Term Insurance 127 views October 22, 2020

Saral Jeevan Bima Standard Term Insurance Plan

About Saral Jeevan Bima Standard Term Insurance Plan

Term Insurance plans are very helpful for the family after the death of the insured. It helps the insured’s family member to enjoy a happy life when he is not with them. On the other hand, term insurance plans have affordable premiums and it gives you a life cover. Therefore, the Insurance Regulatory and Development Authority of India has introduced the Saral Jeevan Bima Standard Term Insurance Plan that will be offered by all the insurance companies. It will have a standardized benefit that will be the same in all the policies offered by different insurance companies. This plan will be available by the 1st of January 2021. You must explore the key features and benefits of this standard term insurance plan.

Term Insurance

To know the right life insurance cover, please fill the details below and our policy experts will get in touch with you

+91

Key Features of Saral Jeevan Bima Term Plan

  1. This plan has a wide range of the Sum Assured starting from Rs.5 Lacs.
  2. 18 years is the minimum age of entry for this plan.
  3. There is a flexibility of choosing the Sum Assured.
  4. You are free to decide the frequency for making the payment of premiums.
  5. There is a waiting period of 45 days in this plan.
  6. The policy term is available for up to 45 years.
  7. Enjoy tax deductions as per the tax laws in this plan.

Benefits of Saral Jeevan Bima Standard Term Policy

There are some exclusive benefits of this term plan and you must explore all of them before you buy it. See how it will help your family once you are not with them.

Buy from Any Company

This plan is offered by all the insurance companies that deal in term insurance. You can buy this plan from your favorite company and all the features will remain the same. On the other hand, it eliminates the confusion of the individual who is willing to buy a life insurance plan.

Death Benefits

This plan includes death benefits as well. After the unfortunate demise of the insured, the company will pay the decided sum assured to the family member. The death benefit will be the highest of the following if you haven’t chosen the Single Premium Mode:-

  1. 10 Times of the Annualized Premium.
  2. 105% of all the premiums paid until the date of the death.
  3. The Sum Assured to be paid on death.

If you have paid Single Premium for the policy then the death benefits will be the highest of the following:-

  1. 125% of the Single Premium
  2. The amount of the Sum Assured to be paid on death.

Add Riders to the Policy

You are also allowed to add Riders to the Saral Jeevan Bima Standard Term Insurance Plan. The two riders allowed to be added to this policy are as follows:-

  1. Permanent Disability Rider
  2. Accident Rider

Wide Range of Sum Assured

This term plan offers you a wide range of Sum Assured. Rs.5 Lacs is the minimum amount of the Sum Assured offered in this plan. You can take a Sum Assured of up to Rs.25 lacs as per your requirement. The Sum Assured will be paid to the nominee after the death of the insured.

Long Policy Terms

You can choose long policy tenure in this insurance plan. The minimum policy term of this plan is 5 years and the maximum policy term of this plan is 40 years. As the maximum age of entry is 65 years so your maximum policy term might differ.

Multiple Premium Paying Frequencies

You can pay the premium of this policy on a yearly basis, monthly basis, and half-yearly basis. The premium paying frequency has to be decided at the time of inception of the policy. You can choose any mode of payment for paying the premium.

Uniformity of Features

As you know that this plan is a standard term insurance plan so the features will remain the same no matter from which company you buy this plan. Therefore, you can buy this plan from your preferred insurance company and enjoy the same benefits.

Premium Paying Term

You can pay a regular premium, single premium, and limited paying period in this policy. The limited paying period will be for five years or 10 years only. So, you have to decide the premium paying term at the time of inception of the policy.

Other Details of Saral Jeevan Bima Standard Term Insurance Plan

ParticularsDetails
Minimum Age of Entry18 Years
Maximum Age of Entry65 Years
Minimum Policy Term5 Years
Maximum Policy Term40 Years
Minimum Sum AssuredRs.5 Lacs
Maximum Sum AssuredRs.25 Lacs
Premium Paying FrequencyYearly, Half-Yearly, and Monthly
Premium Paying ModeRegular, Single, Limited
Waiting Period of the Policy45 Days (Death Claim Due to Accident will be Payable)
Tax DeductionsAllowed Under Section 80D

People Also Read