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.

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₹20 Lacs Life Cover at just ₹372/month*

Now Term Insurance is in everyone’s reach

In case of your death, your family will receive fixed amount, tax free
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₹20 Lacs Life Cover at just ₹372/month*
In case of your death, your family will receive fixed amount, tax free
Covers COVID-19
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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.

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SBI Life- Saral Jeevan Bima Reviews & Ratings

0 / 5 (Based on 31 Reviews)
(Showing Newest 25 reviews)
Omkar
Chennai , October 26, 2021
Great features
I have got day care hospitalization feature under the mediclaim policy which i have purchased from the policybazaar. It offered me lifelong renewability Cover. It includes tax exemption benefits, cashless hospitalization and many other facilities. overall i like my plan.
Angoor
Kolkata , October 26, 2021
Trustworthy website
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Kush
Surat, October 26, 2021
Helpful staff
I rarely trust the online purchasing because of the possibility of fraud but Policybazaar has built my trust up. I went through the online process when I was taking care health insurance from here and i found this website trustworthy.
Ranveer
Pune, October 26, 2021
Low cost plan
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Kushal
Jaipur, October 26, 2021
Good Coverage
I have bought Bajaj Allianz Health Insurance for my family and by taking a health plan, I have secured my entire family. I have got coverage against medical expenses and buying my policy online has saved my money as I did not have to pay agent fees.
Jitendra
Lucknow, October 26, 2021
Affordable plan
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Kanpur, October 26, 2021
Easy to compare
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Kuvar
Nagpur, October 26, 2021
Good plan
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Allahabad, October 26, 2021
Hassle free experience
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Bhaskar
Ranchi, October 26, 2021
Problem resolving
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Debyendu
Haora, October 26, 2021
Supportive team
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Gaurav
Coimbatore, October 26, 2021
Smooth service
In my health insurance, company is providing me financial assistance. i have got medical coverage against medical expenses arising out of health emergency which i have taken from the Policybazaar. service of policybazaar is very smooth and fast.
Angad
Jabalpur, October 26, 2021
Good service
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Gwalior, October 26, 2021
Cashless treatment
I have got cashless treatment facility in my health insurance. This will help me to save my savings as I will not have to bear the financial burden of medical expenses. Anyone who is looking for the best and an affordable health plan I would love to recommend Policybazaar to them.
Onkar
Vijayawada, October 26, 2021
Easy Reimbursement
My experience with Policybazaar has been great. I had taken senior citizen health insurance for my mother from Policybazaar. Last month, she was admitted to the hospital due to a medical emergency. When she got discharged I connected with Policybazaar for reimbursement of hospital bills and I got it immediately
Paramjit
Jodhpur, October 26, 2021
No claim bonus
Policybazaar is totally worthy place to buy any kind of plan. I have been using senior citizen health insurance for a long time which i had take for my parents. I never raised the claim request so i got discount on the premium rate when i was renewing the plan.
Kartik
Madurai, October 26, 2021
Add on cover
I am using senior citizen health insurance since last year which i had taken from the policybazaar and recently i have customized my health plan with add on cover and added some additional features to it which i got at an affordable rate.
Karun
Raipur, October 26, 2021
Low premium
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Swapan
Kota, October 26, 2021
Easy Reimbursement
I got reimbursement in hospital bills. I bought senior citizen health insurance for my mother from Policybazaar and a month back she faced some medical problems. I connected with policybazaar for reimbursement and i got it without any hassle.
Tarun
Guwahati, October 26, 2021
Pocket friendly plan
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Chandigarh, October 26, 2021
Affordable plan
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Ayesha
Solapur, October 26, 2021
High coverage
I have secured my family with the help of family health insurance which i have purchased from Policybazaar. In my health plan, i have got coverage for medical expenses. From now on i do not have to bear financial burden as my policy will give me financial protection.
Bahaar
Hubli And Dharwad, October 26, 2021
Good in customer handling
Policybazaar is very good in terms of handling customers. I bought family health insurance from Policybazaar and their team maintained professionalism with courteous demeanor which was absolutely impressive. I would definitely like to get in touch with Policybazaar for more plans.
Bhagyashree
Bareilly, October 26, 2021
Minimal paperwork
In my family health insurance, every member of my family are covered. there was minimal and Hassle free paperwork. I got high number of coverage and benefits under my plan. the team of policybazaar guided me and helped me to select the suitable plan.
Devika
Moradabad, October 26, 2021
Faster claim settlement
Thankfully I had taken family health insurance from Policybazaar. a while ago, i had to admitted my father to the hospital due to sudden medical emergency. i had claimed and got the claim very easily and quickly. I got faster claim settlement. I am happy with the service.
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