HDFC Life Saral Jeevan Bima

The HDFC Life Saral Jeevan Bima is introduced as the standard individual term life insurance plan. This plan provides the sum assured in a lump sum to a nominee when the life assured passes away during the policy term.

The HDFC LIife Saral Jeevan Bima plan is accessible in the single life basis. It will also maintain the level of cover throughout the term of the policy. The HDFC Life Saral Jeevan Bima also offers flexibility in the policy and the premium payment terms as well.

Let us further get into the important details of the HDFC Life Saral Jeevan Bima.

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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 65 years
Maturity Age 23 years 70 years
Policy Term 5 years 40 years
Sum Assured (The sum assured would be permitted in the multiples of Rs 50,000) Rs 5,00,000 Yet to be Decided
Premium Payment Term Regular Premium Single-Premium Limited Premium Payment for 5-years and 10-years


HDFC Life Saral Jeevan Bima Benefits

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

  • Death Benefit

    When the insured person passes away in an unfortunate event within the policy term, the sum assured amount upon demise is paid to the nominee of the policy.

    For the regular and limited premium payment policies: It will be the highest of:

    • 10 times of the AP
    • 105 per cent of the complete premiums paid upon the date of demise
    • The absolute sum assured will be paid upon the demise

    Now, the absolute amount assured will be paid equivalent to the sum assured. The annualized premium would be the premium sum that is payable in the year excluding the rider premiums, taxes, loadings for the modal premiums and underwriting extra premiums in case of any. And the total premiums paid will be the total of all received premiums and not including any additional premiums, rider premiums and the taxes.

    The Single premium policies: Higher of:

    • 125 per cent of the single premium
    • Absolute amount assured will be paid on the demise

    The absolute amount assured that is to be paid will be equivalent to the sum assured.
  • Policy Cancellation Value

    The policy cancellation value 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.

    • The maturity benefit, surrender value and paid-up will not be applicable within the HDFC Life Saral Jeevan Bima plan.
  • Waiting Period

    It will be forty-five days from the date of the beginning of risk, In case the policy is revived, then the waiting period will not be applicable.
  • Demise Due to Accident Within Waiting Period

    The HDFC Saral Jeevan Policy will cover demise due to an accident within the waiting period that is of 45 days right from the commencement date of the risk. In case of an accidental demise, the death benefit defined within Section 1 will be paid.
  • Demise Due to Other Than Accident Within Waiting Period

    In case the life assured passes away due to any other reason apart from the accident within the waiting period then an amount equivalent to 100 per cent of all the received premiums excluding the taxes in case of any will be likewise paid and the sum assured will not be paid.
  • Demise Within Policy Period

    Death benefit defined within Section 1 will be paid. This is applicable after the waiting period has been completed.

HDFC Life Saral Jeevan Bima Additional Benefits

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

  • Optional Riders: The HDFC Life Saral Jeevan Bima plan offers optional riders that include accident and permanent disability benefit rider.
  • Frequency of Premium Payment: The premium payment modes accessible within the HDFC Life Saral Jeevan Bima are monthly (within ECS or NACH), half-yearly, yearly or single pay. The premium rates for the non-yearly modes can be calculated by simply multiplying the yearly premium rates by the set below factors:

    Frequency Conversion Factor
    Monthly 0.0875
    Half-yearly 0.5100
  • Loan: No loan will be permitted against the HDFC Life Saral Jeewan 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.
  • Freelook: This is an alternative to review policy following the receipt of the document of the policy. The policyholder has the free look period of fifteen days and in 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 to any terms and conditions, the policyholder can return the policy to the company for cancellation of the same and give the reason as well to obtain the refund of the paid premium subject to the deduction of the proportionate risk premium for the term of cover and incurred expenses by the company on the medical assessment of the stamp duty and prosper charges. Next, the request received by the company for the free look cancellation of the policy will be processed and likewise, the premium will be refunded within fifteen days of receipt of the request.
  • 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
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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.
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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