Saral Jeevan Bima offers an affordable life insurance solution to customers. The policy premium has been kept low to make it accessible to the masses. The premiums are based on the age of the policyholder, with a maximum sum assured limit of Rs. 5 lakhs. The policy also allows the customers to choose the policy term, ranging from 5 years to 40 years.
The policy offers a range of benefits to the customers, including death benefits, maturity benefits, and surrender benefit. The policy pays a lump sum amount to the nominee in case of the death of the policyholder during the policy term. The policy also offers a maturity benefit if the policyholder survives the policy term. In case the policyholder wants to surrender the policy before the maturity period, a surrender benefit is paid.
The policy provides death benefit to the family (nominee) of the policy in the event of policyholder’s death
The policy term ranges from 5 to 40 years, and the policyholder can choose the policy term at the time of policy purchase.
The policyholder can pay a monthly, quarterly, biannual, and annual premium for the policy, as chosen at the time of purchase.
The policy offers life insurance coverage from 5,00,000 lakhs to 25,00,000 as a financial safety net for the policyholder's family.
The Saral Jeevan Bima policy is a standard term insurance policy with a simple and affordable premium structure.
In the case of annual, biannual, and quarterly premium payments, the policy provides a grace period of 30 days. For monthly premiums, the grace period is 15 days.
Saral Jeevan Bima policy does not offer coverage higher than 25,00,000. This means that the policyholder cannot opt for a higher coverage amount than the limit set by the policy.
Saral Jeevan Bima policy does not offer any maturity or survival benefits. This means that if the policyholder survives the policy term, they will not receive any benefit under the policy.
According to the Saral Jeevan Bima policy, no surrender value is applicable. This means that if the policyholder wants to surrender the policy before the completion of the policy term.