- About Saral Jeevan Bima Policy
- Eligibility
- Benefits
Understanding Saral Jeevan Bima policy
Saral Jeevan Bima policy is a type of term insurance plan that compliance with the Insurance Regulatory and Development Authority of India (IRDAI) in which life insurers are obliged to introduce a standard term plan with a single set of terms and conditions, with a sum assured between Rs 5 lakh to 25 lakh, that helps to makes insurance accessible to all Classes of people in the country. Insurance companies start introducing these plans on January 1, 2021. The idea was that a simple, standard life insurance product would make it easier for buyers to choose the right policy. Saral Jeevan Bima Insurance plans have the same benefits, inclusion-exclusion, and benefits, whichever insurer you choose. However, claim settlement rates, prices services, and service levels can change from insurer to insurer.
Eligibility of Saral Jeevan Bima policy
| Eligibility criteria of Saral Bima Yojana | |
| Minimum age entry | 18 years |
| Maximum age entry | 65 years |
| Policy term | 5-40 years |
| Maximum maturity age | 70 years |
| Minimum sum assured | 5 lakh |
| Maximum sum assured | 25 lakh |
| Annualized premium | According to the sum assured selected |
| Premium payment mode | Yearly, half-yearly, monthly |
| Waiting period | 45 Days |
What is Saral Jeevan Bima?
A standard pure protection plan with very low eligibility requirements for gender, age, occupation, education level, or geographic location, so the plan is accessible to all segments of Indian society is known as Saral Jeevan Bima Yojana.
Benefits of Saral Jeevan Bima Yojana
Here we discuss some Benefits of Saral Jeevan Bima yojana
- Affordable premiumsThe insurance plan was created to have affordable premiums, making it available to a wide range of people, including those living in rural and semi-urban areas.
- Wide age rangeBecause the policy is available to people from 18 to 65, both young and old people can use it to secure their financial future.
- Death benefitsThe selected sum assured will be paid to the nominee in the unfortunate event of the policyholder’s passing during the policy term ensuring the family’s financial security.
- FlexibilityThe policyholder has the flexibility to match their financial objectives by selecting a policy term from 5 to 40 years.
- No medical examinationThe policyholder has the flexibility to match their financial objectives by selecting a policy term from 5 to 40 years.
- Online convenienceOnline policy management and purchase are simple, negating the need for in-person visits to insurance offices.
Saral Jeevan Bima calculations
It is simple to calculate the premiums and maturity calculator for a Saral Jeevan Bima policy. Every insurance company offers free tools to calculate.
For eg: Life Insurance Corporation of India makes it simple for prospective policyholders to calculate the premium based on their age, desired sum assured, and policy term by providing a premium calculator on its website or through its agent because the policy’s main purpose is to make life insurance available to a wider audience premiums which are reasonable to purchase.
How to use the Lic Saral Jeevan Bima calculator
Step 1: Visit the official website of LIC
Step 2: Click on ‘products’ present on the top of the homepage and select ‘insurance plan’ like LIC Saral Jeevan Bima, to find the list of all the active policies offered by LIC.
Step 3: Then, click on the option ‘premium calculator’ present on the left side of the page.
Step 4: Enter the required details such as:
- Date of birth
- Name
- Gender
- Email ID
- Mobile number
- Desired policy
- Sum assured amount
- Smoking habits
- Policy term, etc
Step 5: After entering all the details, the premium amount that you are required to pay will be displayed on the screen.
Step 6: Proceed to pay, if the policy prices are satisfactory
Factors Affecting Saral Jeevan Bima Premium Rates
Saral Jeevan Bima’s premium rates are based on the following factors:
- AgeThe age of the policyholder affects the cost of the term insurance premium. A younger person is less likely to get sick from age-related diseases of lifestyle or pass away too young. Younger people therefore pay lower premium rates than older people do.
- GenderAccording to research, women have a longer average life expectancy than men. This indicates that women can benefit from a lower premium than men their age.
- Smoking HabitsA smoker is more likely to die than a non-smoker. A smoker must pay higher premiums than nonsmokers due to the physical risk.
- Sum AssuredThe higher the insurance buyers’ selected sum assured amount, the higher the policy’s premium rates.
- Premium Payment TermThe increase in term insurance premiums will be greater the shorter the term of premium payment that is selected.
- Health Conditions The cost of the plan will be higher for those with pre-existing conditions. Therefore, it’s crucial to accurately disclose to the insurance provider all of your health-related information when purchasing a plan.
In a Nutshell
This is a great plan for a first-time insurance buyer as the benefit features and exclusions are the same across all life insurance companies even though their rates may be different, Unity in policy terminology and versions now will avoid conflicts at the time of claims. The intention behind starting this policy was that all the life insurance products currently available in the market are very difficult which the common man cannot understand easily. People’s awareness about their health has increased during the Corona period. Saral Jeevan Bima will give an opportunity to make term plans accessible to people of all income groups. This standard term plan will help in decision-making and increase the number of insurance plan buyers.
Saral Jeevan Bima Policy: FAQs
1. What are the minimum and maximum entry ages for Saral Jeevan Bima?
The minimum entry age is 18 years and the maximum is 65 years for Saral Jeevan Bima Yojana.
2. What documents are required for Saral Jeevan Bima?
The following are the important documents required for the Saral Jeevan Bima Term Plan. Address Proof – Aadhaar Card, Passport, Driving Licence. Identity Proof- Aadhaar Card, PAN card, Passport, etc.
3. Is Saral Bima Yojana good?
Saral Bima Yojana policies is a very good Insurance product. If you have less income Source or do have not that much education.
4. What is the waiting period in Saral Bima Yojana policy?
The waiting period in the Saral Bima Yojana policy is 45 days.
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Written By: Varun Saxena
I am a passionate content writer with over three years of experience in the insurance domain. An avid learner, I always tries stays ahead of the industry's trends, ensuring my writing remains fresh and includes the latest insurance shifts. Through my work, I strive to engage with targeted insurance readers.
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