Saral Jeevan Bima – Coverage, Benefits and Eligibility

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Saral Jeevan Bima Yojana is a new standardized life insurance policy that has been brought about by the IRDAI (Insurance Regulatory and Development Authority of India) so that people can have an economical life insurance policy.

This is a non-participating and non-linked individual pure risk premium life insurance policy. In this case, your nominee would receive the sum assured if you pass away while you are covered by the policy. In its annexure, the policy states some benefits and riders. Apart from that, it does not offer any other benefit, rider, variant, or option. The only exclusion in the policy is that of suicide.

Saral Bima Yojana would be offered to all individuals irrespective of factors such as the following:

  • Travel
  • Gender
  • Occupation
  • Place of residence
  • Educational qualifications

This policy is now being offered by all insurers in India and as such all of them are bound to offer the same terms and conditions on the same. The plan’s benefits and features are rather simple. However, you should know that different insurers might charge separate premium rates for the same sum assured. The premiums of these policies are determined based on factors such as age, gender, and income of the policy buyers.

The insurers in this case would have to file the product in keeping with certain specified parameters and they would also have to comply with the regulatory provisions through File and Use.

KNOW MORE: How to Choose a Saral Jeevan Bima plan?

Saral Jeevan Bima Yojna Basic Details 

The minimum age of entry in the Saral Jeevan Bima policy is 18 years and the maximum age of entry is 65 years. The term period of the policy can be anywhere between five and 40 years. The policy matures when you become 70 years old. The minimum sum assured in this case is five lakhs and the maximum that you can get is 25 lakhs. You are allowed to increase the sum assured in multiples of 50,000 rupees. In this case, the insurers do have the right to increase the sum assured amount past the 25-lakh rupees mark.

This however would not affect the other terms and conditions of the plan. You can pay the premium of the policy in three ways – yearly, monthly, and half-yearly. Before you choose any method though it would be better to use a Saral Jeevan Bima premium calculator and find out how much you would have to pay in this regard. The waiting period in this policy is 45 days or one and a half months from the beginning of risk.

Saral Jeevan Bima Policy Features and Benefits

You can always use the Saral Jeevan Bima premium chart and find out which insurer offers you the best deal in this case. In terms of premium payment, we have already detailed the options that you have in this case. Apart from that, you can always choose the option of limited premium payment if the term period of the policy is 5 years or 10 years. However, in all these cases you would have to pay the money through ECS (Electronic Clearing Service) or NACH (National Automated Clearing House).

The death benefit is an important part of the Saral Jeevan Bima policy, and in this case, it depends on the type of premium payment option you have chosen. For example, if you went for the single-premium option your beneficiary would receive the higher sum from among the absolute amount assured guaranteed under the policy and 125% of the single premium. If you have chosen the premium and regular premium payment policy your beneficiary would get the higher amount from among 10 times the AP (annualized premium), the absolute sum assured amount, and 105% of the premium amount you have paid till the date you died.

How to apply for the Saral Jeevan Bima Policy?

Before you apply for the policy you need to use the Saral Jeevan Bima Yojana premium calculator at least once. You need to submit the following documents to apply for the policy:

  • address proof such as Aadhaar card,
  • driving license,
  • passport
  • mobile number passport-size photograph identity proof such as Aadhaar card, passport and PAN (permanent account number) card.

You can apply for the policy offline as well as online. The process of online application starts by visiting the official website of the insurer from whom you want to buy the policy.

After that, you would need to click on the link that directs you to the policy. After that, you would have to click on the tab that says apply online and visit the application page. If you want to apply for the Saral Jeevan Bima term insurance offline you would need to visit the branch of your preferred insurer that is located the closest to your home, office, or wherever else is convenient for you. Here you need to get an application form and procure as much information as you can or want to about the policy.

Is this the right policy for you?

Are you buying life insurance for the first time? Then you should go for the Saral Jeevan Bima Yojana as it would offer you the same features and benefits no matter which insurer you buy it from. However, as we have said already, the premium rates may vary depending on the insurer that you buy the policy from. If you wish to find out how much premium you would have to pay for the policy you can easily use the calculator that we have alluded to and determine the amount.

As we have mentioned already, the terms and conditions of the Saral Jeevan Bima Yojana would stay the same no matter where you buy it from. This is why you can be sure that there is no scope for any dispute later on in this policy. The main aim to introduce this policy is to make sure that people have a standard life insurance plan that they can depend on. The main reason for such a statement is the level of complexity surrounding most of the term insurance products in the market right now.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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