SBI Life- Saral Jeevan Bima

The SBI Life- Saral Jeevan Bima is a non-linked and non-participating life insurance premium product. SBI Life- Saral Jeevan Bima yojana is suitable for those who are looking forward to a pure protection cover and a simple plan.

SBI Life- Saral Jeevan Bima ensures that the family remains protected under any adversity.

Why SBI Life- Saral Jeevan Bima?

SBI Life- Saral Jeevan Bima is a standard term insurance plan exclusively designed for first-time buyers.

SBI Life- Saral Jeevan Bima is the ideal insurance product for anyone who cannot devote much time or efforts to understand the working of the policy. SBI Life- Saral Jeevan Bima policy is the pure protection plan and the key highlight of the plan is its Simplicity’. Under any adverse situation such as the demise of the life assured during the policy period, the nominee will receive the sum assured on death in a lump sum.

Read below and understand the details of the SBI Life- Saral Jeevan Bima, the standard term plan that will keep the family protected financially.

Features of SBI Life- Saral Jeevan Bima

The following are the key features offered under SBI Life- Saral Jeevan Bima:

  • Affordability

    The plan is easily available, cost-effective and anyone can buy the plan by paying a reasonable premium.

  • Flexibility

    The plan offers flexibility to either pay the premium once, regularly or for the limited period that is 5/10 years.

  • Simplicity

    The standard terms and conditions make this product easy to understand.

  • Security

    This standard product ensures the financial protection of the family.

  • Waiting Period

    SBI Life- Saral Jeevan Bima policy covers demise due to a mishap/ accident during the waiting period of forty-five days from the date of the beginning of risk. During the waiting period, the life assured is no more other than due to an accident, the sum equivalent to 100 per cent of the premiums will be paid excluding the taxes.

Eligibility Criteria of SBI Life- Saral Jeevan Bima

The table below shows the eligibility criteria of SBI Life- Saral Jeevan Bima yojana:

Entry Age 18 years to 65 years
Maturity Age (Maximum) 70 years
Policy Term 05 years to 40 years
Combination of the Policy Term and Premium Payment Term is as follows:
Premium Payment Term Regular Premium Single-Premium Limited Premium (05-years) Limited Premium (10-years)
Policy Term 05 years to 40 years 05 years to 40 years 10 years to 40 years 15 years to 40 years
Basic Sum Assured Minimum- Rs 5 lakh Maximum- Rs 25 lakh   The maximum basic sum assured is permitted as per the underwriting policy that is approved by the board.
Premium Frequency Monthly, half-yearly, yearly or single pay
Premium Payment Options Single premium, Regular premium, the limited premium (five years and ten years)
Premium Frequency Loading Monthly- 8.50 per cent of the annual premium Half-yearly- 51.00 per cent of the yearly premium

Benefits of SBI Life- Saral Jeevan Bima

Here is a rundown of the key benefits offered under SBI Life- Saral Jeevan Bima:

  • Death Benefit

    Upon the demise of the life assured within the policy tenure after the waiting period expiry or due to an accident within the waiting period, the nominee or beneficiary will be receiving the sum assured on death in the lump sum that is:

    For policies that offer Regular and Limited Premium Payment, it is the highest of:

    • 10 time of the AP
    • 105 per cent of the paid premiums upon demise date
    • The absolute amount likely to be paid on the demise

    For Single Premium Policies, it will be higher of:

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

    Upon the demise of the life assured because of other than an accident within the waiting period the nominee or the beneficiary will be receiving the death benefit that is equal to 100 per cent of the paid premiums and excluding the taxes in case of any.

    The annualized premium is the complete sum that is payable within a policy year excluding the taxes, loadings for the modal premiums and underwriting extra premiums. The absolute sum assured is paid upon demise and is an amount that is equivalent to the basic sum assured.

  • Policy Cancellation Value

    For the Single Premium Policies

    The policy cancellation value is acquired right after the receipt of the single premium and is calculated in the following way:

    70 per cent of the paid single premium (Original policy tenure / unexpired policy tenure)

    It will be payable on the policyholder applying for the equivalent before the maturity date stipulated.

    For the Regular Premium Policies

    There will be absolutely no policy cancellation value payable

    For the Limited Premium Payment Policies

    The policy will acquire the policy cancellation value in case the premiums have been paid for two consecutive years and are then calculated as:

    70 per cent of the paid single premium (Original policy tenure / unexpired policy tenure)

    It will be payable on the policyholder applying for the equivalent before the maturity date stipulated or revival period end in the case when the policy is not revived.

    The total premiums paid or the single premium paid whichever is used in the calculation will be inclusive of the extra premiums in case of any.

  • Tax Benefits

    Avail of the tax benefits as per existing income tax and laws, which are subject to change from time to time.

    Note- SBI Life- Saral Jeevan Bima yojana does not offer survival benefit, maturity benefit, rider benefit and surrender benefit. Besides, no loan facility is available against this plan.

How to Buy SBI Life- Saral Jeevan Bima Online?

Listed below are steps to buying the SBI Life- Saral Jeevan Bima policy online:

  • Visit the official website of SBI Life. Click on ‘Products’. Next, select ‘Individual Life Insurance Plan’.
  • Select SBI Life-Saral Jeevan Bima
  • Choose the desired life cover, premium frequency, premium payment term and the policy term. Now, fill the SBI Life-Saral Jeevan Bima form and provide the personal details, health details, nominee details, etc. and then make the payment.
  • Affix the signature.
  • Provide the requisite documents.

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Exclusions under SBI Life- Saral Jeevan Bima

The Suicide Claim Provision

Within the Regular or Limited Premium Policy

At any point in time, the policy will become void when the life assured commits suicide right from the date of the beginning of risk while the policy is still active or within the twelve months from the date of revival. The company is not going to entertain claims apart from 80- per cent of the paid premium until the demise date. This clause is not applicable for any lapsed policy as nothing will be payable.

Within the Single Premium Policy

At any point in time, the policy will become void when the life assured commits suicide right from the date of the beginning of risk within the twelve months. The company is not going to entertain claims apart from 90 per cent of the paid single premium excluding the sum charged within the policy because of underwriting decisions. After the benefit is paid as applicable, then the policy will likewise be terminated.

Written By: PolicyBazaar - Updated: 26 February 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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