Aditya Birla Sun Life Insurance Saral Jeevan Bima

Aditya Birla Sun Life Saral Jeevan Bima is a comprehensive life insurance policy that provides financial security to the policyholder’s family in case of any unforeseen circumstances. It is specifically designed for people of various backgrounds, irrespective of their education or profession. Let's understand the plan better in this article.

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Saral jeevan bima
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In case of your death, your family will receive fixed amount, tax free
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Get ₹50 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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Tax benefit is subject to changes in tax laws.
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Why Should You Opt For The Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan?

Here are the reasons why you should opt for the Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan:

  • A simple and affordable plan to fulfill your financial security objectives.

  • Flexibility to pay the premium either once, for a limited duration, or throughout the policy term.

  • Option to enhance insurance coverage by adding the Accidental Death Benefit Rider for an extra premium.

  • Upon the insured's accidental death, the plan offers an additional lump sum amount equal to 100% of the Rider Sum Assured.

  • Any rider premiums paid after the accident until the date of death will be refunded with interest, along with the death benefit.

  • Eligibility for tax benefits under the Income Tax Act, 1961.

What Is The Eligibility Criteria For Buying Max Life Saral Jeevan Bima Plan?

Here is the eligibility criteria for buying the Max Life Saral Jeevan Bima Plan:

Criteria Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 70 years
Premium Annual: Rs. 5,895 Half-Yearly: Rs. 2977
Monthly: Rs. 508
No Limit
Policy Term 5 years 40 years
Sum Assured Rs. 5 Lakhs Rs. 25 Lakhs
Premium Payment Mode Monthly, Half-yearly or Yearly

**Standard Terms and Conditions apply.

What Are The Key Benefits Of Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan?

Listed below are the key features of the Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan:

  • Financial Security For Your Family: Ensure your loved ones' financial security during unforeseen circumstances with this insurance plan. It provides a lump sum benefit to support them during challenging times.

  • Death Benefit: If the insured person dies during the Waiting Period, the Death Benefit will be:

    • For Accidental Death: The Sum Assured on Death.

    • For non-accidental death: 100% of all premiums paid (excluding taxes).

  • After the Waiting Period, if the insured person dies during the Policy Term, the Death Benefit will be the Sum Assured on Death.

  • Sum Assured on Death is the highest of the following options:

    • 10 times the Annualized premium.

    • 105% of all premiums paid as of the date of death.

    • The absolute assured amount to be paid upon death.

  • For Single Pay Policy, the higher amount will be considered from the following options:

    • 125% of the single premium paid.

    • The absolute assured amount to be paid on death (equal to Sum Assured).

  • Premiums mentioned above exclude Underwriting extra premiums, Rider Premiums, and taxes.

  • Where,

    • Annualized premium is the total premium payable in one policy year (excluding taxes, rider premiums, extra premiums, and loadings for modal premiums).

    • Single premium is the one-time premium paid by the policyholder (excluding underwriting extra premiums, if any).

    • Absolute amount assured to be paid on death is equal to the Sum Assured.

  • For Semi-Annual & Monthly Mode, the outstanding installment premiums from the date of death until the next Policy anniversary will be deducted from the death benefit payable.

  • Survival Benefit: There is no Survival Benefit provided by this Plan.

  • Maturity Benefit: There is no Maturity Benefit offered by this Plan.

  • Riders: The following rider is available in this plan:

    • Accidental Death Benefit Rider Plus: The Accidental Death Benefit Rider Plus offers 100% of the Rider Sum Assured as an extra lump sum in the event of the Life Insured's accidental death. Moreover, any rider premiums collected after the date of the accident until the date of death will be refunded with interest, along with the death benefit payable.

  • Tax Benefit: The plan provides tax benefits as applicable under the standard tax laws.

**Tax laws may be subject to changes.

What Is The Premium Illustration Of The Aditya Birla Sun Life Saral Jeevan Bima?

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 installments.

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

How To Buy Aditya Birla Sun Life Saral Jeevan Bima Plan From Policybazaar?

Below are the steps to buy the Aditya Birla Sun Life Saral Jeevan Bima Plan From Policybazaar:

Step 1: Go to the official Saral Jeevan Bima Yojana page.

Step 2: Provide your personal details, like gender, name, date of birth, and mobile number.

Step 3: Provide details related to smoking habits, education, occupation, and annual income.

Step 4: Select the plan that suits you and proceed to pay.

Step 5: Make the payment using your preferred method to purchase the policy.


**Note: You can use the term insurance calculator to calculate the premiums you would need to pay to get the desired life cover.

What Are The Policy Details of Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan?

Below mentioned are the policy details of the Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan:

  • Grace Period: It's a time given by the insurance company after the premium due date, without any penalty, to keep the policy active. It's 15 days for monthly premium and 30 days for annual/semi-annual premiums. The insurance coverage continues during this period, but if the insured person dies, the unpaid premium will be deducted from the benefits.

  • Waiting Period: For Death Benefit, there's a waiting period of 45 days from the policy start date. If the policy is revived, the waiting period doesn't apply.

  • Surrender Benefit: This plan doesn't offer any surrender benefit.

  • Revival of Policy: You can revive the policy within five years from the first unpaid premium, by paying outstanding premiums with interest and providing evidence of insurability.

  • Loan Policy: There's no loan facility available in this plan.

  • Goods and Services Tax (GST): GST, if applicable, will be charged separately as per current tax laws.

  • Free Look Period: After receiving the Policy Document, you have a free look period of 15 days (30 days for electronic and distance mode policies). During this time, you can review the policy terms and conditions. If you disagree with any of the terms, you can return the policy to cancel it and receive a refund of the premium paid. A proportionate risk premium for the coverage period and expenses incurred for medical examination and stamp duty will be deducted. The policy will be terminated, and all rights and benefits under it will end. The refund will be processed within 15 days of receiving the cancellation request.

  • Lapsed Policy:

    • For Regular Pay policies, if the due Installment Premium is not received by the end of the Grace Period, the policy will become lapsed from the Due Date of the first unpaid Installment Premium. No benefits will be payable thereafter under the policy.

    • For Limited Pay policies, if the due Installment Premium is not received during the first two Policy Years by the end of the Grace Period, the policy will become lapsed from the Due Date of the first unpaid Installment Premium. No benefits will be payable thereafter under the policy.

    • If the due Installment Premium is not received after the first two Policy Years by the end of the Grace Period, the risk coverage will lapse, and Policy Cancellation Value, if any, will be payable if the policy is not revived during the Revival Period.

  • Assignment: Permitted under Section 38 of the Insurance Act, 1938, as amended over time.

  • Nomination: Permitted under Section 39 of the Insurance Act, 1938, as amended over time.

What Are The Exclusions Under Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan?

The following exclusion will be applied to the Aditya Birla Sun Life Insurance Saral Jeevan Bima Plan:

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

  • 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.
  • Ans: 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.
  • 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.
  • Ans: the policy will be terminated by-
    • date on which death benefit becomes payable

    • the date on which refund is settled

  • Ans: 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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