Max Life Saral Jeevan Bima is a comprehensive pure life protection plan that offers financial protection to the family of the insured in case of an eventuality. The policyholder can customize the plan as per their convenience by choosing the desired coverage, premium paying tenure, and mode of payment.Read more
+Tax benefit is subject to changes in tax laws.
++All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Max Life Saral Jeevan Bima Yojana is a non-participating, non-linked individual pure risk coverage life insurance policy offered by Max Term Life Insurance. It provides flexibility and ensures that the financial future of the policyholder’s family is secured. The term plan offers a lump sum amount as the death benefit to the nominees in case of the policyholder’s unfortunate death during the policy term. These funds can be used by the family to take care of their financial obligations and maintain a good lifestyle.
Further here we have discussed in detail about Max Life Saral Jeevan Bima plan.
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
Here is a list of all the key features of the Max Life Saral Jeevan Bima yojana plan:
Here are the eligibility criteria of the Max life saral jeevan bima policy.
|Entry Age||18 years||65 years|
|Policy Term||5 years||40 years|
|Maturity Age||--||70 years|
|Sum Assured||Rs.5,00,000 (sum assured allowed only in multiple of Rs.50,000)||Rs.25,00,000 (Subject to board approval underwriting policy)|
|Premium Payment Options||Regular Pay
Limited Pay- 5 years &10 years
|Premium Paying Frequency||For Regular & limited pay: Annual, half-yearly & monthly|
Let us take a look at the benefits offered by Max life saral jeevan bima yojana:
In the event of the unfortunate demise of the assured during the policy tenure, the sum assured amount on death is paid to the beneficiary of the policy.
|Death Benefit||Amount Payable|
|Death during Waiting Period||In case of accidental death during the waiting period the nominee will be entitled to receive the sum assured chosen at the time of policy purchase in a lump sum amount.
However, if the policyholder suffers an unfortunate death due to any reason other than accidental, then the death benefit payable will be equal to the 100% of the premiums paid excluding taxes.
|Death after the end of the waiting period but during the policy tenure||For Regular and Limited premium payment policy, the total sum assured amount payable as death benefit will be the highest of either:
10 times the annualized premium, or 105% of the total premium paid as on date of death, or The absolute sum assured amount to be paid on death.
For a single premium payment policy, the sum assured on death will be the highest of:
125% of the single premium paid, or The absolute sum assured amount to be paid on death.
*Annualized premium is the total premium amount payable in a year excluding the taxes, rider premium, loading for modal premiums, and underwriting extra premiums if any.
Note: The death benefit will also be payable to the beneficiary of the policy in case of demise of the life assured due to any pandemic like COVID-19.
No maturity benefit is offered by the policy.
As per the applicable tax law, the policyholder will be applicable for tax exemption for the premium paid towards the policy u/s 80C and 10(10D) of the Income Tax Act. The tax benefits are subject to changes in the tax law. Thus, it is advised to consult the tax advisor to get detailed information on tax implications/benefits.
The waiting period of the policy will be 45 days from the date of commencement of risk. The waiting period will not be applicable in case of policy revival. The policy will provide death coverage due to accidents only during the 45 days waiting period from the date of commencement of risk. If the life assured dies due to an accident during the waiting period then an amount equal to 100% of the premium paid excluding the taxes will be paid to the nominee and no sum assured amount will be paid.
No surrender value is applicable under this policy.
No loan will be available under this policy.
There are no riders available under the policy.
A free-look period of 15 days ( 30 days in case of online policies) is offered from the date of policy inception, to review the T&Cs of the policy. If the insurance holder disagrees with any of those T&Cs, then he/she can return the policy to the insurer for cancellation, stating the reason for cancellation. Upon cancellation, the policyholder is entitled to receive the refund of the premium paid subject to a deduction of expenses incurred by the insurance company like stamp duty charges and the medical test of the proposer. Moreover, a proportionate risk premium for the period of cover is also deducted.
30 days of grace period for the mode of yearly or half-yearly premium payment and 15 days in case of monthly premium payment is offered by the insurance company to the policyholder during which he/she can pay the due premiums. If the premium is not paid within the grace period, the policy lapses.
Under Regular/Limited Pay: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk, provided the policy is in force or within 12 months from the date of policy revival. No claim will be entertained by the insurer except 80% of the premium amount (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on death date, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.This option is not applicable in the case of a lapsed policy.
Under Single Premium Policy: The policy will be nullified in case, the life assured commits suicide within 12 months from the date of commencement of risk. No claim will be entertained by the insurer except 90% of the single premium paid (excluding any extra amount if charged under the policy due to underwriting decisions, taxes, and rider premiums, if any) till the date of death or policy cancellation value as on date of death, whichever is higher is paid to the beneficiary of the policy, provided the policy is in force.
Step 1: Visit Policybazaar’s official Saral Jeevan Bima Yojana page
Step 2: Enter your personal information like gender, name, date of birth, and mobile number
Step 3: Select appropriate options regarding your smoking habits, educational background, occupation, and annual income
Step 4: Select the appropriate plan and proceed to pay
Note: You can use the term insurance premium calculator to calculate the premiums you would need to pay to get the desired life cover.
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