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Saral Jeevan Bima Yojana

Saral Jeevan Bima Yojana provides a transparent life insurance solution for individuals regardless of occupation or income level.

Explore a range of savings and investment plans and select one that suits your needs:

Life insurance is a crucial financial tool that ensures the well-being of your loved ones in your absence. The Saral Jeevan Bima Yojana is a standardised term insurance plan introduced by the Insurance Regulatory and Development Authority of India (IRDAI) to simplify life insurance for everyone, regardless of their income or occupation.
 

Designed to make term insurance accessible and transparent, this plan offers straightforward terms and conditions, ensuring that individuals with diverse financial backgrounds can secure their families’ future. With options like the Saral Jeevan Bima Yojana premium calculator and the ability to apply online, it has become an appealing choice for many. This article provides an in-depth look into the features, eligibility, premiums, and claim process of the Jeevan Saral Bima Yojana.

Overview of Saral Jeevan Bima Yojana

The Saral Jeevan Bima Yojana is a pure term insurance plan offering life cover without savings or investment components. It was introduced in 2021 to standardise term insurance offerings across various insurers, ensuring uniformity and simplicity.
 

This policy is ideal for individuals seeking financial security for their families at affordable rates. With no restrictions on income, occupation, or educational qualifications, the Saral Jeevan Bima Yojana is accessible to a broad audience.
 

Its flexible coverage options and straightforward terms allow policyholders to tailor the plan to their needs. Moreover, the policy is available both offline and online, enabling easy access. The Saral Jeevan Bima Yojana online apply feature has made it even more convenient for people to secure their families’ future with minimal effort.

Key features and benefits of Saral Jeevan Bima Yojana

The Saral Jeevan Bima Yojana is designed to simplify life insurance and make it universally accessible. Here are its standout features and benefits:

1. Standardised policy structure:

The policy terms and conditions remain the same across all insurers, ensuring transparency and uniformity.

2. Affordable premiums:

The premiums are competitively priced, making it easier for individuals from all income groups to avail of life insurance.

3. Flexible policy term:

Policyholders can choose coverage periods ranging from 5 to 40 years based on their requirements.

4. Sum assured options:

The plan offers a minimum sum assured of Rs. 5 lakh, with the maximum limit varying between insurers.

5. No restrictions on occupation:

This plan is open to all individuals, regardless of their profession or educational qualifications.

6. Ease of application:

The Saral Jeevan Bima Yojana online apply feature allows users to purchase the policy from the comfort of their homes.

Eligibility criteria for Saral Jeevan Bima Yojana

To ensure maximum accessibility, the Saral Jeevan Bima Yojana has minimal eligibility requirements. Here are the details:

1. Age requirements:

The entry age ranges from 18 to 65 years, with the maximum maturity age capped at 70 years.

2. Citizenship:

The policy is available to Indian citizens and residents.

3. Medical tests:

Medical underwriting may be required based on the sum assured and the policyholder's health condition.

4. No income or occupation limits:

The plan does not impose any restrictions related to income levels or job profiles, making it inclusive for all.

5. Nominee details:

The policyholder must nominate a beneficiary to ensure the benefits are passed on without complications.

Premium and coverage details of Saral Jeevan Bima Yojana

The Saral Jeevan Bima Yojana offers affordable premium rates with flexible coverage options. Here is a closer look at the details:

1. Premium payment modes:

Policyholders can choose from various payment modes, such as monthly, quarterly, half-yearly, or annual instalments.

2. Sum assured range:

The minimum sum assured is Rs. 5 lakh, while the maximum sum assured varies among insurers and can go up to Rs. 25 lakh or more.

3. Premium calculation:

The Saral Jeevan Bima Yojana premium calculator allows users to estimate premiums based on their age, sum assured, and policy term.

4. Coverage duration:

The policy term can range from 5 to 40 years, depending on the individual’s financial planning needs.

5. Grace period:

A grace period of 30 days is provided for premium payments (15 days for monthly mode).

Claim settlement process for Saral Jeevan Bima Yojana

The claim process under the Saral Jeevan Bima Yojana is designed to be straightforward and hassle-free. Below are the steps involved:

1. Notify the insurer:

Inform the insurer about the policyholder’s demise as soon as possible. This can be done online, via phone, or in person.

2. Submit claim documents:

Provide the insurer with the required documents, including the claim form, death certificate, and policy papers.

3. Verification process:

The insurer will verify the submitted documents and investigate the claim, if necessary, to ensure accuracy.

4. Claim payout:

Once the claim is approved, the sum assured is disbursed to the nominee as per the policy terms.

5. Assistance channels:

Most insurers provide customer support to assist nominees during the claim settlement process.

Conclusion

The Saral Jeevan Bima Yojana is a simple, accessible, and affordable term insurance plan designed to meet the basic life insurance needs of individuals from all walks of life. With its uniform terms and wide accessibility, this plan ensures financial security for families in the policyholder’s absence. Whether you’re a first-time insurance buyer or looking for straightforward coverage, this plan offers peace of mind without complications.

Frequently asked questions

What are the key features of Saral Jeevan Bima Yojana?

Saral Jeevan Bima Yojana offers standardised policy terms, affordable premiums, flexible coverage options, and no restrictions on income or occupation.

Who can apply for the Saral Jeevan Bima Yojana?

Any Indian citizen aged between 18 and 65 years can apply for this policy, irrespective of their income level or occupation.

What are the premium rates and coverage amounts?

Premiums depend on factors such as age, sum assured, and policy term. Coverage starts at Rs. 5 lakh, with higher limits based on the insurer.

How to file claims under this policy?

To file a claim, notify the insurer, submit the necessary documents, and await claim verification. Once approved, the sum assured is paid to the nominee.

How does the Saral Jeevan Bima Yojana benefit policyholders?

This plan offers affordable life coverage, financial security for families, and a straightforward application and claim process, making it accessible to everyone.

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Disclaimer

*T&C Apply - Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. Visitors are hereby informed that their information submitted on the website may also be shared with insurers. BFL is also a distributor of other third-party products from Assistance Services providers such as CPP Assistance Services Pvt. Ltd., Bajaj Finserv Health Ltd. etc. All product information such as premium, benefits, exclusions, sum insured, value added services, etc. are authentic and solely based on the information received from the respective insurance company or the respective Assistance service provider company.
 

Note – While we have made all efforts and taken utmost care in gathering precise information about the products, features, benefits, etc. However, BFL cannot be held liable for any direct or indirect damage/loss. We request our customers to conduct their research about these products and refer to the respective product’s sales brochures before concluding their sale.

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