India health insurance companies offering coverage for Saral Jeevan Bima
| Particulars | Norms | ||||||||||||
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| Minimum Age at Entry | 18 Years | ||||||||||||
| Maximum Age at Entry | 65 Years | ||||||||||||
| Policy Term | 5 to 40 years | ||||||||||||
| Maximum Maturity Age | 70 years | ||||||||||||
| Sum Assured | Minimum ₹5,00,000; Maximum ₹25,00,000 * (SA would be allowed only in the multiple of ₹50,000) * Insurers have the option of offering Sum Assured beyond ₹ 25,00,000 under Saral Jeevan Bima with all other terms and conditions remaining the same. |
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| Large Sum Assured rebate | If any, it shall be clearly indicated in File & Use Wordings of the respective insurer | ||||||||||||
| Premium Payment Options |
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| Mode of Premium Payment |
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| Death Benefit | For Regular & Limited Premium Payment policies: Highest of:
For Single premium policies: Higher of:
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| Maturity Benefit | There shall be no maturity benefit under the policy. | ||||||||||||
| Exclusions | nly suicide clause, as per extant regulations. | ||||||||||||
| Waiting period | 45 days from the date of commencement of risk. In case of revival of Policy, the Waiting Period shall not be applicable. The following words shall be prominently displayed in BOLD, on the welcome letter of Policy Document as well as on the first page of Sales Literature. "This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk. In case of death of the life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid." |
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| Surrender Value | Surrender Value is not applicable under this Policy. | ||||||||||||
| Policy Cancellation Value | Policy Cancellation Value shall be payable: upon the Policyholder applying for the same before the stipulated date of maturity in case of Single Premium Policy; upon the Policyholder applying for the same before the stipulated date of maturity or at the end of revival period if the policy is not revived, in case of Limited Premium Payment Policies. The amount payable shall be as follows: For Single Premium: The Policy Cancellation Value acquires immediately after receipt of Single Premium and is calculated as follows: Single Premium shall be inclusive of extra premium, if any. Limited Premium Payment Term (LPPT): 5 and 10 years: Policy Cancellation Value acquires if at least two (2) consecutive full years’ premiums are paid and is calculated as follows: Total Premiums Paid shall be inclusive of extra premiums, if any. No policy cancellation value shall be payable in respect of regular premium policies. |
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| Loan | No loan will be allowed against the policy | ||||||||||||
| Optional Riders | Approved Accident Benefit and Permanent Disability Benefit Riders can be attached. | ||||||||||||
| Pricing | As per the respective insurance company’s actuarial workings based on their underwriting | ||||||||||||
| Underwriting and Medical Requirements | As per the Board Approved Underwriting Policy of the Insurer, subject to above criteria and any statutory requirements. | ||||||||||||
| Interest on delayed payment of premiums | The rate of interest on delayed payment of premiums shall be as per the Insurer’s policy for similar products. | ||||||||||||
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| Step 1 | Visit the website of the intermediary / distributor eindiainsurance and search for Saral Jeevan Bima under Life Insurance |
| Step 2 | Click on the Saral Jeevan Bima insurance plan link…provide basic information to get a quote for the plans |
| Step 3 | Based on the information provided, the website will share a Comparative Table for all insurance companies providing this plan – opt for the insurance plan one is most comfortable with – remember this is a Term Life insurance plan with standard benefits across all insurance providers |
| Step 4 | Based on the insurance plan chosen, an online application form will be displayed on the website to be filled…fill in all the relevant information accurately and submit the application online |
| Step 5 | There will be a link which will now appear for payment of the applicable premium as quoted initially…Make a payment through Credit Card/Debit Card/Internet Banking etc…and complete the payment process |
| Step 6 | Insurance company will process the application and dispatch the Saral Jeevan Bima policy document directly to the customer at the address provided. |
This place has a grace period of 30 days, which begins from the due date of premium payment for all modes except monthly mode (which has a grace period of 15 days).
This plan has a free look period of 15 days (30 days for distance mode) from the date of receiving the policy document. You are also entitled to receive a premium refund, subject to various terms and conditions.
The premium of this plan is based on age, gender, sum assured, policy period, and premium payment period.
IRDAI has mandated all life insurers to offer a standard pure term plan for customers to be able to make an informed choice regarding their protection needs.
Saral Jeevan Bima Plan is a 2020 scheme is basically an Endowment Assurance Plan where the beneficiary has to choose the amount and mode of premium payment. Mainly it aims to provide a simple life insurance policy to the applicants removing all the complexities.
The applicant can apply by online as well as offline mode.
The age limit is 18 to 65 years.
