Saral Jeevan Bima covers death that can occur due to accidents, illnesses or injuries. In the case of death, highest of the following amounts would be paid –
1. 10 times the annual premium
2. 105% of the aggregate premiums that you have paid till death
3. The absolute assured benefit which is equal to the sum assured chosen
Life insurance plans cover the risk of dying too early. If the breadwinner of a family dies prematurely, the family suffers both an emotional loss and a financial one. While it is impossible to compensate for the emotional loss, the financial loss can be recovered. This is where life insurance plans come into the picture. These policies cover the risk of premature death and compensate the financial loss suffered if the insured dies.
1. The sum assured in the plan
4. Premium paying tenure
2. The tenure of the policy
3. Premium paying frequency i.e half-yearly, yearly, monthly or quarterly
Under a Saral Jeevan Bima plan, you will have to choose the following details when you buy the policy:
The premium will be calculated based on the policy details, your medical history and your age. The premiums for the plan are to be paid for the selected premium paying tenure.
1. Coverage after a short waiting period
4. Attractive premium discounts
2. Lump sum death benefit
3. Flexible premium payment options
5. Cashless Treatment
6. The choice of optional riders
A standardized insurance policy is one that has uniform coverage features. All insurance companies are required to offer the standardized policy with the same coverage features. Only the premium rate can vary and is fixed by the insurers as per their pricing policy.
Here are some reasons why a standardized insurance policy is helpful .
1. To drive insurance penetration
2. Affordable plans
3. Ease of comparison
Saral Jeevan Bima policy provides coverage against all types of deaths but does not cover the following instances-
1. Suicides within a year
2. Hazardous acts
3. Substance abuse
4. Criminal acts
5. Breach of good faith
6. Fraud claims
The Saral Jeevan Bima policy is suitable for every individual looking to secure his/her family financially. It is an affordable plan with a decent sum assured option which can also be enhanced if the insurer offers riders. So, if you have not invested in any term insurance policy, you can opt for this plan to have the basic coverage.
Even those who have bought a term insurance policy can add Saral Jeevan Bima to their portfolio to enhance their overall coverage at affordable premiums.
The Saral Jeevan Bima policy, therefore, is suitable for everyone.
You can buy Saral Jeevan Bima online as well as offline. Let us know how:
1. Through insurance agent: you can buy Saral Jeevan Bima policy with the help of a insurance broker or intermediary.
2. Directly by visiting the branch office: You can directly visit the branch office of the chosen insurance company and buy a Saral Jeevan Bima policy. The steps are as follows:
1. Through website of the insurance company
2. Through PayBima:
List of documents that you need to keep handy at the time of buying Saral Jeevan Bima insurance policy are as follows:
1. Filled and signed proposal form
2. Identity proof like voters ID card, pan card, Aadhar card, birth certificate, passport, etc
3. Address proof like utility bills, driving licence, passport, Aadhaar card, PAN card, voter ID card, etc
4. Income proof only if the premium of the plan exceeds INR 1 lakh. Salary slip, IT Returns, Form 16, etc can be submitted as income proof
5. Passport size latest photographs
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