Pramerica Life Saral Jeevan Bima

Pramerica Life Saral Jeevan Bima is a term insurance plan that helps individuals financially secure their family members in the event of their unfortunate death during the policy term. These plans offer a range of sum assured to fit the needs of people with low income and allow them to buy a suitable saral jeevan bima plan at affordable premiums. Let us take a look at some of the features and benefits of this Pramerica saral jeevan bima plan. 

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Get ₹50 Lacs Life Cover at just ₹412/month+
Saral jeevan bima
Get upto 20% online discount
In case of your death, your family will receive fixed amount, tax free
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or Give us a call on 1800-258-7204
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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Key Features of Pramerica Life Saral Jeevan Bima

Here are the key features of this Pramerica term insurance plan:

  • The plan provides financial protection to your loved ones at affordable premium rates.

  • You can choose a policy term from 5 to 40 years as per your suitability

  • The plan offers convenient premium payment terms like single, limited, and regular premium payment terms

  • You can avail of tax benefits as per the prevailing tax laws under the IT Act

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

Eligibility Criteria of Pramerica Life Saral Jeevan Bima

The table below shows the eligibility criteria for Pramerica Life Saral Jeevan Bima:

Parameter Details
Entry Age 18 - 65 years
Maturity Age Maximum 70 years
Premium Payment Term For regular premium - equal to policy term
For limited premium - 5/10 years
For single premium - single pay
Policy Term For regular premium - 5 - 40 years
For limited premium - (6 - 40 years)/(11 - 40 years)
For single premium - 5 - 40 years
Sum Assured Rs. 5 Lacs to Rs. 25 Lacs

Benefits of Pramerica Life Saral Jeevan Bima

Take a look below to understand the key benefits of Pramerica Life Saral Jeevan Bima:

  1. Death Benefit

    The sum assured will be payable on the death of the policyholder, during the policy term as per the following T&Cs:

    • In case of death during the waiting period

      • On accidental death for regular or limited premium policies

        • 10 times the AP (annualised premiums)

        • Absolute amount payable at death

        • 105 percent of total premiums paid till death

      • On accidental death for single premium policies

        • 125 percent of the single premium

        • Absolute amount payable at death

      • On death due to other reasons than accident, 100 percent of the premiums (excluding taxes) will be paid to the nominee.

    • In case of death after the end of the waiting period

      • For regular and limited premium policies

        • 10 times the AP (annualised premiums)

        • 105 percent of the premiums paid till death

        • Absolute amount payable at death

      • For single premium policies

        • 125 percent of the single premium

        • Absolute amount payable at death

  2. Maturity Benefit

    Since this is a term insurance plan, there is not maturity benefit available.

  3. Survival Benefit

    There is not survival benefit available under this plan as well.

  4. Tax Benefit

    You can avail of term insurance tax benefits under the Pramerica life saral jeevan bima plan as per the prevailing tax laws under section 80C and 10(10D) of the Income Tax Act, of 1961.

Additional Benefits of Pramerica Saral Jeevan Bima

  • Flexible Premium Payment Modes

    You can pay the premiums as per your convenience with the single, limited, or regular premium payment modes by paying the premiums in a yearly, half-yearly, or monthly modes.

  • Grace Period

    The grace period for monthly premium payment modes is 15 days and for yearly and half-yearly modes is 30 days. During this period, you can easily pay your saral jeevan bima premiums without worrying about late payment charges and fees.

  • Policy Revival

    You can revive your lapsed limited or regular premium policies within 5 years of its last unpaid premium payment date. You need to pay all the outstanding premiums along with the applicable interest.

  • Surrender Benefit

    There is not surrender benefits payable under this plan.

  • Policy Cancellation

    The policy cancellation value will be payable under the single and limited premium payment policies as follows: 70% x single or total premiums paid x remaining policy term / total policy term

  • Loan Facility

    There is no loan facility available under this plan.

  • Free Look Period

    A free look period of 15 days is provided for offline policies whereas a 30 day free look period is provided for online policies. During this period, the policyholder can assess the policy docuements and return the policy if unsatisfied with the policy’s conditions.

What are the Documents Required to Buy Pramerica Life Saral Jeevan Bima?

Listed below are the documents required to buy Pramerica Life Saral Jeevan Bima:

  • Age proof

  • Identity proof

  • Address proof

  • Latest Passport size photographs

  • Last six month’s Bank statements

Along with those mentioned above, some additional documents may be asked to provide by the insurer for completing the application process.

Exclusions Under Pramerica Life Saral Jeevan Bima

Suicide Exclusion:

  • For Limited Premium and Regular Premium plans: If the policyholder commits suicide within the first 12 months after policy issuance or the date of policy revival, the company would pay 80% of the total premiums paid up until the death of the policyholder, provided that all the premiums had been duly paid.

  • For Single Premium plans: An amount equal to 90% of the total premiums paid till the death of the policyholder will be paid if the life assured commits suicide within the first 12 months of the policy issuance.

Note: These returns exclude any underwriting extras, taxes, and rider premium amounts.

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

FAQs

  • Ans: No loans are applicable to the Pramerica Life Saral Jeevan Bima.
  • Ans: No, you cannot claim any surrender value if the policy is terminated from your side.
  • Ans: Yes, you can pay the premiums every month if that's what is feasible for you. In addition, there are three different modes available for premium payment. You can pay them yearly, half-yearly, and monthly according to what suits you the most. It is important to note that the premium payment term and mode once selected cannot be changed during the policy term.
  • Ans: If someone is unable to keep up with the premium payment frequency, their policy will lapse after exceeding the grace period and the death benefit shall cease. No benefits are claimable when the policy is under lapsed status.
  • Ans: Yes, you can, but the sum assured needs to be in the multiples of 50,000 starting from Rs 5, 00,000 and ending at Rs 25, 00,000.
  • Ans: You can easily calculate the term insurance premium online by using the term insurance calculator online tool
  • Ans: Here are 4 common term insurance benefits:
    • Low premium rates
    • Tax Benefits
    • Death Benefit
    • Long term coverage

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