Saral Jeevan Bima is a term life insurance product that was launched by the Insurance Regulatory and Development Authority of India (IRDAI) in January 2021. The purpose of this product is to provide affordable life insurance coverage to individuals who may not be able to afford traditional life insurance policies.
Saral Jeevan Bima is a non-linked, non-participating, individual pure-risk premium life insurance plan. It provides a lump sum payout to the nominee in case of the policyholder’s death during the policy term.
| Minimum | Maximum | |
| Age of Entry | 18 years | 65 years |
| Basic Sum Assured | 5 Lakhs | 25 Lakhs |
| Policy Term | 5 years | 40 years |
| Premium Paying Term (Regular) | Same as Policy term | |
| Premium Paying Term (Limited) | 5 years and 10 years | |
| Premium Paying Term (SIngle) | Lumpsum | |
| Premium Paying Mode | Single, Yearly, Half Yearly, Monthly | |
Sum Assured on Death:
For Regular and Limited Premium Payment ⇒ Highest of 10 times Annualised premium or 105 % of all premiums paid as on date of death or 100% of Basic Sum Assured
For Single Premium Payment ⇒ Highest of 125% of Single Premium or 100% of Basic Sum Assured
Death Benefit :
Waiting Period⇒ 45 days from the Date of Commencement of the Policy
Death Benefit (Anytime during Waiting Period)
Natural Death⇒ Refund of Premiums
Accidental Death⇒ Sum Assured on Death will be payable
Death Benefit (Anytime after Waiting Period)
Sum Assured on Death will be Payable
Maturity Benefit ⇒ On Survival till the end of the policy term, No Maturity Benefit will be Payable.
Plan Benefits
Avail Tax benefit on Premium Paid
Tension Free Claim Settlement
Documents Required:
- Medical history
- Address proof
- Know your customer documents
- Medical examination (depending on your age or the sum assured)
- Medical examination (depending on your age or the sum assured)
