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. This plan is designed to provide coverage for individuals from diverse backgrounds, regardless of their educational qualifications or occupation. The policyholder can customize the plan as per their convenience by choosing the desired coverage, premium paying tenure, and mode of payment.Read more
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Let’s understand this plan better in this article.
Here are the reasons why you should opt for the Max Life Saral Jeevan Bima Plan:
Plan offers multiple payment options i.e., regular, single, and limited Pay (5 & 10 years).
Coverage until age 70, with policy terms of 5 to 40 years.
If the insured person dies from non-accidental causes during the waiting period, they'll receive a refund of all premiums paid (excluding taxes) but not the sum assured.
Enjoy tax benefits under ITA, 1961.
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.
Here is the eligibility criteria for buying the Max Life Saral Jeevan Bima Plan:
|Rs. 5 Lakhs
|Rs. 25 Lakhs
|Premium Payment Mode
|Monthly, Half-yearly or Yearly
Listed below are the key features of the Max Life Saral Jeevan Bima Plan:
Financial Security For Your Family: Secure your loved ones’ financial protection in case of any unfortunate event with this insurance plan. It provides a lump sum benefit to your loved ones, offering crucial support during difficult times.
Death Benefit: The benefit is paid when the insured person passes away, as long as the policy is active.
If death occurs during Waiting Period:
Accidental death: Lump sum benefit equal to chosen Sum Assured.
Non-accidental death: Death benefit is 100% of all premiums paid (excluding taxes, if any).
If death occurs after the waiting period but before the policy term expires: Chosen Sum Assured will be paid as a lump sum to the beneficiary upon the death of the Life Insured. The amount is based on the type of premium payment:
Regular or limited premium: Highest of 10 times the annualized premium, 105% of all premiums paid as of the death date, or the absolute amount assured on death.
Single premium: Higher of 125% of the Single Premium or the absolute amount assured on death.
Maturity Benefit: The policy does not offer any benefits upon maturity.
Surrender Benefit: There are no benefits provided if you decide to surrender the policy before its term ends.
Policy Loans: You cannot get a loan with this policy.
Riders: There are no riders available under this policy.
Tax Benefit: The policyholder can claim tax exemption for the premium paid towards the policy under sections 80C and 10(10D) of the Income Tax Act, subject to applicable tax laws.
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.
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.
Lapse: If the policyholder stops paying premiums before the policy accumulates a cancellation value, the policy will lapse after the grace period ends. All coverage will end, and no benefits will be paid for lapsed policies.
Nomination: The policyholder can nominate someone to receive the benefits as per the rules stated in Section 39 of the Insurance Act 1938, which may change over time.
Assignment: The policyholder can assign the policy to someone else in accordance with the rules stated in Section 38 of the Insurance Act 1938, which may change over time.
Revival of Policy: If the premiums are not paid, the policy will lapse (if no cancellation value is acquired), and no benefits will be paid. However, within 5 years from the due date of the first unpaid premium, the policy can be revived.
Statutory Impositions: The premiums and benefits of the policy are subject to applicable taxes, levies, and cess imposed by the government from time to time. The policyholder is responsible for paying these statutory charges.
The following exclusion will be applied to the Max Life Saral Jeevan Bima Plan:
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
Step 5: Choose your preferred payment method and make the payment to buy the policy
Note: You can use the term insurance premium calculator to calculate the premiums you would need to pay to get the desired life cover.