Bajaj Saral Jeevan Bima Plan

Bajaj Allianz Life Saral Jeevan Bima is comprehensive term insurance plan that covers an individual for a specific amount of time. If the life assured/policyholder unfortunately passes away during the policy term, the Bajaj Saral Jeevan Bima Plan will provide the death benefit in the form of lump sum to his/her nominees. This standard term plan is designed for all individuials irrespective of their occupation or education. Let's understand the plan better through this article. 

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₹20 Lacs Life Cover at just ₹372/month+
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Why Should You Opt For The Bajaj Saral Jeevan Bima Plan?

Here are the reasons why you should opt for the Bajaj Saral Jeevan Bima Plan:

  • This plan essentially offers the buyers the flexibility to choose the desired policy term for up 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 from the Policybazaar’s website and is easy to understand.

  • The Bajaj Saral Jeevan Bima Plan also allows tax benefits under the ITA, 1961.

  • You get the flexibility to choose between Single, Limited, or Regular premium payment options.

What Is The Eligibility Criteria For Buying Bajaj Saral Jeevan Bima Plan?

Here is the eligibility criteria for buying the Bajaj Saral Jeevan Bima Plan:

Criteria Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 70 years
Policy Term 5 years 40 years
Sum Assured Rs. 5 Lakhs Rs. 25 Lakhs
Payment Term Single/ Regular Pay - Equal to Policy Term
Limited Pay - 5 or 10 years
Premium Payment Option Monthly, Quarterly, Half-yearly or Yearly

What Are The Key Benefits Of Bajaj Saral Jeevan Bima Plan?

Listed below are the key features of the Bajaj Saral Jeevan Bima Plan:

  • Death Benefit: This policy covers accidental death only during the 45-day waiting period from the start of the coverage. In case of life assured’s death other than because of accident during the waiting time, an amount equivalent to 100% of all premium amount received (minus taxes) shall be paid and the sum assured shall not be payable.

    In case of Limited/Regular Premiums:

    Death Benefit equivalent to sum assured in case of death which is the highest of:

    • 10 of Annualized premium

    • 105% of all premium amount paid as on the death date, or

    • Absolute assured amount to be paid at the time of death

    In case of Single Premium:

    • Death benefit equivalent to sum assuyred in case of death which is the highest of:

    • 125% of single premium

    • Absolute assured amount to be paid at the time of death

    The death benefit will be paid as lump sum and would be applied in case of:

    • Life assured’s accidental death during the waiting period.

    • Life assured’s death because of any reason after the expiration of waiting period.

  • 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.

  • Maturity Benefit: No Maturity Benefit is paid under the plan.

  • 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. This plan also doesn’t provide any rider benefit or policy loan facility.

What Are The Policy Details In The Bajaj Saral Jeevan Bima Plan?

Below mentioned are some of the policy details in the Bajaj Saral Jeevan Bima Plan:

  • Free Look Period: You have a 15-day free look period (30 days for electronic or distance mode policies) to review the policy. If you disagree with the terms, you can return it for cancellation, and you'll receive a refund, minus certain charges. Policy termination occurs upon refund, and all benefits end. The cancellation request is processed within 15 days.

  • High Sum Assured Rebate (HSAR):You get a rebate on your premium based on the Sum Assured chosen for Life Cover. For every additional 1 lac increase in Sum Assured beyond Rs. 5 Lakhs, you receive this rebate on your premium.

  • Female Life Rebate: The premium rate for females is calculated based on the premium rate of a male who is 3 years younger.

  • Grace Period for Premium Payment: You have a grace period of 30 days (for yearly or half-yearly payment) or 15 days (for monthly payment) to pay each renewal premium. If the premium is not paid within this period, the policy will lapse. In the event of the Life Assured's death within the grace period but before paying the due premium, the policy remains valid. The benefits will be paid after deducting the unpaid premium and any other outstanding premiums up to the date of death, before the next policy anniversary.

  • Waiting Period: The waiting period is 45 days from the Date of Commencement of Risk. If the policy is revived, the waiting period won't apply.

  • 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.

  • Revival of Policy: If the policy has lapsed due to non-payment within the grace period, it can be revived during the life of the policyholder, but within the Revival Period (five consecutive years from the due date of the first unpaid premium) and before the Date of Maturity. To revive the policy, all the outstanding premiums, along with interest, must be paid.

What Are The Exclusions Under Bajaj Saral Jeevan Bima Plan?

The following suicide exclusion will be applied to the Bajaj Saral Jeevan Bima Plan:

  • Within the Regular/ Limited Pay
    The policy will become nullified when the life assured commits suicide within 12 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 12 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.

FAQ's

  • Ans: Bajaj Allianz Life Saral Jeevan Bima is a non-participating life insurance plan that provides a lump sum death benefit to the nominees if the life assured/policyholder unfortunately passes away during the policy term.
  • Ans: The maximum maturity age for Bajaj Saral Jeevan Bima is 70 years.
  • Ans: No, if the Bajaj Saral Jeevan Bima plan is revived, the Waiting Period will not be applicable. The coverage will be immediate and comprehensive from the date of revival.
  • Ans: Yes, there is a Female Life Rebate in the Bajaj Saral Jeevan Bima policy, where the premium rate for females is based on the premium rate of a male who is 3 years younger.
  • Ans: Yes, within the Revival Period (within five consecutive years from the due date of the first unpaid premium) and before the Date of Maturity, you can revive the Bajaj Saral Jeevan Bima policy multiple times by paying all outstanding premiums with interest. However, each revival must be done within the Revival Period.
  • Ans: The Waiting Period is a period of 45 days from the Date of Commencement of Risk. During this time, the Bajaj Saral Jeevan Bima policy only covers death due to accidents. After the waiting period, the policy provides full coverage for all causes of death.
  • Ans: No, the critical illness rider is not available in the Bajaj Saral Jeevan Bima plan.
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