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Term life Insurance

Saral Jeevan Bima

Term life insurance is a form of life insurance that offers financial assistance and stability to the policyholder’s family in case of his or her untimely death within the policy tenure. Term plans simple to understand; however, nowadays, insurers add certain features catering to the needs of the consumers, which often makes it difficult for the policy seekers to choose from plenty of options available.

To ease this difficulty for the policy seekers, The Insurance Regulatory and Development Authority of India (IRDAI) has mandated all insurers to offer standard term insurance called Saral Jeevan Bima from January 1, 2021 and has come up its guidelines.

What is Saral Jeevan Bima?

Saral Jeevan Bima is a standard term insurance product similar to standardised health insurance product Arogya Sanjeevani. It will be identical to any other traditional term insurance wherein the sum assured will be paid to the policy beneficiary upon the untimely demise of the policyholder within the tenure of the policy. The coverage and the payout will be the same across all the insurance providers. The name of the insurance policy too will be same but prefixed with the insurer name. According to the IRDAI guidelines, the product should be offered to the individuals irrespective of their gender, occupation, educational qualification, and place of residence.

Needless to mention that term insurance is a must for every individual. The primary objective to launch a standard term plan like Saral Jeevan Bima  is ensuring a simple product to select and easy to purchase.

Although the underwriting and onboarding process could differ from one insurer to another; however, any person aged between 18 to 65 years is eligible to buy this policy. The minimum sum assured amount is Rs 5 lakhs, and it can go up to maximum Rs 25 lakhs. However, the insurance companies can offer higher sum assured provided the clauses of Saral Jeevan Bima policy are maintained. The policy term range between 5 to 40 years and the policyholder gets the option to pay policy premium either regularly – monthly, quarterly, half-yearly or yearly or for a limited period such as 5-10 years or as a single payment. The riders under Saral Jeevan Bima are restricted and limited to permanent disability and accidental benefit.

Saral Jeevan Bima

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*

Importance of Saral Jeevan Bima

Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

Be that as it may, on the disadvantage, not like other term plans, Saral Jeevan Bima accompanies a waiting period of 45 days from the date of commencement of the policy. This standardised term policy will cover only death happened due to accident during the holding up period. The death benefit will be a maximum of 10 times the yearly premium, 105 percent of all the premiums paid until death and the total amount assured to be paid on the demise of the policyholder. In case of single premium policies, the death benefit will be much higher of 125 percent single premium and total sum assured to be paid on policyholder’s death.

In the event of the death of policyholder other than because of an accident within the waiting period, then the insurance provider will pay just 100 percent of all the premiums received (barring taxes) to the beneficiary of the policy. In case the policyholder survives the policy term, then there is no maturity benefit or return of the premiums.

All life insurance providers are offering Saral Jeevan Bima as per the instructions given by Insurance Regulatory and Development Authority (IRDAI).

List of Companies offering Saral Jeevan Bima

 

S.No Company Name
1 Bharti Axa Life Saral Jeevan Bima
2 PNB MetLife Saral Jeevan Bima
3 Edelweisstokio Saral Jeevan Bima
4 SBI Life Saral Jeevan Bima
5 HDFC life Saral Jeevan Bima
6 MaxLife Saral Jeevan Bima
7 Canara HSBC Saral Jeevan Bima
8 Bajaj Saral Jeevan Bima
9 Kotak Mahindra Saral Jeevan Bima

Saral Jeevan Bima could be useful for the first-time buyers as it is simple, easy to understand comprising of limited features like limited riders, uniform clauses and exclusions. So first-time buyers can easily make the decision to buy the standard term plan, which is a necessity for every individual. Once it gets launched, the policyholder needs to select the insurer based on the premiums and claim settlement ratio of the insurance provider. However, we will have to wait and watch how this new term product will turn out.

Therefore, if you are purchasing term insurance for the first time or looking to buy a term plan the BimaKaro advise to have a look at Saral Jeevan Bima policy.

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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
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    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
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    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
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    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
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    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
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    5.0

  • Review Overview
    Importance of Saral Jeevan Bima
    SUMMARY

    Saral Jeevan Bima could prove to be useful for those policyholders searching for plain vanilla term covers as it offers lumpsum payout, not at all like other term plans available in the market. The nominee of the policy will get the sum assured in case of the sudden death of the policyholder.

    5.0

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    Ferdinard Orumgbe

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