SARAL JEEVAN BIMA – Eligibilty , Benefits

IRDAI Saral Jeevan Bima

Saral Jeevan Bima is a standard individual term life insurance product. It is a non-linked market product. In this insurance, the nominee will get the sum assured after the death of the policy payer. Here we will tell you Eligibility, Benefits, and who can avail this Saral Jeevan Bima.

Why need of This Saral Jeevan Bima?

Many Complaints have been reaching to IRDAI that agents and banks are doing ULIP Policies of Customers and no one tells them about the term insurance products and also people are getting aware of insurance so to help people and secure the life of there dependents after there death IRDAI has mandated all insurance companies to introduce Saral Jeevan Bima. IRDAI also instructed insurance companies to involve this insurance product in there list till 1st January 2021.

Eligibility of Saral Jeevan Bima

Any Indian Citizen of age group 18-65 Years can apply for Saral Jeevan Bima. There is no Income proof required for purchasing this policy. No maturity Benefits will be given under this policy and if you surrender this policy then also you will not get anything.

Type of Saral Jeevan Bima

Saral Jeevan Bima are of three types –

1- Regular Premium

In this type of Insurance. You will pay regularly every year till the maturity age or beyond 10 years. In this, your sum assured will be tlll 70 years of age.

2- Limited Premium

In this type. You will pay for 5 years or 10 years. Your sum assured will be for the time you have paid premium i.e if you had a premium for 5 years you will be assured for 5 years and if you had paid a premium for 10 years then you will be assured for 10 years.

3- Single Premium

In this Type. Policy Holder pays the Amount of premium in Lumpsum.

Benefits of Saral Jeevan Bima

As Saral Jeevan Bima is a product of IRDAI so the rules and regulations of this are simple and the same for all insurance companies. No Income proof is required so anyone can afford this insurance. this is the major benefit of this insurance policy this is because after Covid-19 majority of insurance companies are now asking for ITR if you buy any term insurance plan. Minimum Sum assured is  ₹5,00,000,  Maximum Sum Assured is ₹25,00,000.

For Regular & Limited Premium Payment policies: Highest of:

1-       10 times of annualized premium;

2-       105% of all the premiums paid as on the date of death;

3-       Absolute amount assured to be paid on death.

For Single premium policies: Higher of:

1-       125% of single premium;

2-   absolute amount assured to be paid on death.

Waiting Period of Saral Jeevan Bima

The waiting Period of this policy is 45 Days it means that if anything happens to the policyholder during the first 45 days of issuance of the policy then only 100% of the total premium paid till that time will be paid. Only the accident case is exceptional it means that if the policyholder met with the accident and he becomes dead in that accident then the total sum assured will be paid to the nominee. During the waiting period of policy death due to accident will give you the full sum assured in other cases only 100% of the premium is paid.

Policy Cancellation

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.

Is there Any Loan against Saral Jeevan Beema?

Saral Jeevan Beema is Non-Market Linked Insurance Plan and it is a total risk plan so No Loan will be given against this insurance plan.

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