HDFC Life Saral Jeevan Bima

The HDFC Life Saral Jeevan bima plan is a simple term insurance plan that is specifically designed to provide financial protection to people with low income. This plan provides life cover options starting from 5 Lacs at affordable premiums to ensure the financial stability of your loved ones in your absence. Let us see how you can get long term coverage for your family with HDFC saral jeevan bima plan. 

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₹20 Lacs Life Cover at just ₹372/month+
In case of your death, your family will receive fixed amount, tax free
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HDFC Life Saral Jeevan Bima Key Features

Here is a list of all the key features of this term insurance plan offered by HDFC life insurance:

  • This plan provides a long term coverage to your family members by providing them with a financial benefit in case of your unfortunate demise during the policy term.

  • You can choose to pay the premiums in a single lump sum, limited, or regular premium payment term as per your convenience on a monthly, half-yearly, or annual basis.

  • You will be eligible to receive tax benefits as per the prevailing tax laws.

HDFC Life Saral Jeevan Bima Eligibility Criteria

The table below shows the HDFC Life Saral Jeevan Bima eligibility criteria:

Criterion Minimum Maximum
Entry Age 18 years 40 years
Maturity Age 23 years 50 years
Sum Assured 5 Lacs 35 Lacs
Policy Term 5 years 10 years
Premium Payment Term
  • Regular Premium Pay
  • Single Premium Pay
  • Limited Premium Payment for 5 years 

HDFC Life Saral Jeevan Bima Benefits

Further, let us understand the HDFC Life Saral Jeevan Bima Benefits:

  • Death Benefit
    When the life assured passes away in an unfortunate event within the policy term, the sum assured amount upon demise is paid to the nominee of the policy. The policy has a waiting period of 45 days in this plan from the date of plan purchase. Let us see how the death benefit is paid in case of death within and after the waiting period.

    Death during the waiting period

    If the life assured dies during the waiting period, the nominee will receive the death benefit if the policy is

    • On death due to accident for limited or regular premium pay policies it will be the highest of:

      • 10 times of the AP (Annualliased Premium)

      • 105 per cent of the complete premiums paid upon the date of demise

      • The absolute sum assured will be paid upon the demise

    • In case of accidental death for single premium policies the higher of

      • 125 per cent of the single premium

      • Absolute amount assured will be paid on the demise

    • On death due to any other reason than accident, 100 percent of the premiums excluding taxes, will be paid to the nominee of the policy.

    Death after the end of the waiting period

    In case the policyholder dies after the end of the waiting period but before the end of the maturity period

    • If the policy is regular or limited pay, then higher of:

      • 10 times of the AP (Annualliased Premium)

      • 105 per cent of the complete premiums paid upon the date of demise

      • The absolute sum assured will be paid upon the demise

    • If the policy is single pay, then higher of

      • 125 per cent of the single premium

      • Absolute amount assured will be paid on the demise

  • Maturity Benefit: The plan provides no maturity benefit on the maturity of the HDFC Saral Jeevan Bima plan.

  • Tax Benefits: You can claim term insurance tax benefits as per the prevailing tax laws under section 80C and 10(10D) of the Income Tax Act.

HDFC Life Saral Jeevan Bima Additional Benefits

Listed below are some of the other additional benefits of HDFC Life Saral Jeevan Bima:

  • Policy Cancellation Value
    The policy cancellation value for this HDFC Term Insurance will be payable under the following conditions:

    • When the policyholder applies for the same before the stipulated maturity date in case of the single premium policy

    • When the policyholder applies for the same before the stipulated maturity date or towards the end of the revival period and when the policy is not revived in case of the limited premium payment policies

    For the Single Premium: The policy cancellation value is acquired immediately after the receipt of the single premium and will be calculated like the following:

    • = (70 per cent X Paid Single Premium X Policy Term Unexpired)/ Policy Term Original

    • The single premium will be inclusive of the extra premium in case of any

    Limited Premium Payment: For 5-years and 10 years, the policy cancellation value will be acquired if the minimum of two consecutively full year’s premium sum has been paid and is then calculated as follows:

    • = (70 per cent X Paid Single Premium X Policy Term Unexpired)/ Policy Term Original

    • The total premiums paid will be inclusive of the extra premium in case of any

    Regular Premium Payment Term: There will be no policy cancellation value payable in regards to the regular premium policies.

  • Loan: No loan will be permitted against the HDFC Life Saral Jeevan Bima.

  • Deduction of Premium From the Claim Sum: In case the life assured passes away within the active policy and the due premiums have been paid until the date of demise and the payment mode of the premium is other than annually, the balance premiums in case of any that is failing from the date of demise and before the anniversary of the next policy will be deducted from the claim sum. On the other hand, if the demise of the life assured occurs under the grace period and before the premium payment is then due to the policy will then be valid and the benefits will be paid after the deductions of the unpaid premiums and the balance premium in case of any is falling due from the demise date and before the next anniversary of the policy.

  • Revival Period: Policyholders can revive their regular and limited premium pay policies by paying all of the outstanding premium, the applicable interest on the premium, and the tax amount. You can only revive your HDFC saral jeevan bima within the first 5 years from the date of the first unpaid premium.

  • Free Look Period: The policyholder has the free look period of fifteen days (for online policies) and in the case of electronic policies and those obtained via distance, the mode is thirty days from the receipt date of the policy document to review terms and conditions. In case of the policyholder disagrees with any terms and conditions, the policyholder can return the policy to the company for cancellation.

  • Grace Period: The grace period will be applicable in case of limited and regular premium payment policies.

    • In case the mode of premium payment is annually or half-yearly the grace period is of thirty days, and in case of monthly, it is fifteen days and is permitted for the payment of every renewal premium.

    • The grace period will apply to the rider premium that is payable along with the premium for the base policy.

    • In case the premium is not paid before the days of grace are expired then the policy lapses.

  • Policy Termination: The policy will terminate on the earliest either immediately or automatically on the occurrence of the following events:

    • The date upon, which the death benefit becomes payable

    • Refund date if applicable is settled when the policy is cancelled

    • Maturity date

    • When the revival period expires, and the policy hasn’t been revived

    • Upon payment of free look cancellation sum

HDFC Life Saral Jeevan Bima Exclusions

Now let us also take an understanding of the HDFC Life Saral Jeevan Bima plan exclusions:

  • For the Single Premium Payment Policy: The policy will be void when the life assured commits suicide within twelve months from the commencement date of the risk, and the company will likewise not entertain claim except 90 per cent of the single premium paid and not including any additional sum charged with the policy due to decisions of underwriting and the rider premiums in case of any.

  • For the Regular/Limited Premium Payment Policy: The policy will be void when the life assured commits suicide within twelve months from the commencement date of the risk and the policy is still active or within twelve months from the revival date and the company will not entertain claim except for 80 per cent of the paid premiums that do not include any additional sum charged within the policy due to decisions of underwriting, taxes and the rider premiums in case of any until the date of demise. This clause will not be applicable in case of the lapsed policy as nothing is payable within such policies.

FAQs

  • Ans. The HDFC life saral jeevan bima offers the following benefits:

    • Financial protection to the family members in case of the policyholder’s death during the policy term
    • You can get a large life cover for a long term at affordable premiums 
    • Tax benefits on the premiums paid and the returns received by the family members as per the prevailing tax laws
  • Ans. The entry age limit to buy HDFC life saral jeevan bima is 18 to 40 years, and the maximum maturity age allowed is 50 years.
  • Ans. The minimum and maximum sum assured limit allowed in the HDFC life saral jeevan bima is from 5 Lacs to 35 Lacs.
  • Ans. HDFC life saral jeevan bima differs from HDFC term insurance in that Hdfc term insurance can be purchased for a larger sum assured, whereas the maximum limit on sum assured in HDFC saral jeevan bima is 35 Lacs.
  • Ans. No, there is no surrender option available in HDFC saral jeevan bima. However, you can opt for policy cancellation as per the above-mentioned conditions.
  • Ans. The benefit of the HDFC life saral jeevan bima plan will be payable to the nominee of the policy as per Section 39 of the Insurance Act of 1938.
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