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Frequently Asked Questions About Saral Jeevan Bima | Bajaj Allianz Life

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Frequently Asked Questions About Saral Jeevan Bima


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Aug 01, 2022

By : Bajaj Allianz Life

When it comes to the financial security of your loved ones, there should be no compromise. We are living in times that are, to say the least, uncertain. In the past few years, the world has experienced the unpredictability of life, and it should be the priority of any individual to financially safeguard their loved ones’ future if that individual is no more. Saral Jeevan Bima offers a solution that is straightforward and simple for any potential policyholder. In fact, this simplicity of guidelines and terms and conditions has made this a popular insurance product to avail of. This is a pure term life insurance plan. The plan gives nominees a death benefit if the policyholder passes away during the policy tenure.

The plan creates a secure financial backup in case of your absence and helps your family and loved ones to cope better, at least preventing the stress of an expense burden. If you are planning to opt for this kind of a plan, you may have many questions regarding how it operates, eligibility, the Saral Jeevan Bima premium, and other queries. Your answers might just be addressed with the FAQs in this article.

 

FAQs

 

You may be looking for some of the answers to frequently asked questions regarding the Saral Jeevan Bima plan. These are highlighted below:

1. For what purpose was the Saral Jeevan Bima introduced?

You can avail of a variety of term insurance plans in the market currently. Each of these contains distinctive terms of use and conditions. People may not have the time or the inclination to make educated and informed choices yet wish to have a reliable term plan. This poses a challenge to choose the right product. Additionally, policies and plans may not suit an individual due to prices being high. The Insurance Regulatory and Development Authority of India (IRDAI), has introduced the Saral Jeevan Bima product to provide a solution to the many concerns of people. Furthermore, the plan generally meets the demands of typical potential policyholders. It is a general plan that does not change, related to its terms and conditions, with varied insurers.

2. What are the typical features of the Saral Jeevan Bima?

Under the purview of the Saral Jeevan Bima, certain common features exist. These are explained below:

  • The minimum age at entry under the plan is 18 years and the maximum is 65 years.
  • The Saral Jeevan Bima automatically terminates when the policyholder reaches the age of 70.
  • The Saral Jeevan Bima has a minimum tenure of 5 years, and a maximum tenure that goes up to 40 years.
  • The minimum sum assured is Rs. 5 lakhs, while the maximum sum assured amounts to Rs. 25 lakhs. 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.
  • You can apply for the Saral Jeevan Bima online at the websites of all insurance companies.

3. Are there different modes to pay premiums? If so, what are they?

There are different modes to pay premiums. You can pay premiums as a lump sum amount, or as regular monthly (Only under ECS/NACH), bi-annual, or annual instalments.

4. Can the Saral Jeevan Bima be purchased online?

Digital online platforms allow applicants to view this plan, and this makes it accessible easily. . Online purchase of any products allows applicants to view and compare different plans in a convenient manner.

5. Is there a waiting period for this plan? What is it?

There is a waiting period in this plan. From the date that the policyholder signs up for the plan (date of commencement of risk), the plan has a waiting period of 45 days, however Policy will cover death due to accident during the waiting period. In case of revival of Policy, the Waiting Period shall not be applicable.

6. Does the plan give policyholders tax benefits?

The tax benefits, would be as per the prevailing provisions of the tax laws in India. The plan gives policyholders tax benefits on the premiums paid, under the Section 80C of the Income Tax Act of 1961. Moreover, the death benefit that is paid out is also exempt under the Section 10(10D) of the Income Tax Act.

 

Conclusion

 

Whether it is about flexibility of the payment of the Saral Jeevan Bima premium, or the benefit upon death, this is a pure term plan that can be of advantage to you and your family. In order that you safeguard your loved ones in your absence, a plan like this may be considered as part of your financial planning.

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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.

~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

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.