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All You Should Know About the Standardized Term Insurance Plan

In the tough times of COVID-19, individuals across the spectrum have understood the importance of a term insurance plan. All through the pandemic, the search for a term plan has surely jumped.

Amidst the global pandemic, the Indian insurance industry also witnessed the launching of new insurance products and the simplification of the process. The Insurance Regulatory Development Authority of India ensured that understanding the terms of any insurance policy do not remain daunting and a challenging task.

The IRDAI came up with the standardized term insurance policy known as the ‘Saral Jeevan Bima’. The prime reason behind the introduction of the standardized term insurance policy is to bring in more people within the insurance coverage.

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What is Saral Jeevan Bima?

The Saral Jeevan Bima Yojana has the standard wording for the sum assured and with unique features that would reduce the hassle for any first-time buyers. This standard term insurance plan is available for anyone who is between the age of 18 years and 65 years. The maximum maturity age is 70 years that means when an individual reaches this age the plan will be terminated automatically. The policy tenure will be between 5 years and 40 years with the least sum assured of Rs 5 lakh and the highest sum assured of Rs 25 lakh.

Why Should You Go for the Standardized Term Insurance Policy?

Let us get deeper to understand how and why you should go for the Saral Jeevan Bima plan listed below:

Digitally Available

This standardized term plan is actively and easily available on all digital platforms. The Saral Jeevan Bima plan offers transparency, which means that there is less chance of any ambiguity. Moreover, the customers can easily avail of a discount of up to 20 per cent on the Saral Jeevan Bima premium when buying it online. It is recommended to buy the Saral Jeevan Bima plan online and does not get into the hassle of looking forward to an agent for any further information.

Cover the Uncovered

When it comes to a term insurance plan, an annual income is fundamental that is considered to determine the sum assured amount. A Saral Jeevan Bima Yojana permits to go with a sum assured as per the convenience and not considering the annual income the prime aspect. The life insurance companies in India will issue the Saral Jeevan Bima and not take into consideration the financial position. The Saral Jeevan Bima plan is highly helpful for those individuals who have an irregular source of income or do not have sufficient income evidence. Buy the Saral Jeevan Bima plan online up to the sum assured that does not create a burden on the pocket and easily pay the premium. The Saral Jeevan Bima plan is beneficial to those individuals who belong to a low-income group or have a rural background and have never been covered under any insurance policy. A term cover is required to safeguard the financial future of the immediate dependents.

Standardized Benefits

There is a plethora of term insurance plan available in the Indian market with varying inclusions and exclusions. However, when it comes to the Saral Jeevan Bima Yojana, this is a standardized product and will have unique features regardless of the insurers. This means that uniformity in wording and features will make it the easiest buy for individuals across sections. For anyone who is not much aware of a term plan, Saral Jeevan Bima is the ideal product. The standardization and uniformity reduce the hassle of buying the policy and leave no scope for disputes in the prospective times.

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

See how age affects Term Insurance Premiums
See how age affects Term Insurance Premiums
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When Buying Saral Jeevan Bima Policy

Buy any type of insurance plan is one thing and smooth claim settlement is another. When buying this product, make sure to compare the Saral Jeevan Bima premium quotes and also compare the claim settlement ratio and solvency ratio of the insurance company.

The solvency ratio of the insurance company highlights the company’s financial health and the ability to meet its obligations. When it comes to the claim settlement ratio it is the percentage of the claims that have been paid out of the total received claims. A high claim settlement ratio signifies the claim processing convenience.

The Bottom Line

Mostly it is observed that the families who belong to the low-income group have just one primary breadwinner who is solely responsible to take care of the everyday and basic needs of the family.

Therefore, it is important to cover the primary earning member of the family because life is uncertain and uncertainties do not come knocking. In case anything unfortunate happens a term plan will always take care of the financial needs of the family. The introduction of the Saral Jeevan Bima Yojana will surely help in the penetration of the term plan and boost the confidence of the customers as well.

Written By: PolicyBazaar - Updated: 27 March 2021
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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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