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Saral Jeevan Bima Yojana Premium - Plan Benefits, Eligibility with full Coverage Details

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There has been a shift in recent years in customer preference toward pure term life insurance products. Life insurers have launched novel protection plans with various features, perks, riders, options, and so on in response to the expanding demand. This is why IRDAI has established a new standardized insurance plan, which all insurance companies must adhere to.

The Saral Jeevan Bima term insurance is a non-linked, non-participating individual pure risk premium life insurance plan that pays the sum insured to a nominee as a lump sum if the person insured dies within the policy period.

 

Benefits of Saral Jeevan Bima Term Insurance

 

Family Financial Security :

Ensure the financial security for your family in case of your untimely demise during the policy term.

 

Flexibility to choose Policy Term & Premium Payment Term :

Choose from a policy term between 5 to 40 years with multiple PPT options.

 

Get life insurance with the least number of restrictions : 

Regardless of your educational or occupational requirements, you can purchase this standard Term plan with simple features.

 

Tax Benefits :

The Saral Jeevan Bima premium paid and benefits received is eligible for tax benefits, as per the current tax legislation.

 

Waiting Period and Death Benefit

The plan's waiting period will be 45 days from the date of commencement of risk. In case of revival of Policy, the Waiting Period shall not be applicable. 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.

On death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity and provided the Policy is in force, the Death Benefit equal to the sum assured shall be paid to the nominee.

For limited premium payment policies or regular premium payment policies, the death benefit paid to the plan's beneficiary will be the highest of:

  • 10 times the annualized premium

  • 105 per cent of the total premium paid as of the date of death

  • Absolute amount assured to be paid on death.
 

The death benefit paid to the policy beneficiary for a single premium payment policy will be the higher of:

  • 125 per cent of the single premium

  • Absolute amount assured to be paid on death.
 

Rider Benefit

Accidental and disability benefit riders are available as add-ons to the insurance. Riders are extra benefits supplied by the insurer to increase the policy's coverage. By paying an additional premium on top of the policy's basic premium, the policyholder can add rider choices to the base plan. The assured amount payable, if any particular incident covered by the rider occurs and is chosen by the policyholder, is the rider sum assured. However, riders are not mandatory and available at an additional cost.

 

Key Features of Saral Jeevan Bima Term Insurance

  • Flexibility to select a premium payment term
    To receive enough life insurance, pay the premiums according to your required flexibility. Check later section of the blog for various premium payment options.

  • Long-Term Protection :
    The maximum maturity age for Saral Jeevan Bima is 70 years.

  • Simple to understand
    There are no survival or maturity rewards in a pure term plan.

  • All Individuals are covered
    There are no restrictions on education, occupation, residence, or gender.
 

Eligibility Criteria for Saral Jeevan Bima Yojana 2021

  • Entry Age: The minimum age for applying is 18 years, & the maximum age for applying is 65 years.

  • Maturity Age: The minimum age at the end of the plan is 23 years, & the maximum is 70 years.

  • Sum Assured: The minimum sum assured is ₹ 5,00,000, and Maximum Sum Assured is ₹ 25,00,000*

  • Premium Payment Term:  Single Pay, Regular Pay – 5-40 years, Limited pay (5 Pay) - 6 years, and Limited pay (10 Pay) - 11 years.
 

*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.

 

The Way Forward

Saral jeevan bima term insurance is a hassle-free policy that allows you to make an informed decision. The Saral jeevan bima term insurance will build confidence between the consumer and the insurer, which will help to reduce any arguments and misspellings during claim settlement.

Disclaimer:

*Tax benefits are as per the Income Tax Act, 1961, and are subject to any amendments made thereto from time to time

The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.

Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.

Suggested Plans

Bharti AXA Life Saral Jeevan Bima Plan

  • Non-Linked Non-Participating term insurance plan
  • Double the sum Assured on death due to Accident
  • Flexibility to choose a policy term
  • No medical examinations• Ease of purchase as no lengthy underwriting procedures are involved.
  • Tax benefits

Bharti AXA Life POS Saral Bachat Yojana

  • Quick and easy to buy plan
  • Financial backup to secure your family's future in case of an unfortunate death
  • Flexibility in Policy Term/Premium Payment Terms
  • Comprehensive Protection Plan
  • Savings through Maturity Benefit
  • Tax benefits

Bharti AXA Life Premier Protect Plan

  • Flexibility in Policy Term
  • Flexibility in Premium Payment Terms ( Single , Limited, and RegularPay Options)
  • Multiple Death Benefit Payout Option
  • Increase the Sum Assured on important milestones
  • Tax benefits