Human life is unpredictable. You never know what might happen in your life in the very next minute. Then Coronavirus entered our lives. It has made all human lives even more unpredictable than it ever was. It has already taken many lives and as per the World Health Organization, the Coronavirus is going to stay for a long time.
The second wave is already here and we are witnessing a rise in the number of cases every day. Meanwhile, at the starting of the year 2020, IRDAI made it mandatory for all the term insurance providers to come up with a standard life insurance policy.
The main purpose of introducing a standard term life insurance policy is to give people an option to purchase a term life insurance policy with basic coverage and an affordable price. So, what was the reason behind launching Saral Jeevan Bima Policy?
It has been witnessed that the lack of total information about the term life insurance coverage led people to a dispute at the time of raising a claim.
Apart from this, coincidently the pandemic was already here which created havoc in the livelihood of the people all over the world and the introduction of this standard term life insurance plan became a saviour for the people looking for a term life insurance plan at affordable rates and also provide coverage for Coronavirus.
IRDAI launched this standard term life insurance plan for those who are willing to purchase a life insurance policy but not able to purchase one due to high premium rates. The Saral Jeevan Bima policy comes with basic covers and at low premium rates with a sum insured of Rs. 5 Lakh and Rs. 25 lakh, now it can be purchased by the people who are the only earners of the family.
Since Saral Jeevan Bima policy will provide cover for Coronavirus, this makes it a must-buy policy for everyone who wants to provide financial protection to their loved ones after their sudden demise.
For example, Aman was looking to purchase a term life insurance policy for a while. He wanted to purchase a policy with low premium rates and basic coverage. Since he works in a factory where he is an electrician and works on live electric wire with high voltage power running through them, he is more prone to getting shocked while working and die at the spot and leave his family without any financial protection.
Now that there is a Standard term life insurance policy available in the market, he can purchase the policy at affordable premium rates with a sum insured of Rs. 5 lakh and Rs. 25 lakh, whichever seems sufficient for his family.
As mentioned above that the Saral Jeevan Bima policy has been specifically launched for people with low monthly income. Apart from all this, the effect of Coronavirus has shocked the world and people with low immunity are more prone to getting infected with Coronavirus and that makes it severe for kids and aged people.
So, these two age groups are more prone to getting infected and also become the priority to become the beneficiary of the Saral Jeevan Bima policyholder.
For example, Rohit is the only bread earner of his family, he has a wife, a kid and old parents. Now his workplace requires him to be there to perform his duties. Being the only bread earner of the family he has no other option but to go to his workplace.
This makes him more prone to getting infected. Seeing the effect of the pandemic and to keep the company running, Rohit’s employer provides him a room to stay to keep Rohit’s family out of harm’s way.
Now if he purchases Saral Jeevan Bima policy that provides coverage for Coronavirus as well then in case if Rohit dies due to Coronavirus then his family will be eligible to raise a claim and get financial protection according to the plan purchased by Rohit.
Keeping the need of people with low monthly income and basic coverage in mind IRDAI has launched Saral Jeevan Bima policy. It will also encourage people to purchase term life insurance plans who prioritize their loved one’s future and want to provide financial cover even when they are not around.
This will also help increase the number of buyers in India and raise their interest in purchasing a term life insurance policy. As per the insurance experts, you should always understand the insurance plan thoroughly that you are willing to purchase.
It is advised that you should look for the insurance plan online because you will be able to learn about the plan properly and it will also be more cost-effective than purchasing the policy online.