Bajaj Saral Jeevan Bima Plan

The Bajaj Allianz Life Saral Jeevan Bima is the non-linked and non-participating individual pure risk premium life insurance plan that is not only simple but also an effective way of securing the life objectives for you and the family.

Why buy Term Insurance early?

Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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Why Bajaj Allianz Life Saral Jeevan Bima?

  • This plan essentially offers the buyers the flexibility to choose the desired policy term from 5-years to 40 years.
  • The Bajaj Allianz Life Saral Jeevan Bima also offers coverage for up to 70 years of age.
  • An individual also has the flexibility to choose from the various premium payment mode.
  • The policyholder can choose to pay the Bajaj Allianz Life Saral Jeevan Bima premium via single, regular or limited pay of 5/10 years.
  • This policy can be easily bought online and is easy to understand.

Key Features of Bajaj Allianz Life Saral Jeevan Bima

Listed below are the key features of Bajaj Allianz Life Saral Jeevan Bima plan:

  • Death Benefit

    Let us primarily understand the death benefit under the following conditions:

    • Within the Waiting Period: In case of demise of the life assured other than because of an accident within the waiting period then a sum equal to 100 per cent of the premiums received excluding the taxes in case of any will be paid. When in case of an accidental demise, the sum assured will be paid to a nominee in lumpsum.
    • After the Waiting Period: On the demise of the life assured because of any reason within the policy period, the opted sum assured will be payable to the nominee in the lumpsum when all the due premiums will be paid.
  • Premium Payment Term

    The premium payment term selected by you is on the premise of, which the benefit illustration has been drawn and will be stated in the policy schedule.

  • Termination

    The risk cover will automatically and immediately terminate on any of the occurrences of the following event:

    • The date when the death benefit becomes payable
    • The refund date if applicable is settled when the policy is cancelled
    • Date of maturity
    • Revival period expiry in case the policy hasn’t been revived
    • Free-look cancellation sum payment
  • Non-premium of Payment

    If the premium is unpaid before the grace period ends the policy will automatically and immediately lapse at the expiry of grace period from the initial unpaid premium date and no benefit within the policy will be payable.

  • Waiting Period

    The waiting period of forty-five days right from the commencement date of risk. In the case of revival of the policy, the waiting period will not be applicable.

  • Revival

    You can revive the lapsed policy within the revival period of five years right from the date of due to the initial unpaid premium and is subject to revival conditions within the policy.

  • Free Look Cancelation

    The policyholder has the free look period of fifteen days and thirty days in case of the electronic policies that are obtained through distance mode from the receipt date of the policy document and policy terms and conditions and the policyholder disagrees to any terms and conditions then the policyholder has an alternative to return the policy to the company for cancellation and state the reason for the objection and the policyholder will be eligible to the paid premium refund subject to the deduction of the proportionate risk premium for the term of cover and expenses that are incurred by the company on the medical investigation of the proposal and the stamp duty charges.

  • Tax Benefit

    The policyholder will be eligible for tax exemption for the paid premiums towards the policy under Section 80C. However, tax benefits are subject to change. Therefore, consult a tax advisor for any further information on tax benefits or implications.

Note: Bajaj Allianz Life Saral Jeevan Bima neither offers any maturity benefit nor any surrender value is applicable.

Eligibility Criteria of Bajaj Allianz Life Saral Jeevan Bima

Entry Age 18 years-65 years
Maturity Age 70 years
Policy Term 5 years-40 years
Sum Assured Rs 5 lakh – Rs 25 lakh
Payment Term Single/ Regular Pay- Equal to Policy Term  

Limited Pay- 5/ 10 years  
Premium Payment Option Monthly, Quarterly, Half-yearly or Yearly

Note: The sum assured would be in the multiples of Rs 50, 000.

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Exclusions Under Bajaj Allianz Life Saral Jeevan Bima

The following suicide exclusion will be applied to the Bajaj Allianz Life Saral Jeevan Bima policy:

  • Within the Regular/ Limited Pay

    The policy will become nullified when the life assured commits suicide within twelve months from the beginning date of risk, provided the policy is active or within twelve months from the policy revival date. The insurer will not consider any claim apart from 80 per cent of the premium sum that excludes the additional sum if charged within the policy due to underwriting decisions, the taxes and the rider premiums until the demise date or the policy cancellation value as on demise date whatever is paid higher to the beneficiary of a policy provided the policy is active.

  • Within Single Premium Policy

    The policy will become nullified when the life assured commits suicide within twelve months from the beginning date of risk. The insurer will not consider any claim apart from 90 per cent of the paid single premium that excludes the additional sum if charged within the policy due to underwriting decisions, the taxes and the rider premiums until the demise date or the policy cancellation value as on demise date whatever is paid higher to the beneficiary of a policy provided the policy is active.

Written By: PolicyBazaar - Updated: 27 January 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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