Saral Jeevan Bima Plan

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s family members in case of his/her unfortunate death. This plan comes with simple features and easy-to-understand terms and conditions.

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Get ₹25 Lacs Life Cover at just ₹412/month*
Get upto 20% online discount
In case of your death, your family will receive fixed amount, tax free
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What is Saral Jeevan Bima?

Saral Jeevan Bima provides life coverage at low premium rates. This plan can be bought easily online from any insurer. The Saral Jeevan Bima plan offers life cover and benefits for up to 40 years.

Saral Jeevan Bima is a pure-term insurance plan. This product is to be offered to all individuals without restrictions on residential place, education, and occupation. Even people with a low-income profile or less educational background can also buy this term plan. This plan offers a fixed amount (sum assured) as a lump sum payment to the appointed nominee after the death of the life assured during the plan tenure. It is a basic life insurance plan that provides financial security to your family. The T&Cs and coverages of Saral Jeevan bima are the same for all the life insurance companies.

Zero Cost term Insurance Zero Cost term Insurance

How Does Saral Jeevan Bima Yojana Work?

Let’s understand this with the help of an example:

Rajan, a 34-year-old, factory worker in a rural area has a wife, 2 children, and parents. Being the breadwinner of his family, he recognizes the necessity to protect the family’s financial future and ensures their requirements are met in the unforeseen incident of his death. However, his monthly income is not fixed and it varies every month. So, which plan will be best for him?

Rajan buys Saral Jeevan Bima plan for a 20 years policy term with the option of regular pay. He avails a life cover of Rs. 25 Lakhs for which he is required to pay Rs. 447/- premium (exclusive of all the taxes).

If Rajan passes away during the plan tenure, his loved ones would get Rs. 25 lacs death benefit instantly on death.

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Why Do You Need the Saral Jeevan Bima Plan?

Term insurance is a much-needed life insurance plan for everyone. The Saral Jeevan Bima plan is specifically created to make sure that it is easily available for all insurance buyers. Saral Jeevan Bima (SJB) Yojana provides sufficient flexibility in terms of paying premiums to meet the diverse financial requirements.

For example, the option of limited pay with SJB allows life assured to complete their payments of premium within the 1st starting years of their policy term, thus enjoying the life cover for the remaining term without any premium payment concerns.

Policyholders can also choose the policy tenure of Saral Jeevan Bima, (also called Saral Jeevan Yojana) between 5 years to 40 years, based on their financial requirements. So, if you are looking out for a basic term insurance plan providing adequate financial protection, Saral Jeevan Bima can be a smart choice.

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

Saral Jeevan Bima Plan: Eligibility Criteria

The below table shows the eligibility criteria for the Saral Jeevan Bima Plan:

Insurer Offering Saral Jeevan Plan Entry Age (Min-Max) Maturity Age (Max) Sum Assured (Min-Max) Policy Term (Min-Max)
ICICI Prudential 18-55years 23-70 years 5 Lac - 49.50 Lac 5 years -40 years
HDFC Life 18-40 years 23-50 years 5 Lac – 35 Lac 5 years-40 years
PNB MetLife 18-44 years 23-70 years 10 Lac – 25 Lac 5 years -40 years
Aegon Life 18-65 years 23-70 years 5 Lac – 25 Lac 5 years -40 years
SBI Life 18-65 years 23-58 years 5 Lac -25 Lac 5 years -40 years
Bharti AXA 18-65 years 27-70 years 5 Lac -50 Lac 5 years -40 years
Exide Life 18-65 years 23-70 years 5 Lac -25 Lac 5 years -40 years
Edelweiss Tokio 18-65 years 23-70 years 5 Lac-25 Lac 5 years -40 years
Zero Cost term Insurance Zero Cost term Insurance

Key Features and Benefits of Saral Jeevan Bima Plan

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

  1. Financial Safety for Your Loved Ones

    The Saral Jeevan Bima Term Insurance Plan offers life cover to protect the family members in case of an unforeseen event of your death.

  2. Long-time Coverage

    Term coverage up to 70 years of age

  3. Multiple Premium Paying Terms

    Offers Single, Limited (5/10 years), and Regular premium payment terms that help you avail of an option in line with your specific requirements

  4. COVID-19 Cover

    Saral Jeevan Bima covers death due to the COVID-19

  5. Premium Payment Frequency

    As a policyholder, you can pay a single premium or limited/regular premiums on a yearly, half-yearly, or monthly basis

  6. Provides Coverage For All Individuals

    There is no restriction on occupation, education, gender, or place of living

  7. Premium Payment Mode

    • For Single-premium payment: In a lump sum

    • Limited and Regular Premium Payment: Annually or ½ -yearly and monthly (only via NACH/ECS)

  8. Rebates on High Sum Assured

    The Saral Jeevan Bima Plan provides a rebate in a premium amount for every additional increase of Rs. 1 Lakh in SA above Rs. 5 Lakhs

    Protect Your Family Protect Your Family
  9. Death Benefit

    A policyholder's death during the policy term after the completion of the waiting period or because of an accident during the waiting period is covered. In such cases, the beneficiary/nominee will get the sum assured (SA) on demise, in a lump sum which is:

    For the Single–Premium policy: The highest of 125 percent of the single-premium or absolute amount assured will be paid upon the demise of the nominee

    For Limited and Regular Premium Payment: The SA amount higher than 10 times the annualized premium, 105 percent of all the premiums amount paid till death date or pre-decided assured amount to be payable on demise is paid to the beneficiary/nominee.

    Policyholder’s Death Other Than An Accident, During The Waiting Time: The beneficiary/nominee will get the death benefit, which is equivalent to 100 percent of all the paid premiums (exclusive of all taxes).

  10. Riders

    You can add rider options to the base plan by paying an extra premium. 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.

  11. Tax Benefits

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

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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Age 50
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How To Buy Saral Jeevan Bima Plan From Policybazaar

Below mentioned is the step-to-step guide to buying Saral Jeevan Bima Plan from Policybazaar:

  • Visit the Policybazaar official website i.e., https://www.policybazaar.com/

  • On the home page, click on the Insurance Products Tab.

  • Then, Select Saral Jeevan Bima Plan

  • The application form will be displayed on the screen

  • Fill in the required details such as name, date of birth, and contact details, and click on ‘View Plans’.

  • Then, answer the questions related to smoking habits, annual income, and job.

  • After submitting all the details, a list of available Saral Jeevan Bima will be displayed

Who Should Buy the Saral Jeevan Bima Plan?

The Saral Jeevan Bima Plan can be bought by any person who is looking out for a pure protection policy. There are no limits based on occupation, academic qualifications, gender, or residential place. This plan is best suited for young individuals who have just started their careers and/or individuals who need an affordable and robust life cover of up to Rs. 25 Lakhs. All individuals in the age group of 18 years to 65 years are eligible to apply for this plan.

Simply, you should opt for this scheme under the following situations:

  • Young individuals

  • If you got married recently

  • If you have children

  • If you find term plans difficult to understand

  • Require more time to find the best term insurance plan as per your requirements

One of the important points to note is that even individuals without a regular income or having incomplete proof of income can also select to protect themselves and their family members with the Saral Jeevan Bima policy.

Why buy from Policybazaar?
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FAQ's

  • Ans: The minimum entry age is 18 years and the maximum is 65 years for Saral Jeevan Bima.
  • Ans: The minimum sum assured for Saral Jeevan Bima is Rs.5 lakhs and the maximum is Rs.25 lakhs. However, insurance providers have the option of providing a sum assured beyond Rs.25 lakhs.
  • Ans: Since it is a pure term plan, there is no maturity benefit associated with it.
  • Ans: Only in case of suicide (for a year/12 months) is there according to the extant regulations..
  • Ans: The minimum tenure for which you can buy the Saral Jeevan Bima policy is five years and the maximum is 40 years.

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