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Bajaj Allianz Life Saral Jeevan Bima A Non Linked, Non-Participating, Individual Pure risk premium Life Insurance Plan

    • Life Cover
    • Life cover up to a term of 40 years
    • High sum assured rebate*
    • Female life rebate**
Saral Jeevan Bima
  • Overview
  • Key Advantages
  • How this works
  • Eligibility
  • Downloads
  • Sample Illustration
  • Policy Benefits
  • Performance
detail-list-image

Saral Jeevan Bima Term Insurance Plan - Overview

When it comes to shielding your financial and life goals from future uncertainties, a simple plan is a good way to approach it. That is why when it is about protecting your family and their future, pure life cover is what you need.

Bajaj Allianz Life Saral Jeevan Bima, a non-linked, non-participating, individual pure risk life insurance plan, is such an offering. This term policy offers up to Rs 25 lakh life cover for a maximum period of 40 years so that you can live your life without a thought about the financial safety of your family after you.

Life Cover:

The term insurance plan offers life cover to protect your family in case of an unfortunate event of your death.

Multiple premium paying terms:

The term plan offers single, limited (5 and 10 years) and regular premium paying terms to help you opt for an option in line with your particular needs.

Life cover up to a term of 40 years

The term plan offers life cover for up to 40 years

Multiple premium paying frequencies:

One can pay Single premium or Regular/Limited premiums on a monthly, half-yearly, or on yearly basis.

High Sum Assured Rebate:

The term insurance plan offers a rebate in premium for every additional Rs 1 lakh increase in Sum Assured above Rs 5 Lakhs.

Female Life Rebate:

The premium rate applicable to female life is based on the premium rate of 3 years younger male.

Tax benefits:

The benefits under the term plan are eligible for tax benefits as per extant Income Tax Act, 1961, subject to the provision stated within.

  1. 1

    Choose your Sum Assured

  2. `
  3. 2

    Choose your Policy Term

  4. `
  5. 3

    Choose your Premium Payment Term

  6. `
  7. 4

    Choose your Mode of Premium payment

    Your premium will be based on your age, gender, and the above details.

  8. `

Entry Age

Minimum age is 18 years

Maximum age is 65 years

For Policies sourced through POS channel, the minimum and maximum entry age will be as per the POS Guidelines as amended from time to time.

Maturity Age

Maximum Maturity Age

70 years

For Policies sourced through POS channel, the maximum maturity age will be as per the POS Guidelines as amended from time to time.

Sum Assured

Minimum Sum Assured

5 lakhs

Maximum Sum Assured

25 lakhs

Policy Term

Minimum Policy Term

5 years

Maximum Policy Term

40 years

Premium Payment options

  • Single Premium
  • Limited Premium for 5 years or 10 years
  • Regular Premium

Premium Payment Modes

Single/Yearly/Half yearly, Monthly

Monthly is available only under ECS/NACH

  • Death Benefit

Life Assured’s age at entry

Policy term

Premium Paying Term

Sum Assured

Annualized Premium

30 years/male

30 years

30 years

25 lakh

Rs. 8,321

35 years/male

30 years

30 years

25 lakh

Rs. 11,848

40 years/male

30 years

30 years

25 lakh

Rs. 17,525

Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws and any extra premium.

The plan can be purchased directly from the company’s website also at the applicable premium rates.

Death Benefit

"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 premiums2 received excluding taxes4, if any, shall be paid and the Sum Assured shall not be paid."

On death of the Life Assured, provided the policy is in force, the death benefit payable to the nominee would be as follows:

Premium payment type

Death benefit

Limited premium/Regular premium

Death benefit equal to Sum Assured on death which is the highest of:

  • 10 times the Annualized premium1, or
  • 105% of all premiums2 paid as on date of death, or
  • Absolute amount assured to be paid on death3
  •  

Single premium

Death benefit equal to Sum Assured on death which is the higher of:

  • 125% of Single premium2, or
  • Absolute amount assured to be paid on death3
  •  

The death benefit mentioned above would be payable as a lump sum and would be applicable in case of:

  • Accidental Death of the Life Assured during the Waiting period; or
  • Death of the Life Assured due to any reason after expiry of the Waiting period

Note:

1Annualized Premium is the total amount of premium payable in a policy year excluding taxes4 , rider premiums, underwriting extra premiums and loadings for modal premiums, if any.

2Premium(s) shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any. This doesn’t include taxes4 which are payable separately.

3Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured.

4Tax(es) refers to GST/any other applicable tax levied, subject to changes in tax laws.

Maturity Benefit

No maturity benefit is payable under this policy.

Disclaimer: Returns are 10 year compounded annualised growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Overall Rating as on January 2024.

Disclaimer: Returns up to 1 year are absolute and more than 1 year are compounded annualized growth rate (CAGR) as on 20/02/2018 (DD/MM/YYYY).
Past performance is not indicative of future performance. Star rating is Morning Star Overall Rating as on January,2024.

detail-list-image

Saral Jeevan Bima Term Insurance Plan - Overview

When it comes to shielding your financial and life goals from future uncertainties, a simple plan is a good way to approach it. That is why when it is about protecting your family and their future, pure life cover is what you need.

Bajaj Allianz Life Saral Jeevan Bima, a non-linked, non-participating, individual pure risk life insurance plan, is such an offering. This term policy offers up to Rs 25 lakh life cover for a maximum period of 40 years so that you can live your life without a thought about the financial safety of your family after you.

Documents you’ll need before investing

Term insurance benefits you should know about

Term Insurance Benefits and Things To Consider Before Buying a Term Insurance Plan

READ MORE
View term insurance plans from Bajaj Allianz Life

Term Insurance: How Much Should You Be Insured For And For How Long?

READ MORE

Life Insurance Glossary

Annualised Premium

“Annualised Premium” means the total amount of Regular Premiums payable in a Policy Year, after due consideration of applicable premium factors for various Premium Payment Frequency. (In this calculation, any extra premium, Rider Premium or applicable taxes are excluded.

Grace Period

“Grace Period” means a period of fifteen (15) days for a monthly Premium Payment Frequency and thirty (30) days for other than monthly Premium Payment Frequency, from the due date of the Regular Premium payment.

Life Assured

“Claimant” means the Life Assured (if alive) or Policyholder (if different from the Life Assured) or the assignee or the Nominee or the legal heirs of Policyholder/Nominee(s) to whom the Policy Benefit will be payable.

Maturity Date

“Maturity Date” means the date specified in the Schedule on which the Maturity Benefit as per policy document shall become payable to the Policyholder

Nominee

“Nominee” means the person who has been nominated in writing to the Company by the Policyholder, who is entitled to receive the Death Benefits under the Policy as mentioned in Policy Document.

Paid-up Sum Assured on Death

“Paid-up Sum Assured on Death” is the reduced value of the Sum Assured on Death arrived at by multiplying the Sum Assured on Death with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy.

Paid-up Sum Assured on Maturity

If the Regular Premiums due for first three (3) Policy Years are paid and subsequent Regular Premiums are not paid, the Policy will, immediately and automatically, be converted to a paid-up Policy on the expiry of the Grace Period as per the conditions stated in the policy document.

Paid-up Sum Assured

“Paid-up Sum Assured” is the reduced value of the Sum Assured arrived at by multiplying the Sum Assured with the proportion of the number of Regular Premiums paid to the total number of Regular Premiums payable under the Policy

Policyholder

“Policyholder” means the adult person named in the Schedule who has concluded the Policy with the Company

Rider Benefit

“Rider Benefit” means the benefit payable under the Rider on the happening of the contingent event covered under the Rider. For more details, refer to the Policy Document

Rider Life Assured

“Rider Life Assured” means the person named as the Rider Life Assured in the Schedule whose life is assured under this Rider

Rider Premium

“Rider Premium” means the amount exclusive of applicable taxes, if any, payable by the Policyholder at regular intervals during the Rider Premium Paying Term, in amount (along with and as part of the Regular Premium) and at the Premium Payment Frequency.

Rider Premium Paying Term

“Rider Premium Paying Term” means the period specified in the Schedule during which the Rider Premium is payable.

Rider Term

"Rider Term” means the period between the Date of Commencement of Rider and the Rider Maturity Date, as mentioned in the Schedule

Sum Assured on Maturity

"Sum Assured on Maturity” is the amount as specified in the Schedule under the Policy Document

Sum Assured

“Sum Assured” is the amount as specified in the Schedule under the Policy.

Surrender Benefit

“Surrender Benefit” means the benefit, if any, payable on the surrender of the Policy. The details are as given in Policy Document

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*HSAR – High Sum Assured Rebate is subject to policy terms and conditions

**Premium rate applicable to female life will be based on the premium rate of 3 years younger male