Term Insurance 693 views October 22, 2020

Saral Jeevan Bima

About Saral Jeevan Bima Standard Term Insurance Plan

Looking to protect your family if you are not around to take care of them due to unforeseen events? Well, Saral Jeevan Bima Standard Term Insurance Plan could be the perfect product for you in such a case. This policy ensures that your family is financially protected in your absence, that too, by paying an affordable premium.

Regulated by the Insurance Regulatory Development Authority of India (IRDAI), leading insurance companies have started offering this standard term insurance plan to all individuals from January 1, 2021, irrespective of their gender, residence, travel, occupation, etc.

We are showing the key benefits of the Saral Jeevan Bima Standard Term Insurance Plan below so that you can have a brief idea about this plan. Have a look!

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  1. Flexible sum insured options according to customers’ needs
  2. Option to choose the policy term as per your convenience
  3. Protection to your family
  4. Multiple premium payment options
  5. A 45-day waiting period from the date of policy issuance
  6. Tax Benefits under Income Tax Act, 1961
  7. A 30-day grace period
  8. A 15 or 30-day free look period

On this page, we will talk about the features and benefits of this standard term plan in detail so that you can understand it better. So, let’s start without any further delay!

Features and Benefits of the Saral Jeevan Bima Standard Term Insurance Plan in Detail

Saral Jeevan Bima Standard Term Insurance Plan is an individual, non-linked, non-participating life insurance pure risk premium product that could suit individuals looking to buy a simple term plan for the first time.

We are going to discuss its several benefits below in a detailed manner. Please check!

Flexible Sum Insured Options

Saral Jeevan Bima Standard Term Insurance Plan offers multiple sum insured options from which you can choose according to your convenience. The minimum sum assured stands at INR 5,00,000 and can go up to INR 25,00,000 in the multiples of 50,000.

Multiple Premium Payment Term Options

Policyholders can choose the premium payment term from different options according to their convenience. These options are Regular premium (throughout the policy term), Limited premium ( 5 or 10 years) or Single premium payment.

This Standard term insurance plan also allows individuals to pay the premium via different frequencies – Yearly, Half-yearly, Monthly and Single premium.

Death Benefit

If an insured person dies after the expiry of the 45-day waiting period or due to an accident during the waiting period, the nominee will get a lump sum benefit depending on the premium payment term chosen.

For Regular & Limited Premium Payment Policies, the sum assured on death will be the highest of the following amounts.

  1. 10 times the Annualized Premium
  2. 105% of all premiums paid as on the date of death
  3. Absolute amount assured to be paid on death

However, for Single Premium policies, the lump sum benefit will be higher of the following amounts.

  1. 125% of Single premium
  2. Absolute amount assured to be paid on death

If an insured person dies during the policy period due to any other reason than an accident (during the waiting period), the nominee or beneficiary will get the death benefit equal to 100% of all the premiums paid.

Flexible Policy Term

Policyholders can choose to protect their families for a fixed policy term that ranges from 5 to 40 years. The policy term will also depend on the premium payment term.

Uniform Features Across All Insurers

As mentioned earlier, this is a Standard Term Insurance Plan. So, the features and benefits of this plan will remain the same throughout all the insurers. The only thing which will differ is the levels of service and customer experience while purchasing the plan.

A 15 or 30-day Free Look Period

Policyholders also get a free look period of 15 days (30 days for Online Sales, Distance Marketing or Electronic Policies) within which you can review the terms and conditions of the policy.

If you are not satisfied with it, you can return the policy along with the reasons for cancellation. The insurer will refund the installment premium or single premium subject to a deduction of a proportionate risk premium for the cover period in addition to the costs incurred on medical examination (if any).

Rider Options

Policyholders can also enhance their coverage with a wide range of rider options. However, the availability of rider options will depend on the insurer from which you are purchasing the plan.

For example, SBI Life does not provide any rider option on its Saral Jeevan Bima Standard Term Insurance Plan, while HDFC Life provides the following options.

  1. HDFC Life Protect Plus Rider
  2. HDFC Life Income Benefit on Accidental Disability Rider

Saral Jeevan Bima Standard Term Insurance Plan Eligibility Criteria

Do remember to check the important points related to the Saral Jeevan Bima Standard Term Insurance Plan mentioned below.

  1. The minimum age at entry stands at 18 years, while it can go up to 65 years.
  2. The maximum age at maturity stands at 70 years.

Insurers that Provide Saral Jeevan Bima Standard Term Insurance Plan

You can check the names of insurance companies mentioned below that offer Saral Jeevan Bima Standard Term Insurance Plan to policyholders.

  1. SBI Life
  2. HDFC Life
  3. PNB MetLife
  4. Max Life Insurance
  5. Bharti AXA Life
  6. Edelweiss Tokio Life Insurance
  7. Aviva Life Insurance
  8. Tata AIA Life Insurance
  9. Aegon Life Insurance
  10. Bajaj Allianz Life
  11. Future Generali Life Insurance
  12. Kotak Life Insurance

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