Saral Jeevan Bima Premium Chart

Nowadays, term insurance is such a necessity in leading your life financially that you should aim for the lowest possible premium while ensuring high coverage.  Saral Jeevan Bima is an ideal plan that provides a high sum assured rebate at low premium rates. Now, if you are planning to buy Saral Jeevan Bima Plan, it is important to know the premium details of this plan. Let’s discuss the Saral Jeevan Bima Premium Chart in detail for your easy understanding:

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Saral Jeevan Bima Plan 

Saral Jeevan Bima plan simplifies the concept of term insurance and brings it within reach of everyone. It is a standard term insurance that is being introduced by insurers from 1st January 2021. This follows an instruction from the IRDAI to all the life insurance companies to present a standard term plan which will have consistent T&Cs across insurance companies, with sum assured amount ranging between Rs. 5 lacs and Rs. 25 lacs. 

Saral Jeevan Bima Plan is a non-participating, non-linked, pure and basic life insurance plan that provides financial protection to the policyholder’s family in case of his/her unforeseen demise all through the policy tenure. The main objective of this plan is to make sure that the dependents of the life assured are adequately covered in case of the policyholder’s death. Under this plan, no surrender or maturity value advantage is offered. There will be only 1 exclusion under the plan i.e., suicide.  

Benefits of Saral Jeevan Bima Plan 

  1. Death Benefit: 

    During the 45 days waiting period from the risk commencement date: 

    In case of the insured’s demise due to an accident during the waiting period and provided the plan is active, the amount of death benefit payable as a one time or lump sum is: 

    For Single Premium, equivalent to the sum assured on demise which is the higher of: 

    • 125 percent of single premium 

    • Absolute assured amount to be paid on the demise 

    For limited or regular premium payment policy equivalent to the sum assured on demise which is the higher of: 

    • 10 times the annual premium 

    • 105 percent of all the premium amount as on the death date 

    • Absolute assured amount to be paid on the demise 

    After the expiry of the waiting period (45 days) from the risk commencement date: 

    For limited or regular premium payment plan, sum assured on death which is highest of: 

    • 10X of annual premium 

    • 105% of all the premium amount paid as of the death date 

    • Absolute assured amount to be payable on the demise 

    For Single Premium, ‘Sum assured on demise’ which is the greater of: 

    • 125 percent of single premium 

    • Absolute assured amount to be payable on death 

  2. Maturity Benefits 

    No maturity benefit shall be payable on the policyholder surviving the maturity date 

Eligibility Conditions 

Minimum Basic Sum Assured  5 Lacs 
Maximum Basic Sum Assured  25 lacs 
Minimum Entry Age  18 years 
Maximum Entry Age  65 years 
Maximum Maturity Age  70 years 
Policy Term  No Limit 
Premium Paying Term (PPT) For Regular Premium: Same as policy term  For Limited Premium: 5 and 10 years  For Single Premium: Premium paid in lump-sum 

Saral Jeevan Bima Premium Chart 

Saral Jeevan Bima Premium Chart is the detailed information of premium amount based on age, premium payment term, policy term, and sum assured. Premium is the amount that is required to pay by a buyer to the insurance company towards a Saral Jeevan Bima Plan. It is a function of various variables such as age, medical, employment, medical conditions, etc. A Saral Jeevan Bima Calculator is also available online on insurer’s websites which you can use to compute how much you will be expected to pay as the premium amount for the coverage you have chosen. The main importance of the Saral Jeevan Bima Premium Chart is that the customer can know the features and benefits of the product. 

The table Illustrates the single/annual premiums for Basic sum assured of Rs. 5 lacs for standard lives under offline sales for 30 years of age and 20 years of policy term are as follows: 

Premium paying option  Premium Amount 
Regular Pay  2095
Limited PPT for 10 years  3010
Limited PPT for 5 years  4955
Single Pay  20310

The below table illustrates the Saral Jeevan Bima Premium Chart for basic sum assured amount of Rs, 10 lacs and policy term of 25 years for standard lives under online/offline sales for different combination are as follows: 

  1. Offline Distribution Channel 

    Age (in years)  Premium Payment Modes
    Single-Premium  Regular Premium Pay
    Yearly  Half-yearly  Monthly 
    25  41610 3850 1965 331
    30  52260 4670 2383 401
    35 70840 6110 3117 525
    40 98630 8340 4254 716
    45  138230 11660 5948 1001
  2. Online Distribution Channel 

    Age (in years)  Premium Payment Modes
    Single-Premium  Regular Premium Pay
    Yearly  Half-yearly  Monthly 
    25  40776 3574 1826 308
    30  51213 4336 2216 373
    35 69421 5675 2900 488
    40 96655 7749 3959 667
    45  135463 10837 5536 932

    The above mentioned Saral Jeevan Bima Premium Charts are exclusive of taxes

    **Information sourced from LIC’s official website 

Factors Affecting the Saral Jeevan Bima Premium chart 

Saral Jeevan Bima Premium rates are dependent on various factors. Most of them are situations or conditions that are in your control that might help you make sure your Saral Jeevan Bima Premium rates remain low. Read on to know more about the factors affecting the Saral Jeevan Bima Premium Rates: 

  • Age: Age is one of the important parameters for determining the Saral Jeevan Bima Premium rates as age signifies your health and life expectancy. Younger individuals are expected to live healthier and longer, so their premiums are lower as compared to older individuals. So, it is good to purchase term insurance at an early age. 

  • Gender: The term insurance premium rates are likely to be lower as compared to a man having same age because as per the research, women have a greater life expectancy than men. 

  • Lifestyle: Lifestyle habits such as smoking and drinking will increase your quotes significantly as regular smoking and drinking have been found to decrease the life expectancy of individuals through illnesses/diseases, that might result in the unforeseen event of death. The premium prices for drinkers and smokers are high as compared to non-tobacco users and non-drinkers. 

  • Occupation: Individuals working in risky regions, will usually have to pay higher premium rates as compared to individuals who are at jobs with less –stress levels. 

Five things to know before buying Term Plan Five things to know before buying Term Plan

Wrapping It Up!

Saral Jeevan Bima plan provides various benefits, however you need to understand the premium details that fit in your budget and to recognize the parameters that make your quotes higher, so that you can make an informed decision of securing you and your family’s goals. Saral Jeevan Bima Premium chart has also been discussed in the above section for your smooth understanding.

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