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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In case of your death, your family will receive fixed amount, tax free
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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
Covers COVID-19
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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 Lacs for which he is required to pay a premium of Rs. 447

*The premium paid is exclusive of all the taxes

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

How is Saral Jeevan Bima (SJB) Different From Regular Term Insurance Plans?

  • A term Insurance plan is the simplest type of life insurance coverage that pays an amount to your family members if you die. The estimate of the insurer about the insured's longevity plays an important role in deciding the issuance of the policy and the premium charged.
    Simply put, in regular term plans, the segments having low educational qualifications, living in remote locations, and being employed in professions considered hazardous by the insurance providers are charged with higher premiums as their chances of living healthier are lower. Whereas, Saral Jeevan Bima 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 buy this term plan.

  • Most life insurers do not provide a term cover of below 20 Lakhs. So, those having low income do not fit into this plan and they opt for the SJB plan where the minimum sum assured is Rs. 5 Lakhs.

  • Earlier, self-employed individuals having a yearly income of 3-5 Lacs were not able to get plans because of the non-availability of income proof. With the SJB plan, they can opt for term cover by providing an option of income surrogate (submit registration certificate of two wheelers or your car as a financial surrogate to your income proof).
    Saral Jeevan Bima is a type of term plan that caters to different sections of society. The premium rates of plan cannot be compared with regular term plans. The T&Cs and coverages of Saral Jeevan Bima are the same for all the life insurance companies.

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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 Bima 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 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

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

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 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 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 also

    Saral Jeevan Bima Term Insurance covers death due to the COVID-19 also

  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

  9. Death Benefit

    The 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 of 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.

Note: The premium of Saral Jeevan Bima Yojana can be calculated using Saral Jeevan Bima Premium Calculator as per your requirements and life goals.

Tax benefit is subject to changes in tax laws. Standard T&C apply.”

How To Buy Saral Jeevan Bima Plan From Policybazaar

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

  • Visit the Saral Jeevan Bima Plan form

  • 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 Term Insurancewill be displayed

Documents Required For Saral Jeevan Bima Yojana

Following is a list of documents required for purchasing the Saral Jeevan Bima Plan:

Date of Birth Proofs (Any one of the below)

  • PAN Card

  • Passport

  • Aadhar Card

  • Certificate received while leaving school

  • Election ID Card

Identity Proofs (Any one of the below)

  • Passport

  • Driving License

  • Election commission

  • PAN Card

  • Aadhar card

Address Proof (Any one of the below)

  • Driving License

  • Passport

  • Bank statement for the last three months

  • Aadhar card

  • Election commission card

  • Landline Bill

  • Electricity Bill

  • Lease Agreement

  • Ex-servicemen card

For self-employed individuals (Any one of the below)

  • 2 years COI (Computation of Income) and ITR

  • Form 26AS

For Salaried Persons (Any one of the below)

  • Statement of the bank for the last 3 months

  • Salary slips for the last 3 months

  • Form 16

Terms and Conditions of Saral Jeevan Bima Yojana

Following are the Saral Jeevan Bima Policy details:

Grace Period: Plan offers a grace period of 30 days from the premium due date where the premium payment mode is half-yearly or yearly and 15 days for monthly payments for paying each renewal premium amount. If the premium amount is not paid before the grace period, the plan shall lapse.

Free Look Period: Free-look time of 15 days from the receipt date of policy documents shall be offered to the life assured, in case he/she is not satisfied with the plan’s T&Cs. The policyholder has the option to return the plan to the insurer for cancellation, mentioning the reasons for the objection.

Revival of a lapsed plan: Revival of the lapsed plan should be done within 5 years from the date of 1st unpaid premium amount. The plan can be revived anytime during the revival time but before the policy maturity date. In case the assured fails to revive the plan within the offered revival time the plan shall be instantly terminated.

Loan: The loan facility is not available under Saral Jeevan Bima Plan

Assignment and Nomination: Nomination by the policyholder is permitted u/s 39 of the Insurance Act, 1938 as revised from time to time. And, Assignment is allowed u/s 38 of the Insurance Act, 1938.

Exclusions: A waiting period of 45 days from the commencement risk date is valid. In the case of policy revival, the waiting time shall not be valid.

Suicide:

For a Single premium plan: If the policyholder commits suicide anytime within 12 months from the date of commencement of the policy, 90 percent of the total premium amount paid till the policyholder’s death date, will be provided to the nominee

For Regular/Limited Premium Plan: In case of the unfortunate death of the policyholder because of committing suicide within the 1st 12 months from the policy commencement date, 80 percent of the premium amount paid till the policyholder’s death date, shall be provided to the nominee

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.

Financials surrogates applicable for Saral Jeevan Bima are

  • Car ownership documents (Few Insurers Allow)

  • 2 Wheeler Ownership documents (Few Insurers Allow)

  • Home Loan statement (Few Insurers Allow)

  • Mutual Fund SIP statement (Few Insurers Allow)

  • Saving Bank Account Statement (Few Insurers Allow)

  • Credit Card Statement (Few Insurers Allow)

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: The plan shall be considered void if the policyholder commits suicide at anytime within a year (12 months) from the commencement risk date.
  • Ans: The minimum tenure for which you can buy the Saral Jeevan Bima policy is 5years and the maximum is 40 years.

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