In recent years, people in India are keen on buying pure term insurance plans. A term insurance policy is the most affordable and simplest kind of life insurance product available in the market. It is known to provide a lump sum benefit to the beneficiaries in case the policyholder dies.
Understanding the demand for term insurance, insurers offer several variants of the policy with enhanced benefits, unique features, rider covers, and so on.
The insurer will assess your application and issue the policy in no time.Insurers in India offering this life insurance product have to follow the standardised policy guidelines.
So, what is this standard term life insurance product?
The new standard term insurance product introduced by the IRDAI is known as the Saral Jeevan Bima. The insurers can add their name as a prefix to the actual name of the product. This new standardized term insurance policy is available from January 01, 2021.
What is the Saral Jeevan Bima Scheme?
The Saral Jeevan Bima policy is a term insurance plan that is a non-linked and non-participating type of life insurance product introduced by the government. The policy will provide a lump sum benefit to the beneficiaries in case the policyholder passes away during the tenure.
Besides, Saral Jeevan Bima provides definite rider benefits and features. There will be no additional riders or variants of the policy. Moreover, the only exclusion of this scheme is the suicide clause. There are no other exclusions in the policy.
The policy is available for everyone regardless of the restrictions on travel, gender, employment status, area of residency, or educational qualification of the applicant. The terms and conditions of the Saral Jeevan Bima will be the same no matter which insurer offers the product. However, the cost of the policy might different from insurer to insurer.
The premiums of the Saral Jeevan Bima plan can be based on the age, income, gender, etc. of the applicant. Potential buyers can use the Saral Jeevan Bima calculator or term insurance calculator (whichever is available) to determine the rate of the policy before purchasing it.
While the policy is available for everyone in India, you should be aware of its eligibility criteria. Check the table below for the same.
|Entry Age||Minimum: 18 years of ageMaximum: 65 years of age|
|Term of the Policy||Minimum: 5 yearsMaximum: 40 years|
|Maturity Age of the Policy||70 years|
|Sum Assured||Minimum: Rs. 5 LakhMaximum: Rs. 25 Lakh|
How to buy the Saral Jeevan Bima Scheme?
You can buy the policy with your choice of insurer online. Here’s what you need to do.
- Visit the official website of the insurer and go to the ‘Term Insurance’ section.
- Select the Saral Jeevan Bima scheme available from the types of term plans the insurer offers.
- Fill in the online application form with the requested details.
- Upload the supporting documents for verification.
- Submit the form and you are done.
- The insurer will assess your application and issue the policy in no time.