We have been going through this Coronavirus pandemic for a year now. We all are aware of its effect all around the world. The whole world has witnessed the chaos it created. We witnessed many sudden deaths due to this deadly virus.
There were many policyholders of term life insurance in India and there was a surge in the number of term life insurance policy buyers. Since the demand for term life insurance was rising Insurance Regulatory Development Authority of India introduced a Standard term insurance plan and made it compulsory for all life insurance companies to abide by the standard guideline of the product.
In the meanwhile, the coronavirus cases were also increasing. The virus has been infecting people with a bad immune system and it is highly unlikely to spot people who have higher chances to get infected. So, it is better to purchase at least a term life insurance policy that can protect your family’s financial future. The insurance companies also provide cover for death due to Covid-19.
There are many term life insurance policies available in the market provided by insurance companies. Each term life insurance company offers a different set of covers and benefits. Usually, these term life insurance policies provide comprehensive coverage. The long list of feautures and benefits makes it very hard for the policy buyer to understand them as well as get confused with the terms and conditions.
There are crores of households with a single person earning for the whole family and that’s where Saral Jeevan Bima policy comes to the rescue. It is designed for the low-earning individuals who want to provide financial protection to his/her dependents. It is a standard term life insurance with some basic set of features and benefits that are easier to understand.
The term life insurance plans can be purchased by people who have a good financial background and they can prove their earnings to pass the eligibility criteria of the term life insurance policy. This is the reason why a low-earning individual could not think about purchasing the term life insurance policy. As per the statistics, there are 10 crore households in India with a single bread earner who takes care of all the financial needs.
Under these circumstances, Saral Jeevan Bima is a life saver for the individual who wants to purchase a term life insurance plan with minimum eligibility criteria. Since there won’t be any restrictions along regarding the location and earning proof to purchase this standard term life insurance policy.
To make it affordable to the low-earning individuals, Saral Jeevan Bima has been priced with minimum premium rates with a life cover of up to Rs. 25 Lakh. It has been priced as per the extent of risk covers. Customers can avail of discounts up to 20% on the premium rates.
The people with low monthly income willing to purchase a life insurance policy can purchase the policy with an option of paying monthly installments without having to pay the whole premium amount as a lump sum. It will work as a saviour for the low-earning individuals that will provide financial protection to the policyholder’s dependent.
Saral Jeevan Bima is playing a major role in increasing the market of term life insurance plans in India. IRDAI has made it possible for the people to understand the policy thoroughly so that it can bring more people under the insurance policy umbrella.
Since many companies are offering Saral Jeevan Bima policy, it is advised for the individuals to purchase the policy online because it will be more cost-efficient than purchasing it offline. This policy plays an important role in increasing the trust between the insurance company and the customer and reduce the disputes that arise at the time of claim settlement.