Saral Jeevan Bima Premium Chart

Saral jeevan bima premium chart is a comparison of the premium rates offered to the policyholder at different ages of his/her life. Using this chart, the policyholder can make an informed decision about the right age to buy saral jeevan bima plan at the most affordable premium rates. Let’s discuss the Saral Jeevan Bima Premium Chart in detail for your easy understanding:

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Saral jeevan bima
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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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What is Saral Jeevan Bima Plan?

Saral Jeevan Bima is a pure risk protection, basic life insurance plan that provides financial protection to the policyholder’s family in case of his/her unforeseen demise during the policy tenure. The main objective of this plan is to make sure that the dependents of the life assured are financially secure in case of the policyholder’s death. The family of the policyholder can use the benefit amount received to take care of their financial obligations like paying rent, child’s fees, and remaining loans. Under this plan, no surrender or maturity value advantage is offered. There will be only 1 exclusion under the plan, i.e., suicide, within the first 12 months of the policy issuance.

Benefits of Saral Jeevan Bima Plan

Here is a list of all the benefits offered by saral jeevan bima policy:

  • Death Benefit:
    During the 45 days waiting period from the risk commencement date:
    In case of the life assured’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

  • Maturity Benefits
    No maturity benefit shall be payable to the policyholder surviving the maturity date.

  • Tax Benefits

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

Eligibility Conditions to Buy Saral Jeevan Bima Yojana

Here is a list of eligibility conditions you need to satisfy before buying saral jeevan bima plans:

Parameters Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Policy Term 5 years 40 years
Basic Sum Assured 5 Lacs 49.5 Lacs
Premium Paying Term Single, Limited, and Regular Pay
Premium Payment Modes Monthly, Semi-annually, and Annually

Saral Jeevan Bima Premium Chart

Saral Jeevan Bima Premium Chart is the detailed information on premium amount based on age, premium payment term, policy term, and sum assured. This premium amount depends on various factors like age, gender, employment, medical conditions, etc. You can also use a Saral Jeevan Bima Calculator to compute how much you will need 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 a policy term of 25 years for standard lives under online/offline sales for different combination are as follows:

  • 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
  • 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 Chart Rates 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. Let us learn about the factors affecting the Saral Jeevan Bima Premium Chart Rates:

  • Age: Age signifies your health and life expectancy and thus can increase your saral jeevan bima premium chart rates. Simply put, the younger you are the lower will be the premium. This is because younger individuals are expected to live healthier and longer, so their premiums are lower as compared to older individuals. Therefore, 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.

  • Health Conditions: If you have pre-existing conditions like diabetes or any other health issues, the insurer might increase your saral jeevan bima premium rates for different plans. This is because your current medical conditions can increase your risk to health.

  • 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 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.

  • Required Sum Assured: The larger the required sum assured will be, the more will be the saral jeevan bima premium chart rates.

  • Premium Payment Term: The premium payment term can also affect your premium rates as a long premium payment term will have lower premiums in comparison to shorter premium payment terms.

Wrapping It Up!

Saral Jeevan Bima plan provides various benefits, however, you need to understand the saral jeevan bima premium chart details that fit in your budget and recognize the parameters that can affect your premium rates. This can help you make an informed decision to secure your and your family’s financial goals.

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