Generali Central Saral Jeevan Bima

The Generali Central, formerly known as Generali Central Saral Jeevan Bima is a standard, individual pure term life insurance policy mandated by insurance regulators to provide affordable financial protection to a policyholder's family in the event of their untimely demise. The plan offers a safety net wherein the family will not have to undergo any financial struggle in the future.

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Key Features of Generali Central Saral Jeevan Bima

Below are the key features of Saral Jeevan Bima Plan offered by Generali Central Life Insurance

Flexible Policy Options
Choose a policy term and premium payment term based on your financial needs and preferred level of coverage.
Standardised Benefits
The term plan is regulated by IRDAI and offers clearly defined benefits and policy features.
Comprehensive Death Benefit
The policy provides a death benefit to the nominee, helping your family manage their financial needs in your absence.
Flexible Payment Options
Choose a premium payment option that suits you, including Regular Pay, Limited Pay or Single Pay.
Fixed Premiums
The premium amount remains fixed throughout the policy term, making it easier to plan your finances.
Lower Women’s Premiums
Special rates are available for women under the Generali Central Saral Jeevan Bima plan.
Flexi Life Cover
Choose the life cover amount that matches your financial needs and the level of protection you want to give your family.
No Maturity Benefit
Generali Central Saral Jeevan Bima is a pure term insurance plan and does not provide any maturity benefit.

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 13/day⁺

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day⁺

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day⁺

Eligibility Criteria of Generali Central Saral Jeevan Bima

The table below shows the eligibility criteria of Generali Central Saral Jeevan Bima:

Parameters

Details

Entry Age

18 years to 65 years

Maturity Age

23 years to 70 years

Policy Tenure and Premium Payment Term

Policy Term	Premium Payment Term
05 years to 40 years	Single Pay
Limited Pay- 05 years
Limited Pay- 10 years
Regular Pay

Sum Assured

Minimum- Rs 5 lakhs Maximum- Rs 25 lakhs

Premium Payment Frequency

Yearly, half-yearly and monthly (Only under NACH/ ECS)

Premium Amount

The minimum premium as per the premium payment frequency Yearly- Rs 1520 Half-yearly- Rs 791 Monthly- Rs 135

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Benefits of Generali Central Saral Jeevan Bima

Listed below are the benefits of Generali Central Saral Jeevan Bima:

Death Benefit

If the life assured dies after the 45-day waiting period and the policy is active, the death benefit is paid to the nominee/assignee as a lump sum.

For Regular Pay and Limited Pay policies, the Sum Assured on Death is the highest of:

10 times the Annualized Premium
105% of the total premiums paid
The absolute amount assured to be paid on death, which is equal to the Basic Sum Assured

For Single Pay policies, the Sum Assured on Death is the higher of:

125% of the Single Premium
The Basic Sum Assured

The premiums considered for these calculations exclude applicable taxes and certain extra premiums/charges as specified in the policy terms.

Waiting Period

From the start of the date of the commencement of the risk, there are 45 days waiting period, and during this period, the policy covers death only due to accident. If the death occurs due to some other cause other than an accident, then the entire premium amount, excluding the applicable taxes, shall be paid back but not the sum assured. The waiting period is not applicable in the case of revival policy.

Grace Period

The policy provides a grace period for payment of renewal premiums:

30 days for yearly and half-yearly premium payment modes
15 days for monthly premium payment mode

If the life assured dies during the grace period before the outstanding premium is paid, the policy remains valid and the applicable death benefit is payable after deduction of the unpaid premium and any other applicable balance premium. If the premium is not paid within the grace period, the policy lapses and the risk cover ceases.

Free-Look Period

The policyholder shall be provided with a free-look period of 30 days from the date of receipt of policy document in which he/she can review the terms and conditions and return the policy for cancellation if he/she does not agree with the terms provided no claim has been made.

Refunds are subject to deductions like proportionate risk premium, medical examination expenses and stamp duty charges wherever applicable.

Revival

A lapsed Regular Pay or Limited Pay policy can generally be revived within 5 years from the due date of the first unpaid premium, provided the policy term has not ended.
To get it revived, the policyholder must pay any unpaid premiums, as well as any revival interest that is applicable.

The insurer may also ask for proof of continued insurability. Revival is subject to company underwriting policy and approval.

The revival interest rate is determined by the company according to its stated methodology and may change with applicable regulatory approval. The brochure specifies a simple interest rate of 9% p.a. for FY 2024–25

Tax Benefits

The policyholder can avail of tax benefits as per the provisions of income tax laws.
Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.

How to Buy Generali Central Saral Jeevan Bima?

Here are the steps below to keep yourself covered with Generali Central Saral Jeevan Bima online:

Contact an Advisor: Reach out to an authorized Generali Central Life Insurance representative or agent to start your application.
Visit a Branch: Go to your nearest Generali Central Life branch office with your KYC and income documents.
Select Policy Details: Choose your desired sum assured, policy term, and premium payment term based on your eligibility.

Documents Required to Buy Generali Central Saral Jeevan Bima

To buy the Generali Central Saral Jeevan Bima, the following documents will be required:

Identity proof
Address proof
Certificate of birth
Bank account details
Passport size photographs

Exclusion Under Generali Central Saral Jeevan Bima

Under Regular/ Limited Premium Policy
In the case of a Regular or limited premium policy, if the life assured commits suicide, then no claims are entertained. Only 80% of the premium paid till the date of death is paid when the policy is in force, or it is 12 months since the date of revival, and the suicide is committed within the 12 months since the date of commencement of the risk.
Under Single Premium Policy
Whereas in the case of a single premium policy, if the life assured commits suicide within the time duration of 12 months from the date of the commencement of the risk, the policy becomes void. In that case, 90% of the single premium paid is paid excluding additional charges.

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FAQs

Q1. What happens if the lapsed Future Generali Saral Jeevan Bima is not revived?

A1. When the policy lapses and is not revived within the stipulated period, then the policy terminates. In that case, nothing is payable to the holder of the regular premium policy and the limited payment policies, and only the policy cancellation amount is payable.
Q2. When the Future Generali Saral Jeevan Bima lapses?

A2 When the premium is not paid on the due date and within the grace period, then the policy lapse and all the benefits cease to exist.
Q3. Within how many years can policyholders revive Future Generali Saral Jeevan Bima?

A3. Within 5 years from the due date of the first unpaid premium amount, policyholders have the option to revive the policy. However, it should be within the maturity period.
Q4. Is the premium rate of Future Generali Saral Jeevan Bima lower for women?

A4. Yes, the premium rates of Future Generali Saral Jeevan Bima Lower for women.
Q5. What is the policy cancellation value payable for Future Generali Saral Jeevan Bima?
A5. The policy cancellation value is payable when:
- In the case of a single premium policy, the policyholder applies for it before the maturity date.
- In case of limited premium payment, the policyholder applies at the end of the revival period but before the date of maturity.
- Regular premium policyholders are not eligible for policy cancellation value.
Q6. What is the grace period of Future Generali Saral Jeevan Bima?

A6. The grace period of Future Generali Saral Jeevan Bima is 30 days in case of yearly or half-yearly premium payment and 15 days in case of monthly premium payment.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.

˜The insurers/plans mentioned are arranged in order of highest to lowest Sum Assured(SA) offered by Policybazaar’s insurer partners offering term insurance plans on our platform, as per ‘first year premium of life insurers as at 31.03.2025 report’ published by IRDAI.

Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. For complete list of insurers in India refer to the IRDAI website www.irdai.gov.in

+On the basis of your profile

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+Rs. 8/day is starting price for a 50 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

+Rs. 15/day is starting price for a 75 lakhs term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age, rounded off to nearest 10

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+Rs. 636/month is starting price for a 3 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 918/month is starting price for a 5 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,286/month is starting price for a 7 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 453/month is starting price for a 1 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs.582/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 786/month is starting price for a 3 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,374/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 1,592/month is starting price for a 7 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

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+Rs. 1,200/month is starting price for a 2 crore term life insurance for an 35 year-old male, non-smoker, with no pre-existing diseases, cover upto 55 years of age.

+Rs. 410/month is starting price for a 1 crore term life insurance for an 18 year-old Female, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

+Rs. 577/month is starting price for a 1 crore term life insurance for an 18 year-old Male, self employed, non-smoker, with no pre-existing diseases, cover upto 30 years of age.

*The full refund of premium is available on availing the one-time option of refund of premium. Total premium paid for policy (paid for add-ons) will be the special exit value, payable on availing the one-time option of refund of premium if you wish to completely exit the policy.

+Rs. ₹361/month is the starting price for a ₹1 crore loan cover with an 8% interest rate for an 18-year-old male, non-smoker, with no pre-existing diseases, loan tenure up to 20 years, rounded off to the nearest 10

Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited

We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881

For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale

Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.

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