Prices Increasing soon Prices Increasing Soon

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.

Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
58.9 Million
Registered Consumer
Insurance Partners
26.4 Million
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:-

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

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.

Note: Know what is term plan first and then buy a term plan for your loved ones.

Note: It is suggested to calculate the term plan premium on the term policy calculator online tool by Policybazaar before buying.


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.

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.

Note: Check out the best term life insurance in India and choose one that suits your requirements.

Note: You should also check the term life insurance benefits if you are planning to purchase the term insurance plan.

Premium By Age

Choose Term Insurance Plan as per you need

Plans starting from @ ₹473/Month*
Term Insurance
4 crore Term Insurance
Term Insurance
6 Crore Term Insurance
Term Insurance
7 Crore Term Insurance
Term Insurance
7.5 crore Term Insurance
Term Insurance
8 Crore Term Insurance
Term Insurance
9 crore Term Insurance
Term Insurance
15 Crore Term Insurance
Term Insurance
20 Crore Term Insurance
Term Insurance
25 Crore Term Insurance
Term Insurance
30 Crore Term Insurance
Term Insurance
15 Lakh Term Insurance
Term Insurance
60 Lakh Term Insurance

Term insurance Articles

  • Recent Article
  • Popular Articles
19 Jul 2024

ICICI 5 Crore Term Insurance

Securing your family's financial future requires careful

Read more
19 Jul 2024

Bajaj 1 Crore Term Insurance

Ensuring your family's financial security requires indepth and

Read more
02 Jul 2024

Term Life Insurance in Daman and Diu 2024

Daman and Diu, a union territory in western India, consists of

Read more
02 Jul 2024

Term Life Insurance in Andhra Pradesh 2024

Andhra Pradesh, a state in the southern coastal region of India

Read more
02 Jul 2024

Term Life Insurance in Sikkim 2024

Sikkim is a Northeastern Indian state bordered by Bhutan, Tibet

Read more

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more

2 Crore Term Insurance Plan

Individuals can choose to buy best 2 crore term insurance plan that offers a life cover (sum assured) of ₹ 2

Read more

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more

LIC Term Insurance Premium Calculator For Cover...

Affordability is crucial when evaluating any insurance policy; the premium amount associated with the plan is the

Read more
Need Help? Request Callback
View Plans
Download the Policybazaar app
to manage all your insurance needs.