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Life is full of uncertainties! A serious accident or critical illness that may cost you your life can adversely affect the financial stability of your financial dependents. However, if you start investing in term life insurance, safeguarding the financial future of your family becomes much easier and convenient. A term life insurance plan - the purest form of life insurance - acts as a saviour that protects your dependents against financial crises in case of an unfortunate event like your untimely demise. Despite its significance, life insurance penetration is one of the lowest in India i.e. only 2.82%. In order to increase life insurance penetration and make buying term life insurance plans simpler for customers, the life insurers on advice of the Insurance Regulatory and Development Authority of India (IRDAI) have introduced a ‘standard term insurance’ plan - Saral Jeevan Bima.
These plans have been brought specifically for people who have irregular sources of income and thus, don’t have standard income documents for getting a term insurance policy. A lot of businessmen, freelancers, labourers, homemakers, people working in unorganized sectors usually don’t have standard income documents. It provides the option of income surrogate where you can submit the registration certificate of your car or two-wheeler as a surrogate to your income proof. Customers who have lower income levels such as earning less than Rs 4 lacs per annum, should apply for Saral Jeevan Bima.
They can now invest in Saral Jeevan Bima from their preferred brand and the premium that they can afford to pay. With the introduction of this standard term plan, they can now get the same product across different insurers. They won’t even have to analyse or understand the variations between different plans being offered as all plans are the same on terms and conditions, benefits offered, features, inclusions and exclusions. The plan is expected to emerge as a notable contributor in expanding the insurance horizon of real “Bharat.” With the introduction of this plan, the regulator aims at steadily shifting the focus of the insurance sector towards increasing access to affordable, easy to buy and simple insurance products that can be bought digitally.
Minimum entry age for these plans is 18 years and maximum is 65 years. The sum assured being offered in these plans is in between Rs 5 lacs- 25 lacs. It is a simple term life insurance policy that will pay the nominee a fixed amount after the death of the policyholder.
07 May, 2021