Max Life Saral Jeevan Bima

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.

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What is Max Life Saral Jeevan Bima Yojana?

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.

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

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Key Features Of Max Life Saral Jeevan Bima Plan

Here is a list of all the key features of the Max Life Saral Jeevan Bima yojana plan:

  • The policy buyers can choose the desired policy tenure ranging from a minimum of 5 years to a maximum of 40 years.
  • The plan offers coverage for up to 70 years of age.
  • The policyholder can choose from different modes of premium payment.
  • This term insurance plan can be availed by anyone regardless of gender, occupation, educational qualification, or place of residence.
  • The policyholder can choose from different premium paying options i.e. regular pay, limited pay for 5/10 years, or single pay as per their convenience.

Max Life Saral Jeevan Bima Eligibility Criteria

Here are the eligibility criteria of the Max life saral jeevan bima policy.  

Eligibility Criteria  Minimum  Maximum
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 
Single Pay
Premium Paying Frequency For Regular & limited pay: Annual, half-yearly & monthly

Max Life Saral Jeevan Bima Benefits

Let us take a look at the benefits offered by Max life saral jeevan bima yojana:

  • Death Benefit

    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.

  • Maturity Benefit

    No maturity benefit is offered by the policy.

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Other Features of Max Life Saral Jeevan Bima Plan

  • Tax Benefit

    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.

  • Waiting Period

    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. 

  • Surrender Value

    No surrender value is applicable under this policy. 

  • Loan Option

    No loan will be available under this policy.

  • Riders Available

    There are no riders available under the policy.

  • Free Look Period

    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.

  • Grace Period

    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.

Exclusions

  • Suicide Exclusion

    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.

How to buy Max Life Saral Jeevan Bima From Policybazaar?

  • 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.

FAQ's

  • What is Saral Jeevan Bima policy?

    Ans: Max life saral jeevan bima policy is a pure term plan that provides financial security to the family of the policyholder for a small premium paid regularly.
  • What kind of product is Saral Jeevan Bima?

    Ans: Saral jeevan bima is a pure risk protection life insurance product that offers a minimum and maximum sum assured of Rs. 5 and 25 Lacs respectively. The plan is especially suitable for individuals who are unmarried with dependant parents, recently married, or married with children, as it provides a financial backup in case of the unfortunate death of the main income earner.
  • What is the maximum age at entry for the Saral Jeevan Bima policy?

    Ans: The minimum and maximum age at entry for max life saral jeevan bima are 18 and 65 years respectively.
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