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.
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.
The features and parameters of the Saral Jeevan Bima Are mentioned below:
Eligible applicants who wants to apply for Saral Jeevan Bima can follow the steps mentioned below:
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.
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.
Following documents are required for the Saral Jeevan Bima plan.
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.