Pramerica Life Saral Jeevan Bima

Pramerica Life Saral Jeevan Bima is a plan that enables one to sail through whether in good or not so good times. The Pramerica Life Saral Jeevan Bima is cost-effective and easily available. This plan provides full death cover in case of the demise of the life assured during the policy’s active period.  You can choose a sum assured according to your specific needs.

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Your family can claim for the same if something were to happen to you. And the claim process is easy to follow as the insurer aims to provide hassle-free financial security to the family of the life insured.

Eligibility Criteria of Pramerica Life Saral Jeevan Bima

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

Parameter

Details

Entry Age

18-65 years

Maturity Age

Maximum 70 years

Premium Payment

Three different premium payment options available to choose from:

A) regular premium

B) fixed-term payment (5 years and 10 years)

C) single premium pay

Policy Span

Policy term to select within an extended range of 5 to 40 years

Sum Assured

Rs 5 lakh to Rs 25 lakh

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

    Two specific conditions are provided by the insurer in which the death benefit shall be paid accordingly. The waiting period is 45 days starting from the date of commencement of the risk.

    Death occurs within the waiting period: If the death has occurred during the waiting period, the insurer will only pay the death benefit if the cause of the death is an accident. No benefits shall be paid if the life has been taken away due to another reason than the accident.

    Suppose if the death takes place in the waiting period, and the cause of death is the accident, then the benefits paid shall be as follows

    For regular and fixed-term payment policy, the highest of the three values shall be paid as the death benefit:

    A) Ten times the annual premium

    B) 105% of all the premiums paid till death

    C) The absolute amount assured as the death benefit

    For Single Pay Pramerica Life Saral Jeevan Bima, the higher of the two values shall be paid as the death benefit.

    A) 125% of the single premium

    B) The absolute amount assured as the death benefit

    And in case of the death other than due to accident, then 100% of the premiums paid till the death date shall be returned, excluding taxes, if any.

    Death taking place out of the waiting period

    If the sad demise has taken place after the expiry of the waiting period, the death benefits for different premium payment method chosen shall be paid as follows:

    For regular and fixed-term payments, the highest of the three values shall be paid as the death benefit.

    A) Ten times the annual premium amount

    B) 105% of all the premiums paid

    C) The absolute amount assured as the death benefit

    For a Single Pay policy, the death benefit shall be higher of the two values stated as below:

    A) 125% of the Single Premium

    B) The absolute Sum Assured as the death benefit

  2. Tax Benefits

    One can also avail of the tax benefit as per the provisions of the Income Tax Act.

    Note: Tax benefit is subject to changes in tax laws. Standard T&C apply.

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
  • Document proving your address
  • Passport size photographs
  • All the details regarding your bank account

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

How to Buy Pramerica Life Saral Jeevan Bima Online?

A more accessible alternative in the online purchase is available to buy this policy through a few clicks by sitting at home or a place of your choice. And no additional expertise is needed to fill up the online form provided by the insurer.

Follow the steps below to buy Pramerica Life Saral Jeevan Bima online:

  • Visit the official website of Pramerica Life.
  • Search for the plan name.
  • Read the instructions available on the website.
  • Click the 'Buy Online' box to start the process.
  • An application form will appear.
  • Fill up the form with authentic credentials
  • Click save and next to move further.
  • Upload all the required documents.
  • Enter relative health details.
  • Pick the plan of your choice following your capacity.
  • Read all the terms and conditions and make sure you agree to them.
  • Check the agree box.
  • The payment page will appear after clicking next.
  • Pay your first premium online and complete the process.

Exclusions Under Pramerica Life Saral Jeevan Bima

The exclusion under Pramerica Life Saral Jeevan Bima is due to the life assured committing suicide, the details of, which are further explained below.

  1. For Regular and Fixed-Term Premium Payment

    In case the policyholder commits suicide within the first twelve months of risk commencement, the insurer shall not be liable to pay anything more than 80% of the premiums paid till the suicide date, provided that the plan is intact.

  2. For Single Pay

    If the suicide is committed under the first twelve months of the policy’s risk commencement, the insurer shall return 90% of the single premium without any death benefit whatsoever.

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