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Term life Insurance

Want to know the important things about Saral Jeevan Bima?

Saral Jeevan Bima is a standard term insurance plan that pays a lump sum amount to the nominee if there is an accidental death during the policy’s time period. The name of the insurer has to be prefixed to the product’s name. According to the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, this standard term insurance plan is implemented from January 1st, 2021. There is no discrimination in this plan based on gender, travel, place of residence, occupation etc. 

Importance of Saral Jeevan Bima

 

It is a non-linked, non–participating individual term life insurance plan. There are also rider benefits that are available alongside the standard term insurance plan like Approved Accident Benefit and Permanent Disability Benefit riders. 

Eligibility Criteria of Saral Jeevan Bima

Eligibility Criteria Minimum Maximum
Entry Age 18 Years 65 Years
Policy Term 5 Years 40 Years
Maturity Age 70 Years
Sum Assured ₹5 Lacs ₹25Lacs*

Ten essential features that one must know before signing in for the Saral Jeevan Bima are:

  1. The minimum age of entry for the standard term insurance plan is 18 years, and the maximum age of entry is 65 years. 
  2. This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same. 
  3. There are three options to pay Saral Jeevan Bima premiums -regular, single and limited (5-10 years) premium payment. Premiums can also be paid in different frequencies that are either monthly, half-yearly or annually.
  4. There are options available regarding the mode of payment, which can be monthly payments like in the case of ECS/NACH, yearly payments, and even the option of paying a single premium in a lump sum. 
  5. There is also a death benefit that is available to people under the standard term insurance plan. The death benefit is a monetary benefit given as a lump sum amount to the policyholder’s family as long as the policy is in the continuum. It includes premium amount up to 250 times the premium value that was paid every month along with benefits of loyalty and other rider benefits. The premium returns exclude the payment of the first year and the rider benefits covered under it. 
  6. The waiting period for the standard term insurance plan is up to 45 days, starting from the date of commencement of the risk. 
  7. Along with so many advantages discussed in the points mentioned above, it is also essential to see a few drawbacks that this plan has. If people face a financial crunch and want to avail this policy through loans, it will not be possible as it is prohibited under this standard plan. 
  8. There is no benefit of maturity that can be enjoyed under this plan. 
  9. The maximum maturity is of 70 years under benefits of Saral Jeevan Bima.

These are the benefits of this plan that must be kept handy while trying to figure out the possibilities of buying this policy.

Along with these essential features of this policy, there are other benefits available, which are vital to be aware of.

Saral Jeevan Bima was introduced to lower the risk of the technical know-how that goes into signing any term insurance policy. In today’s tough times with the spread of the pandemic, it was important for the life insurance companies to launch a plan like this that covered almost all essential benefits and the hassle-free guidelines.  

The government has also launched products like Corona Kavach, Corona Rakshak, and Arogya Sanjeevani to tackle this virus spread. These have been established by the Insurance Regulatory and Development Authority of India (IRDAI), making sure that the understanding these policies is no longer a task of high ended efforts. 

This policy plan will not have different exclusions and different payout options. It is based on uniform features that cut across various discriminatory options like class, gender etc. It is like a standardised product with easy feature plans. Therefore, uniformity and standardisation become integral features of this term plan in addition to the pointers written above. 

This plan is available digitally, which will boost cashless transactions – something that has become important for these uncertain times.

This also means that there will be more transparency and less ambiguity between the clients and the insurance companies. All the essential and critical information that is there will be available on the click of a mouse, sitting at their respective homes. The technicalities of finding an agent and then signing for this policy can be avoided under this plan. 

If you are interested in Saral Jeevan Bima or Standard Term Insurance Plans, then head over to BimaKaro.in right away. With the most in-depth information about the latest plans, you are sure to get what you are looking for in the shortest of time. 

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FAQs for Saral Jeevan Bima

  • What is meant by Saral Jeevan Bima?

    Saral Jeevan Bima is referred to as a standard term insurance plan wherein the policy nominee receives a lump sum amount in the policyholder’s death during the policy’s time period. This plan is offered by all insurers as mandated by IRDAI. This policy will be provided to all people without any discrimination based on gender, travel, place of residence, occupation or educational qualification.

    Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

  • What are the minimum and maximum entry age in Saral Jeevan Bima?

    Under Saral Jeevan Bima, the minimum entry age is 18 years, and the maximum is 65 years.

    Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

  • What is the maximum term and sum assured offered by Saral Jeevan Bima?

    The policy tenure in Saral Jeevan Bima ranges between 5 to 40 years, and it offers a minimum sum-assured amount of Rs 5 lakh and a maximum of Rs 25 lakhs. However, the insurers can increase the sum assured amount from Rs 25 lakh.

    Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

  • How can I pay the Saral Jeevan Bima premiums?

    You can pay premiums in three different frequencies – monthly, half-yearly and yearly. You also get three different premium payment options regular, limited (5 to 10 years) or single payment options and three frequencies.

    Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

  • What is the waiting period under Saral Jeevan Bima?

    Starting from the date of policy commencement, you get 45 days of the waiting period under Saral Jeevan Bima.

    Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

  • Review Overview
    Saral Jeevan Bima
    SUMMARY

    This policy’s time period range varies between 5 to 40 years for this standard term insurance planUnder Saral Jeevan Bima, the minimum assured lump sum amount is Rs. 5 lakh and the maximum is Rs 25 lakh. The insurers can also raise the limit of the amount above Rs 25 lakh, after duly reading the policy guidelines before signing any and with all the other terms and conditions being the same.

    5.0

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