What is Saral Jeevan Bima Plan (SJB)?

Saral Jeevan Bima is a recently launched standard term insurance plan in India by the Insurance Regulatory and Development Authority of India (IRDAI) to provide a simple, affordable, and accessible life insurance product for individuals. This plan is aimed at those who are looking for a basic insurance policy that is easy to understand and affordable.

The plan is a non-linked, non-participating, individual pure-risk life insurance product that provides financial protection to the policyholder's family in case of the policyholder's unfortunate demise during the policy term. The plan offers a fixed sum assured, and in the event of the policyholder's death, the sum assured is paid to the nominee. The sum assured can range from a minimum of Rs. 5,00,000 to a maximum of Rs. 25,00,000.

Saral Jeevan Bima plan comes with a tenure of five years to a maximum of 40 years, with coverage up to the age of 70 years. The plan is available for individuals between the ages of 18 and 65, and it does not require a medical examination for coverage. The premiums for the plan are fixed and affordable, making it accessible for individuals across income levels.

To buy a Saral Jeevan Bima policy in India, the following documents are generally required:

KYC documents: To buy the policy, the policyholder must provide their Know Your Customer (KYC) documents, including valid identity and address proof. The accepted identity proofs include Aadhaar card, PAN card, passport, voter ID, driving license, etc. The accepted address proofs include an Aadhaar card, utility bills, bank statement, etc.

Age proof: The policyholder also needs to provide a document as proof of their age, which can be their birth certificate, PAN card, passport, driving license, or any other document that shows their age.

Income proof: In some cases, the policyholder may also be required to provide an income proof to determine the sum assured that they are eligible for. The accepted income proofs include salary slips, bank statements, ITR returns, etc.

Nominee details: The policyholder needs to provide the details of the nominee who will receive the sum assured in case of their demise. The nominee's details include their name, age, and address.

Bank account details: The policyholder needs to provide their bank account details for premium payment and for receiving the sum assured in case of a claim. Optional Accidental Death Benefit (ADB) form: If the policyholder opts for the Accidental Death Benefit rider, they need to fill up a separate form providing their details and the details of the nominee.

It is important to note that the exact document requirements may vary from insurer to insurer. Additionally, the insurer may ask for additional documents, if required, based on the policyholder's profile and other factors. It is always advisable to check with the insurer about the document requirements before applying for the policy.

Saral Jeevan Bima is a standard term life insurance policy that can be purchased by individuals who meet the eligibility criteria set by the insurance company offering the policy. The eligibility criteria for purchasing the Saral Jeevan Bima policy may vary depending on the insurance company. However, some general criteria are as follows:

Age limit: The minimum age of the policyholder should be 18 years, and the maximum age should not exceed 65 years.

Policy term: The policy term for the Saral Jeevan Bima policy is 5 to 40 years.

Sum assured: The minimum sum assured for the policy is INR 1, 00,000, and the maximum sum assured is INR 25,00,000.

Health conditions: The policyholder should not have any pre-existing medical conditions or any medical history that may affect their life expectancy.

Premium payment: The policyholder should be able to pay the premium for the policy regularly.

It's always recommended to check with the insurance company or their authorized representative to know the specific eligibility criteria and other details of the Saral Jeevan Bima policy.

Saral Jeevan Bima is a standard term life insurance policy that offers financial protection to the policyholder's family in case of the policyholder's untimely death during the policy term. Here's how the policy works:

Policy purchase: The policyholder needs to apply for the Saral Jeevan Bima policy by filling the application form and submitting the required documents.
Policy premium: The policyholder needs to pay the premium for the policy at regular intervals, as chosen at the time of purchase.
Policy coverage: The policy offers a fixed sum assured amount to the nominee in case of the policyholder's death during the policy term.
Policy benefits: In case of the policyholder's death during the policy term, the nominee receives the sum assured amount. If the policyholder survives the policy term, there are no maturity or survival benefits under this policy.
Policy renewal: The Saral Jeevan Bima policy can be renewed after the policy term ends, subject to the insurance company's terms and conditions.
The Saral Jeevan Bima policy is a simple and straightforward policy that offers basic life insurance coverage. It's important to read the policy document and understand the terms and conditions of the policy before purchasing it.

Saral Jeevan Bima is a standard term life insurance policy that provides a fixed sum assured amount to the nominee in case of the policyholder's unfortunate demise during the policy term. The minimum sum assured amount under the Saral Jeevan Bima policy is INR 5,00,000, and the maximum sum assured is INR 25,00,000.

The sum assured amount that can be chosen under the Saral Jeevan Bima policy depends on the policyholder's requirements, financial obligations, and other factors. It's important to choose an appropriate sum assured amount to ensure that the policy provides adequate financial protection to the nominee in case of the policyholder's death.

It's worth noting that the premium for the Saral Jeevan Bima policy may vary depending on the sum assured amount chosen by the policyholder. Higher sum assured amounts may attract higher premiums, while lower sum assured amounts may have lower premiums. Therefore, it's recommended to choose a sum assured amount that is affordable and provides sufficient financial protection to the policyholder's family.

Coverage: The nominee will receive the benefits if the policyholder dies during the policy term. The policy does not offer any survival benefits at the end of the policy.

Surrender Period/value: The policyholder can surrender this policy for the second year onwards. The surrender benefits are available only to single premium policies.

Grace Period: The company offers a grace period of 30 days from the premium due date in case of yearly, half-yearly, and quarterly premium payment frequency. The grace period is 15 days in the case of monthly premium payments.

Nomination and Assignment: Nomination is allowed as per Section 39 of the Insurance Act 1938. Assignment of the policy is permitted as per Section 38 of the Insurance Act 1938. They both are subject to amendments from time to time.

Revival Facility: In case if your policy has lapsed, it is possible to start again enjoying the policy benefits by reviving your Saral Shield Plan. You can restore a lapsed policy within two years from the date of first unpaid premium. However, you may have to present satisfactory proof of insurability as required by the company.