Saral Jeevan Bima

Saral Jeevan Bima is the standardized life insurance plan by IRDAI. A pure protection plan, Saral Jeevan Bima is offered by all life insurance companies. Introduced with the intention of helping customers make an informed choice, Saral Jeevan Bima is a standard term insurance plan that can be purchased at affordable premium rates.

What is Saral Jeevan Bima?

Saral Jeevan Bima is a non-linked, non-participating, pure risk term insurance plan. This plan provides a nominee with a fixed amount after the death of the policyholder during the policy term. A plan with simple features and standard terms & conditions, Saral Jeevan Bima does not come with riders/benefits/variants other than those mentioned in its annexure. It must be noted that terms and conditions of Saral Jeevan Bima are the same for all the insurance providers.

Eligibility Criteria for Saral Jeevan Bima

The eligibility criteria for Saral Jeevan Bima policy is as follows:

Eligibility Criteria for Saral Jeevan Bima

Minimum Age Entry

18 Years

Maximum Age Entry

65 Years

Policy Term

5 - 40 Years

Maximum Maturity Age

70 Years

Minimum Sum Assured

Rs. 5 Lakh

Maximum Sum Assured

Rs. 25 Lakh

Annualized Premium

According to the sum assured selected

Premium Payment Modes

Yearly, Half-Yearly or Monthly (only under ECS / NACH).

Waiting Period

45 Days

Feature of Saral Jeevan Bima

Some key features of Saral Jeevan Bima are as follows:

S. No.

Particulars

Norms

1.

Large Sum Assured Rebate

Indicated in File and Use (F&U), if any

2.

Premium Payment Options

Yearly, Half-Yearly or Monthly (only under ECS / NACH).

Single Premium Payment Option (in Lump Sum) can also be opted for

3.

Death Benefit

In case of Single Premium Policies, it is higher of 125% of single premium and absolute amount assured to be paid on death.

In case of Regular Premium Payment policies, it is the highest of 10 times of annualized premium, 105% of all the premiums paid as on the date of death.

4.

Maturity Benefit

No maturity benefit available

5.

Exclusions

According to regulations provided, only suicide comes under exclusions

6.

Waiting Period

45 days of waiting period from the date of commencement of risk.

The waiting period is not applicable if the policy is revived.

Note: The policy provides cover for death due to accidents only during the 45-days waiting period. If the life assured unfortunately succumbs due to an accident, during the waiting period, an amount equal to 100% of the premium paid, excluding taxes, is paid to the nominee. It must be noted that the Sum Assured is not paid in such a case.

In case the life assured commits suicide within 12 months from the date of commencement of risk, the plan becomes nullified.

7.

Surrender Value

No surrender value available

8.

Loan

No loan permitted against the policy

9.

Policy Cancellation Value

Policy cancellation value is payable:


  • When the life assured applies for the same before the date of maturity in case of Single Premium Policy.

  • When the life assured applies for the same before the date of maturity or at the end of revival period in case the policy has not been revived, in case of limited premium payment policy.

10.

Riders

Optional riders like Accident Benefit and Permanent Disability Benefit Riders could be added.

11.

Interest on Delayed Premium Payments

With adherence to the insurance company’s policy for similar products.

Benefits of Saral Jeevan Bima

Some of the prime benefits of Saral Jeevan Bima Policy include:

  • Coverage of Death Due to Covid-19: IRDAI has designed its standard term insurance plan Saral Jeeven Bima while keeping the COVID-19 situation in mind. Saral Jeevan Bima is a protection plan that covers death due to COVID-19.
  • Death Benefit: Saral Jeevan Bima, the standard term plan offers the sum assured amount to the nominee in the event of unfortunate death of the life assured. Death benefit helps the family of the deceased life assured in coping with the financial challenges that may arise without having to compromise their basic requirements due to lack of funds.
  • Waiting Period: Saral Jeevan Bima comes with a waiting period 45 days from the date of commencement of risk. The waiting period is not applicable if the policy is revived. Saral Jeevan Bima provides cover for death due to an accident as well, during the waiting period of 45 days.
  • Tax Benefits: Premium paid for Saral Jeevan Bima is eligible for tax deductions under Section 80C of Income Tax Act, 1961. In other words, when you buy Saral Jeevan Bima, you not only gain financial protection, but also tax benefits.

Online Registration Process of Saral Jeevan Bima Policy

Offered by all life insurance companies in India, Saral Jeevan Bima is a term plan with an easy and hassle-free online registration process. The steps to register online for Saral Jeevan Bima policy are as follows:

Step 1: Visit the official website of the insurance company of your choice to buy Saral Jeevan Bima Plan.
Step 2: Click on ‘Life Insurance Plans’ on the homepage and then click on ‘Saral Jeevan Bima’. Saral Jeevan Bima can be found under ‘Protection Plans’ or ‘Term Plans’ tab.
Step 3: Click on the ‘Register Online’ option.
Step 4: Enter your personal information such as gender, age, date of birth etc.
Step 5: Submit your details and upload the required documents.

Offline Registration Process of Saral Jeevan Bima Policy

If interested, you can easily register for Saral Jeevan Bima polic offline. It would require you to pay a visit to the nearest branch of the insurance company of your choice for buying Saral Jeevan Bima. Next, fill the application form with required details. Attach required documents and submit the application form to the person in charge at the insurance company branch office.

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Disclaimer :
1. Premium has been calculated for coverage till 70 years
2. Eligibility depends on income, occupation and educational qualification

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