Life Insurance Saral Jeevan Bima Insurance

There has been an increased customer preference towards pure term life insurance products in the Indian market, mainly because these are much simpler products to understand. In line with this growing demand, the Life Insurers have been introducing innovative protection products, with different features, options, riders, etc.

There are many term products in the market with varying terms and conditions. Customers who cannot devote adequate time and energy to make informed choices find it difficult to select the right product. Products may not be available for the intended sum assured. To take care of this situation and to make available a product by all Life Insurers that will broadly meet the needs of an average customer, it is felt necessary to introduce a standard, individual term life insurance product, with simple features and standard terms and conditions. Such a standard product will make it easier for the customers to make an informed choice, enhance the trust between the Insurers and the insured, and reduce mis-selling as well as potential disputes at the time of claim settlement.

Saral Jeevan Bima - Standard Term Life Insurance Product:

  • Key Features
  • Key Objectives
  • Eligibility
  • Process to Buy

Benefits of Saral Jeevan Bima Insurance

  • "Saral Jeevan Bima" is a non-linked non-participating individual pure risk premium life insurance plan, which provides for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the policy term.
  • Apart from the benefits and riders stated in the Annexure, no other riders / benefits / options / variants shall be offered. There shall be no exclusions under the product other than the suicide exclusion.
  • The product shall be offered to individuals without restrictions on gender, place of residence, travel, occupation or educational qualifications.
  • Cover Amount: The cover amount ranges from Rs 5 lakh to Rs 25 lakh.
  • Premium Amount: The insurance company can decide the premium amount on its own. Three options of premium payment are possible – Limited Pay, Regular Pay and Single Pay
  • Age Limit: The age limit to take an insurance plan is 18 to 65 years.
  • Maturity Age: The maturity age allowed under this scheme is up to maximum 70 years.
  • Waiting Period: A waiting period of 45 days is also prescribed.
  • Policy Period: The policy period is from 4 to 40 years.
  • Death Benefit: In case of death of the death of the policyholder the family will receive 10 times of the annualized premium.
  • Insurance plan that will provide for the payment of the sum assured in the lumpsum to a nominee in case the life assured passes away during the policy period.
  • There will not be any exclusion within the product apart from the suicide exclusion.
  • The terms and conditions (policy wordings) of the Saral Jeevan Bima term plan will be the same among all life insurers. The Saral Jeevan Bima premium rate will be determined based on the various factors like age, income of policy buyer, gender, etc. The policyholder can make use of Saral Jeevan Bima premium calculator to determine the premium rate of the policy.

Key Objectives of Saral Jeevan Bima as per IRDAI

  • The policy premium of this plan will be low as sum assured under this policy is restricted to 25 Lakh.
  • Since the terms and conditions of a term plan are standard, it is likely to increase term insurance adoption across India
  • As it is an affordable policy lower-income group will also purchase Saral Jeevan Bima
  • Suggested Features and Benefits of this policy is really Saral (Simple) and easy to understand
  • As it is a standard product and governed by the guideline of IRDAI, the chance of mis-selling and disputes at the time of claim settlement will be low.

Saral Jeevan Bima Insurance Features and Parameters:

Particulars Norms
Minimum Age at Entry 18 Years
Maximum Age at Entry 65 Years
Policy Term 5 to 40 years
Maximum Maturity Age 70 years
Sum Assured Minimum ₹5,00,000; Maximum ₹25,00,000 * (SA would be allowed only in the multiple of ₹50,000)
* Insurers have the option of offering Sum Assured beyond ₹ 25,00,000 under Saral Jeevan Bima with all other terms and conditions remaining the same.
Large Sum Assured rebate If any, it shall be clearly indicated in File & Use Wordings of the respective insurer
Premium Payment Options
  • Regular Premium
  • Limited Premium Payment Term for 5 years and 10 years
  • Single Premium
Mode of Premium Payment
  • Regular and Limited Premium Payment Options:
    • Yearly; Half Yearly;
    • Monthly (only under ECS / NACH)
  • Single Premium: In Lump sum
Death Benefit For Regular & Limited Premium Payment policies: Highest of:
  • 10 times of annualized premium;
  • 105% of all the premiums paid as on the date of death;
  • Absolute amount assured to be paid on death.

For Single premium policies: Higher of:
  • 125% of single premium;
  • Absolute amount assured to be paid on death.
Maturity Benefit There shall be no maturity benefit under the policy.
Exclusions nly suicide clause, as per extant regulations.
Waiting period 45 days from the date of commencement of risk. In case of revival of Policy, the Waiting Period shall not be applicable.

The following words shall be prominently displayed in BOLD, on the welcome letter of Policy Document as well as on the first page of Sales Literature.

"This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk.

In case of death of the life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid."
Surrender Value Surrender Value is not applicable under this Policy.
Policy Cancellation Value Policy Cancellation Value shall be payable:
upon the Policyholder applying for the same before the stipulated date of maturity in case of Single Premium Policy;
upon the Policyholder applying for the same before the stipulated date of maturity or at the end of revival period if the policy is not revived, in case of Limited Premium Payment Policies.

The amount payable shall be as follows:

For Single Premium: The Policy Cancellation Value acquires immediately after receipt of Single Premium and is calculated as follows:

Single Premium shall be inclusive of extra premium, if any.

Limited Premium Payment Term (LPPT): 5 and 10 years: Policy Cancellation Value acquires if at least two (2) consecutive full years’ premiums are paid and is calculated as follows:

Total Premiums Paid shall be inclusive of extra premiums, if any.

No policy cancellation value shall be payable in respect of regular premium policies.
Loan No loan will be allowed against the policy
Optional Riders Approved Accident Benefit and Permanent Disability Benefit Riders can be attached.
Pricing As per the respective insurance company’s actuarial workings based on their underwriting
Underwriting and Medical Requirements As per the Board Approved Underwriting Policy of the Insurer, subject to above criteria and any statutory requirements.
Interest on delayed payment of premiums The rate of interest on delayed payment of premiums shall be as per the Insurer’s policy for similar products.
Premium Payment Variant Available Premium Payment Term (PPT) Available Policy Term
Limited Pay 5, 10 years (PPT plus 5) to 40 Years
Regular Pay 5 to 40 years 5 to 40 years
Single Pay Single (1) 5 to 40 Years

Process to Buy Saral Jeevan Bima Plan Online

Step 1 Visit the website of the intermediary / distributor eindiainsurance and search for Saral Jeevan Bima under Life Insurance
Step 2 Click on the Saral Jeevan Bima insurance plan link…provide basic information to get a quote for the plans
Step 3 Based on the information provided, the website will share a Comparative Table for all insurance companies providing this plan – opt for the insurance plan one is most comfortable with – remember this is a Term Life insurance plan with standard benefits across all insurance providers
Step 4 Based on the insurance plan chosen, an online application form will be displayed on the website to be filled…fill in all the relevant information accurately and submit the application online
Step 5 There will be a link which will now appear for payment of the applicable premium as quoted initially…Make a payment through Credit Card/Debit Card/Internet Banking etc…and complete the payment process
Step 6 Insurance company will process the application and dispatch the Saral Jeevan Bima policy document directly to the customer at the address provided.
'

India health insurance companies offering coverage for Saral Jeevan Bima
  • Edelweiss Tokio
  • Exide Life
  • SBI Life

Life Insurance Saral Jeevan Bima Insurance products

Key Features:
  • This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk.
Key Features:
  • A Non-Linked Non-participating Individual Pure Risk Premium Life Insurance Plan. Financial support to your family is very important to lead a risk free life for you and your loved ones.
Key Features:
  • Security for your family with a standard term plan at an affordable cost

Saral Jeevan Bima life insurance FAQ's

This place has a grace period of 30 days, which begins from the due date of premium payment for all modes except monthly mode (which has a grace period of 15 days).

This plan has a free look period of 15 days (30 days for distance mode) from the date of receiving the policy document. You are also entitled to receive a premium refund, subject to various terms and conditions.

The premium of this plan is based on age, gender, sum assured, policy period, and premium payment period.

IRDAI has mandated all life insurers to offer a standard pure term plan for customers to be able to make an informed choice regarding their protection needs.

Saral Jeevan Bima Plan is a 2020 scheme is basically an Endowment Assurance Plan where the beneficiary has to choose the amount and mode of premium payment. Mainly it aims to provide a simple life insurance policy to the applicants removing all the complexities.

The applicant can apply by online as well as offline mode.

The age limit is 18 to 65 years.

Search for Life insurance plans

Life Insurance Partners

  • Ageon
  • TATA AIA Logo
  • Exide Life
  • kotak
  • Max Lifw
  • Hdfc
  • Icici Prudential
  • IDBI Federal
  • India First
  • Edelweiss
  • SBI Life
  • Future Generali Insurance plans
  • bajaj Life
  • Pramerica Insurance plans
  • aditya birla sun life Insurance plans
-

ONLINE CHAT

CIN: U66000KA2018PTC117713 | IRDAI Web aggregator License Code Number: IRDAI / INT / WBA /53/ 2018, Valid till 07/08/2022