the Income Tax Act, 1961 which are subject to change from time to time. You can consult your tax advisor for the availment of such tax exemptions. 

Also read 

All About Saral Pension Plans

Life Insurance Mistakes Which Can Be Easily Avoided

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.             


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