ICICI Pru Saral Jeevan Bima

ICICI Pru Saral Jeevan Bima is a simple term insurance plan that helps fulfil your protection needs and ensures that your loved ones lead a comfortable life without any financial difficulties in case of your absence. This plan is specifically designed to fit the needs of people from all backgrounds. Let us take a look at some of the key features, benefits, and eligibility conditions of ICICI Pru Saral Jeevan Bima. 

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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
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Key Features of ICICI Pru Saral Jeevan Bima Plan

Let us take a look at the key features of this term insurance plan by ICICI Pru Term Plans:

  • The plan provides financial protection to your family members in your absence by providing them with the death benefit.

  • You can choose to pay the premiums as per your convenience for a single, limited, or regular premium payment term.

  • The plan offers tax benefits as per the prevailing tax laws of the Income Tax Act.

Note: Know what is term insurance first and then buy a term plan for your loved ones.

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₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
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Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

Eligibility Conditions of ICICI Pru Saral Jeevan Bima

Here are the eligibility criteria that you need to satisfy to buy this plan:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Policy Term 5 years 40 years
Sum Assured 5 Lacs 49.5 Lacs
Premium Payment Term
  • Regular Pay
  • Limited Pay (5 and 10 years)
  • Single Pay

Note: It is suggested to calculate the term plan premium on the term insurance calculator online tool by Policybazaar before buying.

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Term Plan Starting @ ₹449/month+

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Benefits of ICICI Pru Saral Jeevan Bima Plan

Here is a list of benefits offered under this ICICI Prudential Term Insurance Plan:

  1. Death Benefits

    The plan will provide your family with the death benefit amount in your absence as per the plan’s T&Cs:

    In case of death during the waiting period

    For limited and regular premium policies (due to accident), the higher of the following will be payable

    • 10 times AP (annualised premiums)

    • 105 percent of the premiums paid till death

    • Absolute amount assured

    For single premium policies (due to accident), the higher of the following will be payable

    • 125 percent of the single premium

    • Absolute amount assured

    In case of death after the waiting period (due to any other reason than accident)

    • 100% of the premiums paid, excluding taxes

  2. Maturity Benefits

    There is no maturity benefit payable under this ICICI Pru Life Insurance plan.

  3. Tax Benefits

    The plan offers term insurance tax benefits under sections 80C and 10(10D) of the Income Tax Act of 1961 as per the prevailing tax laws.

Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.

Additional Details of ICICI Pru Saral Jeevan Bima

  • Free Look Period: The plan offers a 15 day free look period for policies purchased through distance marketing and a 30 day period for online modes. During this period, you can review the policy documents and return the plan if you are unsatisfied with the policy T&Cs.

  • Grace Period: The plan provides a grace period of 30 days for yearly, bi-annual, and quarterly modes and a 15-day grace period for monthly premium payment modes. Customers can pay their premiums during the grace period without worrying about any late payment fees and penalty charges.

  • Policy Cancellation Value: In case the policyholder wants to cancel their policy before the maturity date in case of single or limited premium payment policies, the amount payable will be as follows: 70 percent x single/total premium paid x remaining policy term/total policy term

  • Revival Period: You can revive your lapsed saral jeevan bima policies within 5 years from the date of the first unpaid premiums. To revive your lapsed policy, you may be asked to submit the remaining premiums, interests, applicable taxes, and medical reports.

  • Loan Facility: There is no loan facility available under the plan.

  • Surrender Benefits: There is no surrender benefit available under this plan.

Exclusions of ICICI Pru Saral Jeevan Bima

For single pay policies

If the policyholder commits suicide within 12 months of the issuance of the policy, the insurer will pay 90% of the premium paid, and the policy will terminate.

For limited and regular pay policies

If the policyholder commits suicide within 12 months of the policy issuance, the insurer will pay 80% of the total premiums paid until the point of the policyholder’s death, and the policy will terminate.

How to Buy ICICI Pru Saral Jeevan Bima Plan?

Here is how you can buy the ICICI Saral jeevan bima plan online:

Step 1: Go to the saral jeevan bima page

Step 2: Enter the required details like name, gender, DOB, and contact number

Step 3: Fill in the occupation type, annual income, educational background, and smoking habits

Step 4: Select the ICICI saral jeevan bima plan from the list of available plans

Step 5: Proceed to pay

Note: Check out the best term insurance plan in India and choose one that suits your requirements.

FAQ's

  • Ans. The ICICI pru saral jeevan bima policy is a pure risk protection plan that provides financial protection to the policyholder’s family in their absence. The insurer provides a death benefit in case of the policyholder’s untimely death, which can help them take care of their financial obligations and needs.
  • Ans. The benefits of ICICI saral jeevan bima are as follows:

    • Death benefit: In case of the policyholder’s untimely death, the insurer will pay out the sum assured to the policyholder’s family to help them take care of their financial needs.
    • Tax benefits: The customers can claim tax benefits as per the prevailing tax laws.
    • Flexible premium payments: You can choose to make flexible premium payments through single, limited, or regular premium payment terms.
  • Ans. No, ICICI saral jeevan bima is an inexpensive term insurance plan as it provides only death benefits and does not have any investment component attached to it.
  • Ans. The minimum sum assured for ICICI pru saral jeevan bima plan is 5 Lacs, while the maximum sum assured limit is 49.5 Lacs.

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