Benefits Offered by Saral Jeevan Bima Yojana

Saral Jeevan Bima is a pure and simple type of term insurance that provides you with life cover against a fixed amount of premium. This plan is specifically designed for all individuals, regardless of their occupation or education. Most standard term plans require you to be within a certain annual income bracket, present your medical proof, or might not be available to you because of factors like your place of residence or educational qualifications. An SJB plan solves all the shortcomings of a term insurance plan by providing the right coverage to individuals of all backgrounds and financially securing their families in their absence. 

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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
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What is Saral Jeevan Bima Policy?

Saral Jeevan Bima Yojana is a term insurance plan that offers the policyholder with the required financial protection at highly affordable premiums. These plans provide the death benefit to the nominee in case of the policyholder’s untimely death during the policy term. The family of the policyholder can use the payout amount to The plans are specially designed to fit the needs of individuals who fall in the low-income bracket as these plans offer a sum assured, ranging from 5 Lacs to 49.5 Lacs.

Note: Now that you know that what is Saral Jeevan Bima Policy, you should also get to know about what is term insurance to buy a term plan for your loved ones.

Benefits of Saral Jeevan Bima Yojana

Here is a list of all the benefits offered by Saral Jeevan Bima plans:

  1. Financial Security

    The saral jeevan bima plans provide people with low income the chance to secure their loved ones in the event of their unfortunate death during the policy term. These plans provide the nominee with the sum assured as the death benefit in a lump sum or monthly income as per the policy’s T&Cs, payable on the death of the policyholder.

  2. Death Benefits and Waiting Period

    In the event of the death of the life assured during policy tenure:

    • For limited premium payment policy or regular premium payment, the death benefit paid to the beneficiary of the plan will be higher of

      • 10 times of the annualized premium

      • 105% of the total premium paid as on the date of death

      • absolute amount of sum assured to be paid on death

    • For a single premium payment policy, the death benefit paid to the beneficiary of the policy will be higher than

      • 125% of the single premium

      • absolute sum assured amount to be paid on death

    • The waiting period of the plan will be of 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 beneficiary, and no sum assured amount will be paid. The policy will be cancelled in case the life assured commits suicide within 12 months from the date of policy initiation.

  3. Affordable Premiums for Large Sum Assured

    You can secure a saral jeevan bima plan for a large sum assured at highly affordable premiums. Saral jeevan bima plans offer a wide range of sum assured options starting from 5 Lacs with the maximum limit capped at 49.5 Lacs. This ensures that individuals can select a sum assured fit for their needs for the required policy term.

  4. Hassle-free Medical Issuance

    Saral Jeevan Bima policies have the easiest, hassle-free issuance process, as there are some SJB plans that can be purchased within minutes. Various saral jeevan bima plans either do not require you to submit your medical exams or require you to get your medicals cleared online via tele or video medical sessions. You can easily go through the list of available plans from the comfort of your home, compare and select the most suitable plan, and proceed to pay.

  5. Flexible Premium Payments

    You can easily pay the premiums at your own convenience through monthly, annual, or semi-annual premium payment modes and select the most suitable premium payment terms from the single, limited, and regular premium payment terms.

  6. Protection Against COVID-19

    The saral jeevan bima plans also provide comprehensive coverage against COVID-19. This way, even if you suffer an untimely death due to COVID-19, your family will be financially secure in your absence.

  7. Coverage for All

    Saral Jeevan Bima offers coverage to all individuals irrespective of their educational background, annual income, occupation types, and other such factors. With SJB plans, people of all backgrounds can secure their families for the desired policy term.

  8. Tax Benefits

    You can claim tax benefits as per the prevailing tax laws under sections 80C and 10(10D) of the Income Tax Act of 1961.

  9. Peace of Mind

    With saral jeevan bima plans, you can live your life peacefully, knowing that your loved ones will be financially secure in the event of your untimely demise during the policy term.

Eligibility Criteria of Saral Jeevan Bima

Let’s take a look at the eligibility criteria of the policy.

Eligibility Criteria Minimum Maximum
Entry Age 18 years 65 years
Policy Term 5 years 40 years
Maturity Age -- 70 years
Sum Assured Rs. 5,00,000 Rs. 49,50,000
Premium Payment Options Regular Pay
Limited Pay- 5 years &10 years
Single Pay
Modes of Premium Payments Yearly/ Half-yearly/ Monthly
Waiting Periods 45 days

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

How to Buy Saral Jeevan Bima Online in India 2024?

Here is a list of steps stating how you can buy saral jeevan bima online in 2024 from Policybazaar:

  • Step 1: Go to the saral jeevan bima page

  • Step 2: Fill in the required details like name, gender, DOB, and mobile number

  • Step 3: Select the right option for occupation type, annual income, smoking habits, and educational qualifications

  • Step 4: Choose the most suitable plan from the list of available plans

  • Step 5: Proceed to pay

Wrapping it Up!

Saral Jeevan Bima is one of the simplest and most easy to understand insurance plans that will provide the death benefit in case of the policyholder’s death during the policy term. These plans are available to individuals of all backgrounds and offer sum assured limits ranging from 5 Lacs to 49.5 Lacs. You can go through the list of available plans, compare and select the most suitable plans as per your needs and proceed to pay.

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

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