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About Saral Jeevan Bima Yojana

In recent years, the demand for pocket-friendly and no-frills life insurance policies has increased substantially. Keeping this in mind, in January 2021, the IRDAI (Insurance Regulatory and Development Authority of India) introduced a standardised insurance plan called the Saral Jeevan Bima Yojana 2021 to help individuals make an informed decision. Insurance providers are required to offer this standard protection plan with affordable premiums. Let’s know more about the Saral Jeevan Bima and see if it is the right plan for you.

 

What is Saral Jeevan Bima?

The Saral Jeevan Bima is a non-linked, non-participating, pure-risk individual term life insurance plan that provides the nominee with the sum assured in case of the death of the policyholder during the policy term. The plans under Saral Bima Yojana will not provide any riders, benefits or variants apart from the benefits and riders mentioned in the policy annexure. All insurance providers follow the same Saral Jeevan Bima Yojana guidelines set by the IRDAI. However, the premium rate may differ from insurer to insurer. The premium payable will depend on your age, policy term, premium paying term and sum assured chosen. You can calculate your Saral Bima Yojana premium using the insurance provider’s Saral Jeevan Bima Yojana premium calculator.

What are the Eligibility Criteria for Saral Jeevan Bima Yojana?

All insurance providers offer Saral Jeevan Bima to individuals irrespective of their gender, occupation, or educational qualifications.

The eligibility criteria for Saral Bima Yojana plans are:

Age

The Saral Bima Yojana is available to individuals between the age of 18-65 years and can be covered until the age of 70 years.

Saral Jeevan Bima Policy Term

The minimum policy term under the Saral Jeevan Bima Yojana is 5 years, and the maximum term is 40 years.

What are the Salient Features and Benefits of Saral Jeevan Bima Yojana?

Some of the key features and benefits of the Saral Jeevan Bima Yojana 2021 are:

Sum Assured

The minimum sum assured under the Saral Jeevan Bima Yojana is ₹ 5 lakh and the maximum sum assured can be up to ₹ 25 lakh.

Flexible Premium Payment Term

You can choose to pay a single premium as a lump sum, pay regular premiums (yearly, half-yearly or monthly), or pay premiums for a limited term of 5-10 years.

Waiting Period

The waiting period for the Saral Jeevan Bima Yojana policy will be 45 days from the date of the beginning of risk. This will not be applicable in the case of policy revival. The Saral Bima Yojana policy will provide coverage in case of death of the insured due to accident only during the 45 days waiting period from the date of commencement of risk.
In case of the insured individual’s demise during the waiting period due to reasons other than an accident, an amount equal to 100% of all premiums paid excluding taxes, if any, will be paid to the beneficiary and the basic sum assured will not be paid.

Death Benefit

  • In the case of regular or limited period payment policies, the death benefit paid will be 10 times of the annualised premiums, or 105% of the total premium paid as on the date of death, or the absolute sum assured to be paid on death, whichever is the highest.
  • In the case of single premium payment of the Saral Jeevan Bima policy, the death benefit payable by the insurance provider will be 125% of the single premium or the absolute sum assured to be paid on death, whichever is higher.

Policy Cancellation Value

  • In the case of a single premium payment policy, the policy cancellation value is payable if the insured applies for the same before the date of maturity of the policy.
  • In the case of regular or limited period premium payment policies, the policy cancellation value is payable if the policyholder applies for the same before the date of maturity of the policy or at the end of the revival period if the policy hasn’t been revised.

Optional Riders

Optional riders like accidental benefit or permanent disability riders can be added to the Saral Jeevan Bima policy by paying an ad-on premium along with the premium of the basic policy.

Tax Benefits

Under Section 80C of the Income Tax, 1961, you can claim tax deductions on the premium amount paid for the Saral Jeevan Bima Yojana policy.

How to Register for Saral Jeevan Bima Online?

To apply for the Saral Jeevan Bima Yojana online, all you need to do is follow this hassle-free, 5 step process:

Step 1: Visit the official website of your preferred insurance company

Step 2: Go to the Saral Jeevan Bima section on their website.

Step 3: Click on the Register/Apply Online option.

Step 4: Fill in all the details like age, gender, date of birth, etc. and upload the necessary documents.

Step 5: Once you’ve filled in all the details and uploaded the required documents, click on the Submit option to complete the application process.

How to Register for Saral Jeevan Bima Offline?

You can apply for the Saral Bima Yojana offline by following these simple steps:

Step 1: Visit the nearest branch of the insurance provider and get the details of the Saral Jeevan Bima plan.

Step 2: Collect the application form to apply for the Saral Bima Yojana and fill in all the details like age, gender, date of birth, etc.

Step 3: Attach the required documents to the duly filled application form.

Step 4: Submit the application form at the insurance provider’s office.

What are the Documents Required to Apply for the Saral Jeevan Bima Policy?

  • Duly filled and signed application form

  • Applicant’s identity proof (PAN card, Aadhaar Card, Voter ID, Passport etc.)

  • Applicant’s address proof (Aadhaar Card, Electricity Bills, Driving License, Passport, etc.)

  • Applicant’s passport size photo

  • Last 3 month’s salary slips (in case of salaried individuals)

Is Saral Jeevan Bima the Right Plan for you?

The Saral Jeevan Bima Yojana is a standard term insurance policy that is designed to help you buy an insurance plan that meets your needs and goals in the easiest and accessible way. It is ideal for you if you do not want to get involved in the complexities of various other life insurance plans available across different insurance providers.

The Saral Jeevan Bima Yojana is a simple, easy to understand, yet dependable term life insurance plan with no additional frills, making it an ideal plan for you, especially if you are buying life insurance for the first time.

Saral Jeevan Bima Yojana 2021: Things to Know

  • Any individual between the age of 18-65 years can apply for a Saral Jeevan Bima Policy and can get coverage up to the age of 70 years.

  • The minimum sum assured under the Saral Jeevan Bima Yojana 2021 is ₹5 lakh. The maximum sum assured under this policy is ₹25 lakh.

  • The Saral Jeevan Bima Yojana does not provide any maturity benefits.

  • The Saral Jeevan Bima Yojana does not allow any loan against the policy.

  • Suicide exclusion.

Wrapping up

Life is uncertain. Hence, it is essential to ensure your family’s financial stability by getting the right life insurance. And we can help you with that! Get a comprehensive term life insurance plan atFinserv MARKETS now. With a hassle-free application and claim process, insurance policies at Finserv MARKETS offer you a wide range of features and benefits, leaving you worry-free.

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FAQs on Saral Jeevan Bima Yojana

✔️Does the Saral Jeevan Bima Yojana have any maturity benefits?

No, the Saral Jeevan Bima is a pure term life insurance plan with death benefits and does not provide any maturity benefits.

✔️Does the Saral Jeevan Bima Yojana cover death due to COVID-19?

Yes, the Saral Jeevan Bima Yojana covers death due to COVID-19.

✔️Do all insurance companies offer Saral Jeevan Bima Yojana policies?

Yes, as per the guidelines given by the IRDAI, all insurance companies in India are required to offer a Saral Jeevan Bima policy.

✔️What is the survival benefit under the Jeevan Saral Bima Yojana?

The Saral Jeevan Bima Yojana is a pure life insurance policy and hence does not provide any survival benefit.

✔️What is the policy term for the Saral Jeevan Bima Yojana?

The minimum policy term under the Saral Jeevan Bima Yojana is 5 years, and the maximum term is 40 years.