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Benefits of Saral Jeevan Bima Plan


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Aug 08, 2022

By : Bajaj Allianz Life

Life has become unpredictable in many ways, especially during the last few years. Therefore, the demand for pure term life insurance plans has increased. Individuals must find ways to guarantee the financial security of loved ones should any unforeseen circumstances take place. Infact, in light of current illnesses and diseases taking sway, the Insurance Regulatory and Development Authority of India (IRDAI) has issued a directive to the effect that all insurance companies must provide for a standard policy of term life insurance known as Saral Jeevan Bima . Of course, standardised rules and regulations will apply to this. The terms and conditions, and guidelines of the policy, have been made clear. Consequently, it is easy for the insurance purchaser to understand what the policy entails and make an educated and informed decision.

With the Saral Jeevan Bima , there remain very few possibilities of any misunderstanding in relation to policies. Moreover, similar to other term plans, this plan gives an assured sum to nominee mentioned in the policy in case of the unfortunate demise of the policyholder within the term of the policy. This is subject to payment of the policy premium on a regular basis.

Additionally, all insurance providers are required to prefix their insurance company names to the product name Saral Jeevan Bima.

 

The Benefits of Saral Jeevan Bima

 

The Saral Jeevan Bima plan can benefit a large number of Indians who find it difficult, if not challenging, to cope in the event of the loss of a loved one. A great financial strain is especially felt when the only earning member of any given family experiences an untimely demise. With Saral Bima Jeevan, a fixed lump sum amount is assured to the nominee upon the demise of a policyholder. Here are the some benefits of the plan explained:

  • This is a “pure protection” plan that gives an assured payout to a nominee in case of the policyholder’s untimely and/or accidental death during the tenure of the policy. This plan does not come with a benefit at maturity, or any surrender amount since this is a pure term plan.
  • Considered a “free access” policy as there are no restrictions based on gender, academic qualification, occupation or place of residence, this is advantageous to anyone wishing to avail it. However, each company will have its own set of underwriting guidelines.
  • The features are simple to grasp, so making a decision is simple. It is easy to find out the premium to be paid too. A Saral Jeevan Bima premium calculator can be used to determine this instantly.
  • This is a plan that resembles the Aarogya Sanjeevani plan and does not change according to different insurance providers. The pure term plan has the same features, benefits, inclusions, and exclusions whichever insurance company is chosen. However, the settlement rates of claims, standards of service, and costs may vary.
  • The minimum policy term is five years, and the maximum is 40 years.
  • The minimum amount that can be opted for with this policy is Rs. 5 lakhs, while the maximum extends to Rs. 25 lakhs (Insurers have the option of offering Sum Assured beyond ₹ 25 lakhs with all other terms and conditions remaining the same). There is also an option to pay premiums on a regular basis, or for a fixed time of 5 years and 10 years or through single premium option.
  • In the case of the unfortunate demise of the holder of the policy during the term of the policy, the total sum assured will be paid as a payout to any nominee, provided all due premiums are paid.
  • It is possible to apply for the Saral Jeevan Bima online. You should know that there is a 45-day waiting period, but if the policyholder has an untimely death during this period, the nominee will receive an amount that equals 100% of any premium paid. However, if death occurs as a result of an accident, the sum assured will be paid.
  • With Saral Jeevan Bima, you get rider benefits at nominal extra cost. These increase the scope of coverage.
  • Although there is no maturity benefit, or availment of a loan against this plan, you are assured a lump sum should the policyholder’s untimely demise occur.
  • The method of premium payment is carried out either annually or half-yearly. There is also a monthly option with NACH or ECS. A single premium is payable as a lump sum as well.
  • You also get certain benefits pertaining to tax, such as deductions under the Income Tax Act of 1961, under Section 80C and exemptions under Section10 (10D), subject to the provisions stated therein.

 

Conclusion

 

With several obvious benefits, the Saral Jeevan Bima plan can assure policyholders of family’s financial safety after their demise. You get coverage at reasonable rates and ensure the financial security of your loved ones in an emergency.

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3Discount is available for regular premium and limited premium payment frequency under all variants of this product.

2Above illustration is considering Male aged 25 years | Non-Smoker | Life Cover Variant | Policy term (PT)– 30 years | Premium Payment Term (PPT) – 30 years | Sum Assured opted is Rs. 1,00,00,000 | Online Channel | medical rates | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on www.bajajallianzlife.com) carefully before concluding a sale.