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Saral Jeevan Bima: Everything You Need to Know

IRDAI mandated all life insurance companies to offer a standardized term insurance policy known as Saral Jeevan Bima. There are end numbers of term insurance products available in the market with different terms and conditions.

The customer has to invest sufficient time and energy while choosing the right term insurance plan. Besides this, the products might not be available in the budget of the buyer. To deal with this situation Saral Jeevan Bima policy was specifically launched with basic terms and conditions and simple features to make it easier and affordable for the customer to get insured with a standard term insurance plan.

Saral Jeevan Bima

The Saral Jeevan Bima policy is a premium life insurance plan for an individual. It is a non-linked, non-participating life insurance plan. It will provide lump-sum payment of the sum assured to a nominee in case of the sudden demise of the policyholder during the policy tenure.

There won’t be any other benefits, add-ons, variants, options offered apart from the ones mentioned in the annexure. Also, there won’t be any exclusion except suicide exclusion within the policy.

All the insurers will provide Saral Jeevan Bima policy with the same terms and conditions. Regardless of the restrictions on gender, occupation, place of residence and educational qualification this policy will be offered to individuals.

The premium rates will vary according to the insurer. The premium rates of the Saral Jeevan Bima policy will be decided according to the age, the income of policy buyer, gender etc. The buyer can also use the Saral Jeevan Bima calculator to calculate the premium rate.

Eligibility Criteria

  • The minimum entry age to be insured under Saral Jeevan Bima policy is 18 years and the maximum is 65 years.
  • The minimum policy term of the Saral Jeevan Bima policy is 5 years and the maximum is 40 years.
  • There is no minimum maturity age in the Saral Jeevan Bima policy but the maximum maturity age is set to be 70 years.
  • The minimum sum assured in Saral Jeevan Bima is Rs. 5 lakh and the maximum sum assured is Rs. 25 lakh. The maximum sum assured comes with a condition that a Sum assured of Rs. 25 lakh would be permitted in the multiple of Rs. 50,000. Also, the insurers can offer the sum assured beyond Rs. 25 Lakh within Saral Jeevan Bima and the other terms and conditions will remain the same.

Features of Saral Jeevan Bima

The features and parameters of the Saral Jeevan Bima Are mentioned below:

  • The large sum assured rebate will be indicated with “File and Use”.
  • There are three payment options available. Single premium, Regular premium and Limited premium payment for a 5-years or 10 years term.
  • Single premium is paid in a lump sum and limited and regular premium payment is done in yearly or half-yearly and monthly bases (Only within NACH/ECS).
  • Death benefit: Higher of 125% of the single premium and absolute amount assured will be paid in case of sudden demise.
  • For limited and regular premium payment, highest of 10 times of the AP, absolute amount assured will be paid upon demise or 105% of the paid premium as on the date of demise.
  • There will be no maturity benefit under this policy.
  • There is a warning period of 45 days from the date of the beginning of risk. The waiting period will not be applicable in case the policy has been revived.
  • If the policyholder dies due to an accident during the 45 days of waiting period then an amount equal to 100% of the premium paid excluding taxes will be paid to the nominee and no sum assured amount will be paid. If the policyholder commits suicide within 12 months from the date of commencement of risk, the plan will get null and void.
  • As per the regulations, there is only one exclusion that is suicide.
  • There is no surrender value within this policy.
  • No loan will be permitted against this policy.
  • The policy cancellation value will be payable.
  • Optional riders will be provided as an approved accident benefit and the permanent disability rider could be attached. The riders are add-on coverage offered by the policy to enhance the coverage of the policy.
  • There are interest upon delayed premiums as per the policy of the insurer for similar product.

Online & Offline Registration Process for Saral Jeevan Bima

Eligible applicants who wants to apply for Saral Jeevan Bima can follow the steps mentioned below:

Online Procedure

Step 1. Go on the official website of the life insurance company offering Saral Jeevan Bima.

Step 2. Click on the link of Saral Jeevan Bima insurance plan on the homepage.

Click on the button to apply online then go on the application page.

Step 3. The application form will come up.

Step 4. Fill in required details.

Step 5. Click on submit button for final submission.

Offline Procedure

Step 1. Visit the office of life insurance company nearby.

Step 2. Understand everything related to the Saral Jeevan Bima policy and ask for the application form.

Step 3. Fill in the required information.

Step 4. Attach the documents required.

Step 5. Submit the form.

Documents Required

Following documents are required for the Saral Jeevan Bima plan.

  • Address Proof- Aadhar card, Passport, Driving Licence
  • Passport size photo
  • Mobile number
  • Identity Proof Adhar card, PAN card, Passport etc.

Conclusion

The Saral Jeevan Bima policy is beneficial for the people who are willing to purchase a life insurance plan with basic benefits and features that can fit their budget. The prices may vary as per the insurance company. The main reason behind launching a standard life insurance product is that the life insurance product that is already present in the market are a bit complex and they make it a bit difficult for the policy buyer to under the features, exclusions and add-ons of the policy. This standard term plan will make it easier for the buyers to understand the policy properly and increase the number of life insurance policyholders.

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