Saral Jeevan Bima Plan is a term insurance plan introduced by the Insurance Regulatory and Development Authority of India (IRDAI) in 2021. The plan is designed to provide a simple and affordable life insurance option to individuals who are not covered by any other life insurance policy. In this article, we will provide a detailed overview of the Saral Jeevan Bima Plan.
What is Saral Jeevan Bima Plan?
A pure-term insurance plan called the Saral Jeevan Bima Plan provides financial security to the policyholder’s family in the event of an unexpected death. It is an individual pure-risk premium, non-linked life insurance plan that pays a lump amount to the nominee in the event of the policyholder’s passing during the policy term.
Saral Jeevan Bima’s features and advantages
Affordable Premiums: The Saral Jeevan Bima Plan has been designed to offer an affordable premium option to individuals who are looking for a simple and straightforward life insurance plan. The premium rates are low, making it accessible to a large number of people.
Easy to Understand: The plan is easy to understand, with no complicated features or clauses. The policy document is simple and straightforward, and there are no hidden charges or fees.
Flexible Policy Term: The policy term for the Saral Jeevan Bima Plan can be selected at the policyholder’s convenience, ranging from 5 years to 40 years.
Sum Assured: The plan’s minimum and maximum sums assured are respectively Rs. 5 lakhs and Rs. 25 lakhs.
Death Benefit: In case of the policyholder’s untimely demise during the policy term, the nominee will receive a lump-sum payment equal to the sum assured.
Maturity Benefit: There is no maturity benefit under the Saral Jeevan Bima Plan as it is a pure-term insurance plan.
Riders: The policy does not offer any riders or additional benefits.
Eligibility Criteria for Saral Jeevan Bima Plan
Entry Age: The minimum age of entry for the policyholder is 18 years, and the maximum age of entry is 65 years.
Policy Term: The term of the policy can be anything between five and forty years.
Term of Premium Payment: The policy term and the duration of the premium payment are identical.
Sum Assured: The minimum and maximum sums assured are respectively Rs. 5 lakhs and Rs. 25 lakhs.
Premium Payment Frequency: The policyholder can choose to pay the premium annually, half-yearly, quarterly, or monthly.
Documents Required for Saral Jeevan Bima Plan
The following documents are required to purchase the Saral Jeevan Bima Plan:
Age Proof: Birth certificate, driving license, passport, or PAN card.
Identity Proof: Aadhar card, voter ID, passport, driving license, or PAN card.
Address Proof: Aadhar card, voter ID, passport, driving license, or utility bills.
Bank Details: Required Bank account number as well IFSC code.
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How to Apply for Saral Jeevan Bima Plan?
The Saral Jeevan Bima Plan can be purchased online through the insurer’s website or any other online insurance aggregator. The application process is simple and straightforward, and the policy document can be downloaded instantly upon successful payment of the premium.
To apply for the Saral Jeevan Bima Plan, you can follow the below-mentioned steps:
- Visit the official website of the insurer offering the Saral Jeevan Bima Plan.
- Click on the ‘Saral Jeevan Bima Plan’ option on the website.
- Enter your personal details and contact number in the online application form.
- Choose the policy term, sum assured, and premium payment frequency as per your requirement.
- Upload the required documents, such as age proof, identity proof, address proof, and bank details.
- Review the application form and check the details for accuracy.
- Make the payment for the premium amount through net banking, debit card, or credit card.
- You will receive the policy document through email once the payment has been accepted.
- To keep for future use, make a copy of the policy paper.
It is important to provide accurate information while applying for the Saral Jeevan Bima Plan. Any false information or misrepresentation of facts can lead to the rejection of the claim in case of the policyholder’s untimely demise.
In conclusion, Saral Jeevan Bima Plan is a simple and affordable term insurance plan that provides financial protection to the policyholder’s family in case of his/her untimely demise. The plan has been designed to be easy to understand and accessible to a large number of people. The policy term, sum assured, and premium payment frequency can be chosen as per the policyholder’s requirement. The application process for the plan is simple and can be done online through the insurer’s website. It is important to provide accurate information while applying for the plan to avoid any complications in the future. Overall, Saral Jeevan Bima Plan is a good option for individuals who are looking for a straightforward and affordable life insurance plan.