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The demand for modest Life Insurance plans has been sharply rising among the Indian middle-class mass, since the last few years. A standardized, low-cost Term Insurance plan is now a prerequisite for people belonging to the mediocre working class. Eyeing the requirement of the people, the government of India passed a term plan, Saral Jeevan Bima, stating that all Insurance companies must offer a standard and cheap term plan, through the Insurance Regulatory and Development Authority of India(IRDAI). The plan is in line with the health insurance policy, Arogya Sanjeevani Policy.
Launched in January 2021, Saral Jeevan Bima is standardized term insurance that all insurance companies must offer with a uniform bunch of coverage features. Across all insurance companies, the coverage benefits, exclusions and eligibility parameters of the plan are the same. But, each company fixes the premium rate based on its pricing policy.
Saral Bima Yojana is a typical pure term plan for everyone, regardless of their educational or occupational background. It's a straightforward life insurance policy that ensures your loved ones' financial security.
It's a basic product that makes it easier to get the desired amount and policy for life insurance. Here are its key features:
Rs. 5 lakhsand a maximum of
Rs. 25 lakhsunder this plan.
Saral Jeevan bima policy plan is a complete risk cover plan. It offers Insurance Coverage as an assured amount for the policy’s beneficiaries in case of the sudden and unfortunate death of the insured during the policy’s tenure. As it is a pure term policy, it does not offer any maturity benefit or surrender value. It will be accessible to people without restrictions of a residential area, travel, gender, occupation, or educational qualifications.
Just like the standard health insurance, Arogya Sanjeevani, the Saral Jeevan bima term insurance policy plan is also bound to be the same among all the life insurance providers. It has all the same inclusions, exclusions, features, and benefits. However, there might be a slight variance in the prices, settlement rates, and service level.
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INR 2.5 lakhs
There is a 45-days waiting period applicable to this policy plan. Here are all the death benefits assured by Saral Jeevan bima:
The death benefit amount is payable as a lump sum if the insured person dies during the waiting period and the policy is in force:
For regular premium or restricted premium payment policies, in the event of accidental death, the sum assured on death is equal to the highest of:
For single premium policies, in the event of accidental death, the sum assured on death is equal to or higher of:
If the insured dies, after the waiting period has expired, but before the policy's maturity date and the policy is still in existence, the death benefit amount payable as a lump sum is:
Sum assured on death is the greatest of the following for regular premium or limited premium payment policies:
In the case of single premium insurance, the sum assured on death is the greater of:
Here is a list of all the benefits associated with Saral Jeevan bima yojana:
The policy nominee receives the death benefits in case of the unfortunate demise of the insured person during the planned tenure.
Choosing a policy term of 5 years to 40 years according to the corresponding premium payment tenures is easier.
You can easily buy the Saral Jeevan bima online or offline without any restrictions on occupation, education, living standards, or demographics.
The premium amount paid for keeping the plan in force is eligible for the tax deductions according to the prevailing tax laws.
It includes a term insurance coverage up to the age of 70 years, as per your choice.
INR 5 lakhsand a maximum of
INR 25 lakhs
This plan is available to you if you meet the following criteria:
This policy also offers the option of add-on accidental and disability benefits for the riders. It is an increase in the coverage of the policy, and the policyholder can add the rider options in the actual base plan by paying some extra premium amount apart from the basic policy premium.
The assured rider sum will be the assured amount payable if any event occurs that the policyholder opted for and is covered in the rider benefits.
All the life insurance providers who are allowed to manage the businesses must offer a standard Saral Jeevan bima. It is in effect from 1st January 2021, and all the customers of the life insurance companies can avail the policy and its benefits.
A: The 'Saral Jeevan Bima' is the standard individual term life insurance product. With effect from January 1, 2021, life insurers will be able to transact new business and provide the standard term insurance product 'Saral Jeevan Bima'.
A: Saral Jeevan bima is one of the most beneficial Endowment Plan since it is a non-Unit Linked Insurance Plan that provides a lump-sum payment of 250 times the premium paid.
A: The minimum sum assured offered is
5 lakh INR, which can be increased in multiples of
50,000 INR up to
25 lakh INR.
A: The plan's Maturity Amount is the sum of the Maturity Sum Assured (which varies depending on the plan's age at entry and term) + Loyalty Additions (if any).
A: You can either pay the premium to keep your coverage or surrender the policy and apply for a new endowment policy. If you have paid at least the first three years' premiums, you will receive a surrender value when you surrender the Jeevan Saral plan.
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