Saral Jeevan Bima Plan

In recent years, it has been noticed that there has been an increasing requirement for a pocket-friendly and basic life insurance plan, specifically for the normal working Indian. Keeping in mind the growing demand, innovative protection products have been introduced by life insurers with different features, benefits, riders, options, and so forth. The IRDAI has introduced a new standardized insurance plan and all the life insurance companies have to abide by the standardized policy product guidelines.

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What is Standard Term Life Insurance Product? 

In January 2021, the IRDAI mandated all insurers to offer a standard and an individual term life insurance called the ‘Saral Jeevan Bima’. The product could be filed by the insurers by 2020, December 01. The insurers could also file the product earlier and then offer the same upon approval before 2021, January 01. It provides a pure risk coverage that pays the sum assured amount in a lump sum to the nominee in case of the policyholder’s death. 

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Saral Jeevan Bima – Standard Term Insurance Plan

What is it?

Saral Jeevan Bima is a non-linked and non-participating simple life insurance policy that pays a fixed amount to the nominee after the death of the policyholder. It is offered majorly by all other life insurance companies to help their customers in making the right decision.

Why should you buy?

  • Simple and easy to understand
  • Standardized wordings
  • Choosing becomes easy as all life insurance companies offer same product

Features

For Policy holders aged

18 - 65 Years

Policy Coverage For

5 - 40 Years

Minimum Sum assured

₹5 Lacs

Maximum Sum assured

₹25 Lacs

Premium Payments

Single, Regular Or Limited Pay

Waiting Period

45 Days from Policy issuance

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Why the Need for Standardized Policy?

Today, there are a plethora of term insurance products easily available in the market with different terms and conditions. When it comes to making an informed choice, it is expected from the customers to devote sufficient energy and time to make the right selection of the product. Besides, the products might not be accessible for the sum assured intended.

To deal with such a situation and to make the product accessible by all the life insurers that would meet the requirements of an average customer, a need was felt to introduce the standard and individual term life insurance product with standard terms and conditions and simple features.

Such a product will help the customers to make an informed and wise choice and the trust will also be enhanced between the insurer and the insured. This will also lead to reductions in the misselling and potential disputes during claim settlement.

Exercising the powers of the Insurance Act within Section 34(1) (a), the life insurers have been directed to offer the standard term life insurance product mandatorily.

What is Saral Jeevan Bima?

The New Saral Jeevan Bima policy is the non-linked and non-participating individual pure risk premium life insurance plan that will provide the payment of the sum assured in the lump sum to a nominee in case the life assured passes away during the policy period.

Apart from the riders and benefits stated in the annexure, there will not be any other benefits/riders/variant/options offered. There will not be any exclusion within the product apart from the suicide exclusion.

The Saral Jeevan Bima will be offered to the individuals regardless of the restrictions on travel, gender, occupation, place of residence, or educational qualifications. The terms and conditions of the Saral Jeevan Bima term plan will be the same among all life insurers. It comes with simple features, benefits, terms, and conditions that are the same for all insurers. However, the premium rate might differ from insurer to insurer. The Saral Jeevan Bima premium rate will be determined based on various factors like age, the income of policy buyers, gender, etc. The policyholder can make use of the Saral Jeevan Bima premium calculator to determine the premium rate of the policy.

The insurers will have to file the product as per the above-mentioned parameters and complying with the regulatory provisions via ‘File and Use’. The policy documents and the different terms and conditions of this standard product will be available in the format specified.

Eligibility Criteria of Saral Jeevan Bima

The below table shows the eligibility criteria of the Saral Jeevan Bima:

Eligibility Criteria

Minimum

Maximum

Entry Age

18 Years

65 Years

Policy Term

5 Years

40 Years

Maturity Age

---

70 Years

Sum Assured

₹5 Lacs

₹25Lacs* (Sum assured would be permitted in the multiple of ₹50,000) *The insurers have the alternative of offering the sum assured beyond ₹25 lakh within Saral Jeevan Bima with the other terms and conditions will remain the same

Premium Payment Modes 

Yearly/ Half-Yearly/Monthly

Waiting Period

45 days (1.5 months) from the beginning of risk 

Salient Features and Benefits of Saral Jeevan Bima

As discussed above, the Saral Jeevan Bima plan is a standardized pure protection plan available at low premium rates to all the sections of the Indian society, irrespective of gender, age, occupation, education, and location. Additionally, the features of this plan are the same for all insurance companies offering this plan. In the below table, let us understand the features and parameters of the Saral Jeevan Bima:

Particulars

Norms

Large Sum Assured Rebate

In case of anything, it will be indicated with ‘File and Use’

Options of Premium Payment

Single-premium
Regular Premium
Limited Premium Payment for a 5-years or 10-years term

Premium Payment Mode

Single-premium: In a lump sum
Limited and Regular Premium Payment: Yearly or half-yearly and monthly (only within NACH/ECS)

Death Benefit

For the Single-premium policy: Higher of 125 percent of the single-premium and absolute amount assured that will be paid upon the demise

For Limited and Regular Premium Payment policy: Highest of 10 times of the Annualized Premium (AP), absolute amount assured that will be paid upon demise or 105 percent of the paid premiums as on the date of demise

Maturity Benefit

No maturity benefit under this policy

Waiting Period

45-days from the date of the beginning of risk. In case the policy has been revived, the waiting period will not be applicable

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 nominee and no sum assured amount will be paid. The plan will be nullified in case the life assured commits suicide within 12 months from the date of commencement of risk

Exclusions

As per the extant regulations, only the suicide clause

Surrender Value

No surrender value within this policy

Loan

No loan will be permitted against the policy

Policy Cancellation Value

The policy cancellation value will be payable:

When the policyholder applies for the equivalent before the date of maturity in the case of the single-premium policy

When the policyholder applies for the equivalent before the date of maturity or at the end of the revival term when the policy has not been revived in case of the limited premium payment policy

Pricing

As per the ‘File and Use’

Optional Riders

An approved accident benefit and the permanent disability riders could be attached

The riders are add-on coverage offered by the policy to enhance the coverage of the policy. The policyholder can add rider options to the base plan by paying an extra premium along with the basic premium of the policy. The rider sum assured will be the assured amount payable in case of any specific event covered under the rider happens and opted by the policyholder

Interest Upon Delayed Premiums

As per the policy of the insurer for a similar product

Medical Requirements and Underwriting

As per the Board Approved Underwriting Policy of an insurer and also subject to the criteria above and other statutory requirements

COVID-19 Cover

Saral Jeevan Bima covers death due to the COVID-19 

Tax Benefits 

Get the tax benefits on paid premiums u/s 80C of Income Tax Act, 1961. 

The Process of Saral Jeevan Bima Policy Online Registration

As the new standard Saral Jeevan Bima policy is available to all life insurance companies from 1st January, the registration process of the policy is very simple. All the eligible applicant who wants to apply for this scheme can follow few simple steps to apply for the plan. let’s take a look at the online and offline process to apply for the new Saral Jeevan Bima Policy.

  1. Online Process to Apply for Saral Jeevan Bima Plan

      • Step1- Visit the official website of the life insurance company, which offers the Saral Jeevan bima plan.
      • Step2- On the homepage, click on the option of Saral Jeevan Bima insurance plan link.
      • Step3- Now click on the tab ‘apply online’ and go to the application page.
      • Step4- The application form will be displayed on the screen.
      • Step5- Fill in the required details like date of birth, gender, husband/father’s name, etc., and upload the important documents.
      • Step6- Click on ‘submit’ for the final submission of the application form.
  2. Offline Process of Apply for Saral Jeevan Bima Plan

      • Step1- Visit the nearest branch office of the life insurance company where you want to purchase Saral Jeevan Bima Yojana.
      • Step2- Get detailed information about the Saral Jeevan bima plan and take the application form.
      • Step3- Fill the application form with all the required details like date of birth, gender, husband/father’s name.
      • Step 4- Attach the important documents.
      • Step5- Submit the application form to the life insurance company office.

Documents Required for Saral Jeevan Bima Term Plan

The following are the important documents required for the Saral Jeevan Bima Term Plan.

  • Address Proof – Aadhaar Card, Passport, Driving Licence.
  • Passport size photograph
  • Mobile number
  • Identity Proof- Aadhaar Card, PAN card, Passport, etc.
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Why Saral Jeevan Bima is the Right Plan for you? 

For any first-time buyer, the plan is going to be a boon as it will have the same benefits, features, exclusions, and inclusions across all the life insurers, however, the prices may vary. To estimate the premium rate of the policy, the customers can also use the Saral Jeevan Bima premium calculator.

The uniformity in the policy wordings and exclusions will leave negligible scope for any disputes in the prospective times. The key intent behind introducing the standard life insurance product is that the present life insurance products accessible in the market are different and somewhat complex, which makes it slightly difficult for the common man to understand the different inclusions and exclusions.

Owing to the present backdrop of COVID-19, there is an increased awareness in regards to the health and family security among the people. The Saral Jeevan Bima will surely help with the penetration of term plans and target the masses across all income groups. The standard term plan will hopefully ease the process of decision making and boost consumers when investing in the insurance plan.

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