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, offers tax benefits, and provides your family with tax-free returns in your absence.
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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 policy 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 a premium of Rs. 735/- per month.
*The premium paid is exclusive of all the taxes
If Rajan passes away during the plan tenure, his loved ones would get Rs. 25 Lakhs death benefit instantly.
The below table shows the eligibility criteria for the Saral Jeevan Bima plans that are available even without income proof:
|Insurers Offering SJB Plans||Entry Age (Min-Max)||Maturity Age (Max)||Sum Assured (Min-Max)||Policy Term (Min-Max)|
|PNB MetLife Life Insurance*||18-44 years||23-70 years||10 Lakhs - 50 Lakhs||5 years - 40 years|
|Edelweiss Tokio Life Insurance||18-65 years||23-70 years||5 Lakhs - 25 Lakhs||5 years - 40 years|
|ICICI Prudential Life Insurance||18-65 years||23-70 years||5 Lakhs - 49.50 Lakhs||5 years -40 years|
|HDFC Life Insurance||18-40 years||23-50 years||5 Lakhs - 35 Lakhs||5 years - 10 years|
* PNB MetLife Saral Jeevan Bima Policy is one of the most affodabe plan that offers 20% discount and is exclusively available for Policybazaar customers. You can purchase this plan online without income proof and a medical examimation.
The plan offers customizable life cover options starting from 10 Lakhs.
You can choose the policy term as per your needs from 5 to 40 years.
You can select the suitable premium payment option from the single, limited, and regular premium pay options.
The plan provides tax saving benefits as per the prevailing tax laws.
This plan provides financial cover as well as coverage against COVID as well.
You can choose a life cover ranging from 5 to 25 Lakhs under this plan.
The plan provides the option to pay the premiums in a single, limited, or regular premium payment option.
You can choose your required policy term from 5 to 40 years.
This plan provides coverage for all kinds of death after the end of the waiting period.
With this plan, you get the flexibility to pay the premiums in a single go, in limited pay, or in regular pay options.
You will be eligible to receive tax benefits as per the prevailing tax laws.
The minimum sum assured starts from Rs. 5 Lakhs with premiums payable on a single, monthly, yearly, and half-yearly basis only.
The plan pays the death benefit to the nominee in case of the policyholder’s untimely death within the policy term.
You can choose to pay the premiums in a single, regular, or limited premium pay option.
You can add the available riders as per your preference to enhance the policy coverage.
The plan offers tax benefits as per the prevailing tax laws u/s 80C and 10(10D).
Saral Jeevan Bima policy provides financial security to your family in your absence at an affordable premium rate. In case you don't have proof of income, you can use an income surrogate by providing a registration certificate for two-wheelers or your car as a financial surrogate for your income proof. You can easily avail of these plans and their subsequent benefits by purchasing the plan online without medicals.
|Parameters||Saral Jeevan Bima Yojana||Term Insurance Plans|
|Definition||SJB plans provide the option of securing your loved ones to all sections of society, irrespective of their educational, residential background and occupation.||Regular term plans provide coverage to the life assured’s family by providing them with a death benefit in case of the policyholder’s untimely death.|
|Sum Assured||These plans offer lower sum assured options ranging from 5 to 49.5 Lakhs.||These plans offer a minimum sum assured of 20 Lakhs and can go up to 20 Crores depending on your annual income and age.|
|Eligibility||People with annual income within 1 to 5 Lakhs, low educational qualifications, and self-employed individuals with no proof of income can also purchase SJB plans.||To purchase a term plan, you need to have proof of income, preferably salaried, and educationally qualified to avail of term plans at affordable premiums.|
|Premium Rate||The premium rates of these plans are lower than regular term insurance plans because of the lower sum assured offered.||The premium rates for these plans are higher than SJB plans due to the higher sum assured amount.|
Note: Whether you opt for SJB plans or a regular term insurance plan, always make sure first to check your HLV using a human life value calculator and then buy term plan with a sum assured suitable for your life.
The Saral Jeevan Bima policy is specifically created to make sure that it is easily available for all insurance buyers. Saral Jeevan Bima (SJB) Yojana provides affordability, simplicity, and flexibility in terms of paying premiums to meet the diverse financial requirements. These plans can be purchased by anyone within the 1 to 5 Lacs annual income bracket and securing a life cover ranging from 1 to 5 Lacs.
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, SJB plans might be a smart choice.
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 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. Let us understand the benefits of saral jeevan bima yojana in the table below:
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
With Saral Jeevan Bima or SJB plans, you can buy plans by scheduling tele medicals, physical medicals, or even no medicals, as per the specific policy T&Cs.
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 Term Insurance covers death due to COVID-19 as well
Anyone can opt for these plans as there is no restriction based on a person’s occupation, education, gender, place of living, or availability of income proof
For Single-premium payment: In a lump sum
Limited and Regular Premium Payment: Annually or ½ -yearly and monthly (only via NACH/ECS)
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).
Get the tax benefits on premium amount u/s 80C while Section 10(10D) of the Income Tax Act, 1961 provides tax benefits on the benefits received.
Note: The premium of SJB plans 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.”
Below mentioned is the step-to-step guide to buying Saral Bima Yojana from Policybazaar:
Step 1:Visit the Saral Jeevan Bima Plan form
Step 2:Fill in the required details such as name, date of birth, and contact details, and click on ‘View Plans’.
Step 3: Then, answer the questions related to smoking habits, annual income, educational background, and job.
Step 4: After submitting all the details, the available list of SJB plans will be displayed.
Step 5: Select the most suitable plan and proceed to pay.
Following is a list of documents required for purchasing the Saral Jeevan Bima Plan:
|Documents Required||Type of Documents|
|Date of Birth Proofs||
|For self-employed individuals||
|For Salaried Persons||
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 period of 15 days for offline policies (30 days for policies purchased online) 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 Facility: The loan facility is not available under these plans.
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.
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
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 49.50 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:
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 protect themselves and their family members with the Saral Jeevan Bima policy.
Financial 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)
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