A vast part of the Indian population remains uninsured because of a variety of reasons. Either the plans themselves are out of their budget or they are unable to buy them because of their ineligibility. But with a Saral Jeevan Bima plan, you can secure your loved ones without breaking your budget, and secure your family with affordable 10 lakh term insurance premium rates. Let us see what a 10 lakh term insurance is and its benefits in the article below:Read more
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A 10 lakh term insurance plan is a term insurance plan that provides a death benefit of Rs. 10 Lakhs to the policyholder’s family in case of the policyholder’s unfortunate death during the policy term. These plans are best suited for people with lower incomes who want to protect their family in case of an eventuality at a low premium rate.
Since most term insurance plans provide a minimum sum assured of Rs. 20 Lakhs, the 10 lakh term insurance plans come under Saral Jeevan Bima plans. These plans provide financial security to your loved ones at affordable premiums for a long policy term. Plus, with the onset of covid 19 again in India, these plans provide coverage against Covid 19 as well.
Let us take a look at how a Saral Jeevan Bima plan can help you get the most affordable 10 lakh term insurance premium rates.
Death Benefits: The sum assured on death will be paid to the nominee of the policy which they can use to pay their rent and child’s fees.
Financial Security: A Saral Jeevan bima plan ensures that your family is protected in the event of your absence and the death benefit payout can help your family maintain their financial obligations.
Long-Term Coverage: You can get a term plan with coverage extending till 70 years of age. This way you can make sure you and your family can stay covered under the plan for the long term.
Flexible Premium Payment: Saral Jeevan Bima plans offer you the flexibility to pay the premiums at your pace. You can pay the premium in a single lump sum, for the regular premium payment term, or for a limited premium payment term. A lot of the plans also allow you to pay the premiums in an annual, semi-annual, or monthly mode.
Covid Cover: With the rise in Covid cases, the Saral Jeevan Bima plans offer a comprehensive coverage by including eventualities caused due to Covid as well.
Rider Benefits: You can go through the list of riders available in the policy documents and add the most suitable riders to the base plan to enhance the policy coverage. This way you can get comprehensive coverage over a variety of eventualities in just one plan.
Tax Benefits: You can get tax benefits as per the prevailing tax laws u/s 80C and 10(10D) of the IT Act.
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Here is a list of all the plans in India that offer a life cover of Rs. 10 Lakh to customers at affordable premium rates. The premium rates listed below are for a healthy 18-year-old non-smoking male with an annual income of Rs. 2 to 2.9 Lakhs.
|Saral Jeevan Bima Plans||Entry Age||Maturity Age||Policy Term||Premium per month|
|PNB Saral Jeevan Bima||18 - 65 years||70 years||5 to 40 years||Rs. 243|
|Bharti AXA Saral Term Plan||18 - 65 years||70 years||5 to 40 years||Rs. 245|
|ICICI Saral Jeevan Bima||18 - 65 years||70 years||5 to 40 years||Rs. 219|
|HDFC Life Saral Jeevan Bima||18 - 65 years||70 years||5 to 40 years||Rs. 388|
*The PNB Saral Jeevan Bima is exclusively available for the online customers of Policybazaar.
*You can use a term insurance premium calculator to see the accurate premium amount applicable according to your lifestyle.
The plan can be purchased without a medical exam online through policybazaar
The policy has a waiting period of 45 days and covers only accidental death during this period
You can pay the premiums via any of the available premium payment options
The premiums can be paid in yearly, half-yearly, or monthly modes
The plan provides tax-saving benefits as per the prevailing tax laws
The plan can be purchased online or offline at your convenience
The policy offers the chance to enhance the coverage of the plan with Accidental Death Benefit Riders and Accidental Total Permanent Disability Riders
The premiums for the plan can be paid in annual, semi-annual, or monthly modes
The family of the policyholder will receive a death benefit in case of the policyholder’s unfortunate death during the policy term
You can pay the premiums with a regular, limited, or single premium payment term
The plan has a waiting period of 45 days from the date of policy issuance during which only accidental death is covered
The premiums can be paid in a single, limited, or regular premium payment term
The plan provides a grace period of 15 days for monthly premiums and 30 days for the other premium payment modes
The lapsed policy can be revived within 5 years of the first unpaid premium due date
You can avail of tax benefits as per the prevailing tax laws
You can pay the premiums in a single, limited pay for 5 or 10 years, or regular premium payment term
The premium payment modes available for limited and regular premium payment terms are monthly, annually, and semi-annually
The policy has a waiting period of 45 days during which in case of the policyholder’s accidental death the nominee will receive the death benefit
You can enhance the policy coverage with HDFC Life Protect Plus Rider and HDFC Life Income Benefit on Accidental Disability Rider
A lapsed policy can be revived within 5 years from the date of the first unpaid premium
Here is how you can buy a 10 lakh term plan online from the comfort of your home.
Step 1: Go to the Saral Jeevan Bima page
Step 2: Enter your name, gender, date of birth, and contact number
Step 3: Select your annual income, smoking habits, occupation type, and educational background
Step 4: Go through the list of available plans and purchase the most suitable plan
For a lot of people, a term plan with a sum assured of Rs. 10 Lakhs might not be enough to cover their family’s financial needs in their absence. In such cases, you can buy regular term insurance with a life cover as per your individual needs. You can use a human life value calculator to see the life cover you are eligible for as per your annual income. Regular term insurance offers a sum assured starting from Rs. 20 Lakhs which allows you to buy term plan that fits your requirements the best.
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