Saral Jeevan Bima
Saral Jeevan Bima is a non-participating, non-linked pure risk life insurance plan specially designed for individuals buying life insurance for the first time. This term plan offers comprehensive protection at an affordable premium and also helps you to protect and financially help loved ones in case of uncertainties in life. This term plan insurance policy covers your life till you turn 70 years of age with flexible premium payment options. There is no exclusion of this plan except death due to suicide.
Eligibility criteria for Saral Jeevan Bima
| Entry Age limit | Minimum | 18 years | |||
| Maximum | 65 years | ||||
| Maturity age limit | Maximum | 70 years | |||
| Policy term | Premium payment term | Regular premium | Limited premium (5 years) | Limited premium (10 years) | Single premium |
| Policy term | 5 years to 40 years | 10 years to 40 years | 15 years to 40 years | 5 years to 40 years | |
Features and Benefits of Saral Jeevan Bima
Financial protection: This life insurance plan offers you a high level of protection in case of infortunes and also helps you to protect your loved ones in your absence.
Premium payment options: This offers you multiple options for premium payment including single pay, limited and regular premium payment mode (yearly/half-yearly/monthly) which you can choose as per your convenience.
Death Benefits: This also offers death benefits in case of the demise of the policyholder during the policy tenure. This benefit is however not payable if the death of the policyholder is due to suicide. For a single premium policy plan, a higher of 125% of the single premium and the absolute assured amount will be payable to the nominee. For limited and regular premium plans, higher of 10 times of annualized premiums, and 105% of premiums paid will be payable to the nominee.
Affordability: This insurance plan offers high protection at very affordable premiums.
Tax benefits: Tax benefits in this life insurance plan are as per the Income Tax Act 1961 and are subject to change over time.
Waiting Period: This plan offers a waiting period of 45 days. During this period, the life of the policyholder is assured in case of accidents.
Other features of Saral Jeevan Bima
Free-look period: The plan comes with a free-look period of 15 days (30 days in case of online purchase of the policy). During these 15 days, you can review the terms and conditions of the policy and decide whether to opt for it or not.
Exclusions: In case of the death of the policyholder due to suicide, the death benefits will not be payable to the nominee. The policy will be terminated in such a case. If the death due to suicide is after 12 months of the policy purchase, the company will just provide the claim of 80% of the paid premiums.
Riders option: Additional accidental and disability benefit rider option is also available in this life insurance plan. The riders can be add-on with payment of minimum and affordable premiums.
Buying Saral Jeevan Bima Online
Saral Jeevan Bima can be purchased via online mode in just a few easy steps as mentioned:
- Visit the official website of the life insurance company, from where you want to buy the plan.
- Then click on the Saral Jeevan Bima insurance plan link.
- Then click on the ‘Apply now’ option and fill the application form.
- Don’t forget to fill in the complete details including DOB, Personal details, etc.
- Submit the duly filled form online.
Buying Saral Jeevan Bima Offline
- Visit the nearby bank branch from where you want to avail this plan.
- Enquire about the Saral Jeevan Bima and get to know all the associated details of the plan.
- Take the application form and fill it.
- After filling the form, submit it at the branch along with the required documents.
Documents required to buy Saral Jeevan Bima Life Insurance Plan
The following documents must be there with you to buy the plan via online/offline mode:
- Proof of address: Aadhar card, Passport, Driving license
- Age proof: Birth certificate, Aadhar card, etc.
- Identity proof: Aadhar card, PAN card, etc.
- Passport size photographs
Frequently Asked Questions (FAQs)
1. What is Saral Jeevan Bima policy?
Saral Jeevan Bima is a pure risk life insurance policy that offers comprehensive protection at an affordable premium and also helps you to protect and financially help loved ones in case of uncertainties of life. This term plan insurance policy covers your life till you turn 70 years of age with flexible premium payment options.
2. Who can buy Saral Jeevan Bima?
Eligibility for this policy is as follows:
| Entry Age limit | 18 years (Minimum) |
| 65 years (Maximum) | |
| Maturity age limit | 70 years (Maximum) |
3. Why should one buy Saral Jeevan Bima?
Saral Jeevan Bima comes with multiple features and benefits, of which some are as below:
Financial protection: This life insurance plan offers you a high level of protection in case of infortunes and also helps you to protect your loved ones in your absence.
Premium payment options: This offers you multiple options for premium payment including single pay, limited and regular premium payment mode (yearly/half-yearly/monthly) which you can choose as per your convenience.
Affordability: This insurance plan offers high protection at very affordable premiums.
4. Can I buy Saral Jeevan Bima online?
Yes, you can buy this life insurance plan online by following easy steps:
1. Visit the official website of the life insurance company, from where you want to buy the plan.
2. Then click on the Saral Jeevan Bima insurance plan link.
3. Then click on the ‘Apply now’ option and fill the application form.
4. Don’t forget to fill in the complete details including DOB, Personal details, etc.
5. Submit the duly filled form online.
5. What are the necessary documents needed to purchase Saral Jeevan Bima?
The following documents must be there with you to buy the plan via online/offline mode:
- Proof of address: Aadhar card, Passport, Driving license
- Age proof: Birth certificate, Aadhar card, etc.
- Identity proof: Aadhar card, PAN card, etc.
- Passport size photographs