Aditya Birla Sun Life Insurance Saral Jeevan Bima

ABSLI Saral Jeevan Bima is a Non- participating, Non-linked, pure risk premium, an individual life insurance plan that is specially formulated to protect the interest of the policyholder's family from the casualty of unprecedented demise. Compensation in a lump sum payment saves the vicious cycle of debts and loans from fulfilling the long-term goals or endeavors of the family. ABSLI Saral Jeevan Bima is comprehensive term insurance with a nominal premium towards a higher return.

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ABSLI Saral Jeevan Bima encompasses a set of protocols and instructions for availing the best of Policy. It has its key features explicitly created to circumspect the ill scenarios and protects the beneficiaries from the heavy burdens. With the ingenious concept tailored to fit in the real-life, anyone belonging to the prescribed mature age group is eligible. Be it an 18-year-old person or a happening adult, ABSLI Saral Jeevan Bima covers all.

Eligibility Criteria of Aditya Birla Sun Life Insurance Saral Jeevan Bima

The following are the eligibility criteria of the policy. 

Eligibility Criteria 

Details

Policy Term

  • Regular Pay- 5 to 40 years
  • Single Pay-5 to 40 years
  • Limited Pay – (PPT +1) to max 40 years

Entry Age

18-65 years

Maturity Age

Maximum Age is 70 years

Premium Payment Term

  • Regular Pay
  • Single Pay
  • Limited Pay - 5 and 10 years

 

Premium Payment Mode

Monthly, Half-yearly, Yearly

Sum Assured 

Min: Rs. 5 lakhs

Max: Rs. 25 lakhs, in multiples of Rs. 25k

**Standard Terms and Conditions apply.

Benefits Offered by Aditya Birla Sun Life Saral Jeevan Bima

The scheme offers a broad scope of benefits to the policyholder and his family; it comes with an array of informed decisions. ABSLI Saral Jeevan Bima protects the interests of all members, thereby.

The plan is available in several variants, and users can choose the option as per their insurance requirements.

  • Level cover- The death sum assured is paid in the lump sum as directed in the policy brochure.
  • Increasing Cover- With every policy anniversary, the Sum Assured cover increases.
  • Income Benefit- Death benefit is paid in monthly instalments
  • Level Cover plus Income Benefit- The death benefit is paid in a combination of the lump sum and fixed monthly instalments spread across 10 years.
  • Low Cover- Under this plan option, the death benefit is paid as a lump sum.

Death Benefit:

With the onset of the scheme triggered by the loss and unfortunate demise of the Life Insured during the period that is granted in waiting, the death benefit is paid to the beneficiaries/nominees/legal heirs as:

  • This benefit will commensurate equally with the Sum that is assured on death in case of an accidental one.
  • In the event of accidental death, the benefit from death will be equal to 100 percent of all premiums paid, excluding taxes.
  • Sum Assured on Death- 

For controlled pay and Usual Pay policy, highest pay commensurate to- 

  • 10 times multiplied to Annualized premium
  • Hundred and five percent of all premiums are to be paid on the death day.
  • All the absolute amount assured that is to be paid on the death
  • Hundred and twenty-five percent of a single premium.

For a Single Pay policy,

  • More than a hundred and twenty-five percent of single premium
  • Real amount assured to be paid on the death of the insured.

In a year, the total premium paid is Annualized Premium, excluding rider premiums, taxes, extra underwriting premiums, etc.

When the policyholder has to pay excluding the extra underwriting premiums, it's single Pay. Levied taxes or applicable additional ride-ons will be liable to be deducted.

Absolute amount assured to be paid on death- shall be an amount equal to Sum Assured.

When in the Semi-Annual and Monthly mode, the unpaid premium instalments from the date of death to the next policy anniversary shall be deducted from the payable's death benefit.

Tax benefit- The plan provides tax benefits as applicable under the standard tax laws.

**Tax laws may be subject to changes.

Additional Riders

When looking for added protection, one enjoys the prerogative of enhancing their life insurance coverage by paying an extra premium at a nominal price and get additional riders. These are customizable benefits that are based on the choice of the customer. 

ABSLI Accidental Death Benefit Rider Plus gives the benefit of a 100% Rider Sum Assured as an extra lump sum amount in the event of accidental death of the Life Insured. 

Customers can get additional rider coverage with this plan. This Rider Sum will be an assured amount payable if a specific event is covered under the policy. 

Moreover, the rider premiums collected after the accident date till death is guaranteed to be refunded with interest and payable death benefits.

Premium Illustration

As sure of the payment methods in a facile and flexible mode guaranteed, it has the option to pay as in Single, Limited, or Regular modes. At the same time, regular premiums can be in annual payments, semi-annual, or monthly instalments.

The ABSLI Saral Jeevan Bima plan premium rates can be determined based on multiple factors of age, the income of policy buyer, gender, etc.

Documents Required While Purchasing Aditya Birla Sun Life Saral jeevan Bima

Document presentation is an absolute necessity regarding any official work. As per the demand of the company, one can also ask for additional information from an individual. In general terms,

The following information serves as pre-requisites to buy the plan -

  • Address Proof- AADHAAR card, Passport, driving license 
  • Passport size photograph
  • Mobile number
  • Identity proof- AADHAAR card, PAN card, passport, etc.
  • Proposal form

How to Buy ABSLI Saral Jeevan Bima Plan Online?

One can apply from an online portal. The following steps are to be followed. The online application reaches out to a broader audience and is accessible from any distance. There are two modes- online/aggregator's site and offline, available, as per the prospective buyer's convenience. In just 5 steps, as listed, one can buy the lucrative plan.

  • Step1- Visit the official website of life insurance offering the required plan.
  • Step 2- On the homepage, find the plan name under the term plan category and click on the Saral Jeevan Bima plan link.
  • Step 3-Click on the button “Apply online “and be directed to the application page.
  • Step 4- Fill in the required details like DOB, gender, name, and upload necessary documents.
  • Step 5- Click on the button of Submit for final consideration.

Exclusions 

ABSLI Saral Jeevan Bima plan covers the Suicide exclusion. According to it, if the policyholder commits suicide within 12 months from the risk commencement date or from the Policy revival date, the policy will get terminated. The insurer will then pay the nominee all the premiums paid to date.

 FAQs

  • Q. What happens if I am unable to pay my premium?

    Ans- If one is unable to pay one's premium by the due date under some circumstances, then a grace period of 15 days is granted from the first unpaid premium for monthly premium mode and 30 days in case of the annual premium. However, if the insured dies during the grace period, the company shall be entitled to subtract the unpaid premium from the benefits pending to be paid under the policy.

  • Q. Can my policy be revived?

    One's Policy can be revived within a period of 5 years from the actual date of first unpaid premium, abiding by the constitution, of-.

    • Paying remaining premiums coupled with interest from time to time, as intimidated.
    • Providing evidence of the Policy buyer's dissatisfaction 
    • Revival of policy will only be effective after the company approves the revival of policy and the Board approved underwriting policy.

    Finally, when the policy revives, all benefits are available again to their total value to avail.

  • Q. What is the free look period on the ABSLI Saral Jeevan Bima plan?

    Ans- you have a free look period of 15 days from the date of receipt of the policy document to review the terms and conditions of the policy and have the right to return or cancel.

  • Q. When will the policy expire?

    the policy will be terminated by-

    • the date on which death benefit becomes payable
    • the date on which refund is settled
    • on expiry of the revival period.
  • Q. What are the significant features of the ABSLI Saral Jeevan Bima plan?

    It is simple and affordable with quality security goals.

    • It has flexible options to pay the premium.
    • It can be enhanced by extra payment on adding additional riders.
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Aditya Birla Sun Life Insurance Saral Jeevan Bima Reviews & Ratings

4.4 / 5 (Based on 144 Reviews)
(Showing Newest 10 reviews)
Pragya
B.khajuripada, March 31, 2021
Beneficial product
The term insurance which I bought from the birla sun life insurance is one of the best plan I have got. It was done from the website of the policybazaar. I really like the offers and the plans are really beneficial for me and my family. I am thankful to both the team. Thanks.
Shilpa
Rohinaa, March 30, 2021
A great financial services
I have recently got the term insurance plan from the website of the policybazaar. It was the plan of birla sun life insurance. This company is good and have been providing with a lot of better services to me and my family. Thanks team.
Dev
Ambaliyasan, March 30, 2021
Beneficial product
The term insurance which I bought from the birla sun life insurance is one of the best plan I have got. It was done from the website of the policybazaar. I really like the offers and the plans are really beneficial for me and my family. I am thankful to both the team. Thanks.
Jasveer
Auraiya, March 22, 2021
A great financial services
I have recently got the term insurance plan from the website of the policybazaar. It was the plan of birla sun life insurance. This company is good and have been providing with a lot of better services to me and my family. Thanks team.
Ankur
Kopargaon, March 16, 2021
Different plans at best price
I bought a birla sun life insurance plan and it is reasonable in nature. I have got amazing offer when I took this plan last year. I bought this plan from the website of the policybazaar. Thanks a lot team.
Gauhar
Kakanad, March 16, 2021
Provide financial stability
Recently I bought a birla sun life insurance plan online from the website of the policybazaar. It has given me the sense of financial stability and happiness. I can now save something in the future for my loved ones. Thanks team.
Bhoomi
Avarikarai, March 09, 2021
Different plans at best price
I bought a birla sun life insurance plan and it is reasonable in nature. I have got amazing offer when I took this plan last year. I bought this plan from the website of the policybazaar. Thanks a lot team.
Ahuja
Buxar, March 08, 2021
Great plans
I have recently bought a birla sun life insurance policy from the website of the policybazaar. It is indeed one of the best plan I have got. I am happy and peaceful to buy such a good plan. Thank you team.
Avinash
Maandhata, February 16, 2021
Beneficial plan:
I have recently bought a term insurance plan from the policybazaar. It was of aditya birla sun life insurance and that plan is superb. I got to know about various benefits in one plan. Thanks a lot team.
Brijesh
Laharpur, February 16, 2021
High sum insured:
I recently bought a aditya birla sun life term insurance policy from the policybazaar. It is a nice product and has helped me in securing my family’s future. I took the plan with high coverage. Thanks a lot team policybazaar.
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