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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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.
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.
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.
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
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 |
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:
The Saral Jeevan Bima Term Insurance Plan offers life cover to protect the family members in case of an unforeseen event of your death.
Term coverage up to 70 years of age
Offers Single, Limited (5/10 years), and Regular premium payment terms that help you avail of an option in line with your specific requirements
Saral Jeevan Bima covers death due to the COVID-19
As a policyholder, you can pay a single premium or limited/regular premiums on a yearly, half-yearly, or monthly basis
There is no restriction on occupation, education, gender, or place of living
For Single-premium payment: In a lump sum
Limited and Regular Premium Payment: Annually or ½ -yearly and monthly (only via NACH/ECS)
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
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).
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.
Get the tax benefits on premium amount u/s 80C of the Income Tax Act, 1961.
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
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
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.