Saral Jeevan Bima Yojana Plan

Saral Jeevan Bima is the standardized life insurance 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.

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

What is Saral Jeevan Bima Policy?

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 the terms and conditions of Saral Jeevan Bima are the same for all insurance providers.

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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 policy 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 the required details. Attach required documents and submit the application form to the person in charge at the insurance company branch office.

Documents Required for Application of Saral Jeevan Bima Policy

Below mentioned are some mandatory documents required for purchase of Saral Jeevan Bima:

  • Duly Filled and Signed Proposal Form
  • KYC Documents of the Applicant (Aadhaar Card, Pan Card, Voter ID Card, Passport etc.)
  • Address Proof of the Applicant ( Recent Electricity Bills, Water Bills, Gas Bills etc.)
  • Recent Salary Slips
  • Passport Size Photographs
  • Recent Medical Examinations/Records

Terms and Conditions of Saral Jeevan Bima Policy

Below mentioned are the terms and conditions of a Saral Jeevan Bima policy:

1. Grace Period: Under Saral Jeevan Bima policy grace period is only applicable for regular and limited pay policies. A grace period of 30 days for yearly and half-yearly premiums payments and 15 days grace period from the date of first unpaid premium shall be provided for Saral Jeevan Bima policy. In case the life assured is not able to pay premium within the grace period, the policy shall lapse. The policy remains in force in the grace period.

2. Free-Look Period: A free-look period of 15 days from the date of receipt of the policy documents shall be provided to the policyholder, in case he/she is not satisfied with the terms and conditions of the Saral Jeevan Bima policy. The policyholder must provide a written request to cancel/return the policy within the free-look period, the policy holder shall be provided with refund of premiums paid after deducting the proportionate risk premium for the coverage period, stamp duty charges and expenses incurred by the life insurance company for the medical examination of the life assured.

3. Revival of Lapsed Policy: Revival of the lapsed Saral Jeevan Bima policy should be done with the 5 years from the date of first unpaid premium. The policy can be revived any time during the revival period but before the maturity of the policy. In case the policyholder fails to revive the policy within the provided revival period the policy shall be immediately terminated.

4. Surrender: Surrender value is not applicable under Saral Jeevan Bima policy.

5. Policy Loan: Policy loan facility is not available under Saral Jeevan Bima policy.

6. Policy Termination: The policy shall be terminated by the earliest in case any of the following conditions occurs -
Death benefit payout

  • Refund of premium paid in case of policy cancellation
  • Maturity date
  • Expired revival period
  • Payment of free-look cancellation period

7. Nomination and Assignment: Under Saral Jeevan Bima policy, nomination and assignment is allowed under the Section 38 and 39 of the Insurance Act, 1938 as amended from time to time. The notice of appointing an assignee or changing a nominee should be submitted to the insurance provider.

8. Suicide Exclusion: In case the life assured passes away due to committing suicide the policy shall be considered void. Following are suicide exclusions under regular/limited and single pay policies:

  • For Regular/Limited Pay Policy: In case of an unforeseen demise of the life assured cause by committing suicide with the first 12 months from the date policy commencement, 80% of the total premiums paid till the date of death of the life assured, shall be provided to the nominee.
  • For Single Pay Policy: In case the life assured passes away by committing suicide with the first 12 months from the date of policy commencement, 90% of the total premium paid till the date of death of the life assured, will be provided to the nominee.

9. Issuance of Duplicate Policy Documents: The policyholder can request for duplicate policy documents in case the documents have been misplaced or destroyed. The policyholder must provide policy preparation charges and stamp charges which change from time to time.

Documents Required for Saral Jeevan Bima Claims

Below mentioned is the list of documents required for natural or accidental death claims under Saral Jeevan Bima policy

  • Original Policy Documents
  • Duly Filled and Signed Claim Forms
  • NEFT Mandate from the Claimant
  • Claimant’s Photo ID Proof
  • Claimant’s Bank Details
  • Proof of Title
  • Proof of Death
  • Medical Treatment Reports prior to the demise (if any)
  • Attending Physician’s Statement
  • Treating Doctor’s Statement
  • Original Death Certificate
  • Recent Medical Records
  • Copy of FIR (In case of accidental death)
  • Copy of Post Mortem Report (In case of accidental death)

Who Can Buy the Saral Jeevan Bima Policy?

The Saral Jeevan Bima policy can be purchased by any individual looking for a pure protection plan. There are no restrictions based on gender, academic qualification, occupation or place of residence. While the minimum entry age for the Saral Jeevan Bima insurance is 18 years, the maximum entry age for it is 65 years. The maximum maturity age for the Saral Jeevan Bima Policy is 70 years. So, anyone within the age range can easily buy the Saral Jeevan Bima policy without any concern.

One of the essential things to note is that even people without a regular income and incomplete income proof can also choose to secure themselves and their loved ones with the Saral Jeevan Bima plan. Any individual interested in a term plan with the policy term ranging between 5 to 40 years can also buy this plan to get themselves and their family covered for a long period of time.

Why Saral Jeevan Bima Is the Right Choice for You?

Is this the first time you are buying a life insurance policy? If so, Saral Jeevan Bima would be the perfect choice for you. Since this is a standard term insurance plan, you will be able to purchase it easily at any insurance company. However, keep in mind that while the features and benefits of the policy may remain the same across all insurance companies, it is the premium amount that could vary.

The intent of introducing Saral Jeevan Bima policy is that with the help of this standard term insurance policy, insurance companies want to make it easier for the policy buyers to purchase a term plan that meets their needs and goals in the best possible way. Saral Jeevan Bima is the ideal choice for policy buyers who do not want to get engaged in the complexities of term insurance plans present across different insurance companies. In case of Saral Jeevan Bima, you won’t find any complexities in terms of inclusions or exclusions or any other policy terms.

As a matter of fact, you will find the Saral Jeevan Bima policy wordings quite easy to understand and follow, leaving no scope of dispute of any kind. One of the prime reasons why Saral Jeevan Bima is a preferred choice of many policy buyers is ease of decision-making. Since Saral Jeevan Bima is a simple, yet dependable plan with no features to be concerned about, policy buyers find it a worthwhile purchase.

Things to Remember Before Buying Saral Jeevan Bima Policy

Make sure you go through the below mentioned list of the 10 key things to remember before you buy the Saral Jeevan Bima policy:

  • People may have a perception of term plans being a better choice for people with higher salaries. However, the Saral Jeevan Bima plan is a term plan designed in such a way that it does not create a hassle for people who belong to the low-income group. Anyone, irrespective of their gender, job profile, academic qualification and other details can buy the plan and ensure financial security of their loved ones.
  • Any individual between the age range of 18 years to 65 years can easily buy the Saral Jeevan Bima policy.
  • Anyone looking for a short-term or long-term policy that’s simple and reliable can buy Saral Jeevan Bima plan for a period of 5 years up to 40 years and gain unparalleled coverage.
  • The maximum maturity age for the Saral Jeevan Bima policy is 70 years.
  • The minimum sum assured is Rs. 5 Lakh. The maximum sum assured under the Saral Jeevan Bima plan is Rs. 25 Lakh.
  • A Saral Jeevan Bima policyholder is free to choose from premium payment options that include single premium, regular premium, limited premium payment term for 5 or 10 years.
  • Under Saral Jeevan Bima, the policyholder can pay their premium yearly, half-yearly, or monthly (only under ECS /NACH). The option of paying a single premium in a lump sum amount is also present.
  • In the case of death of the policyholder, the beneficiary under the Saral Jeevan Bima policy will receive the higher of 10 times the annualised premium, 105% of all premiums paid or the absolute sum assured. If it is a single premium Saral Jeevan Bima policy, the higher of either 125% of all premiums paid or the absolute sum assured is paid to the beneficiary.
  • The Saral Jeevan Bima plan comes with a 45-day waiting period that starts from the policy inception date.
  • Under the policy, death due to an accident is covered during the waiting period of 45 days.
  • If interested, a policy buyer can choose to extend their Saral Jeevan Bima policy coverage by purchasing accident benefit or permanent disability benefit riders.
  • The Saral Jeevan Bima policy does not allow a loan against the policy.
  • The Saral Jeevan Bima policy does not provide any maturity benefit.

What All Saral Jeevan Bima Policy Does Not Cover?

The key exclusions under Saral Jeevan Bima are:

  • Suicide Exclusion

In case of a Regular or Limited Premium Policy, the Saral Jeevan Bima policy stands void in case the life assured dies by suicide during the period of 12 months from the date of starting of the risk. The condition is applicable if the policy is inforce or within 12 months from the revival date. It is important to note that the insurance company refrains to entertain any claim except for 80% of the premiums paid (This excludes any extra amount if charged due to underwriting decisions, taxes and rider premiums, if any) until the death date. The discussed clause is not applicable for a policy that has lapsed.

In the case of Single Premium Policy, the policy stands void in the event of the life assured commiting at any time within 12 months from the risk commencement date. It must be noted that the insurance company refrains to entertain any claim except 90 % of the Single Premium paid (This excludes any extra amount charged due to underwriting decisions and rider premiums, if any).

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