Saral Jeevan Bima Yojana – IRDAI’s Saral Jeevan Bima (SJB) is a standardized life insurance policy. Saral Jeevan Bima is a pure protection plan offered by all life insurance providers. It is a typical term insurance plan that may be acquired at affordable premium rates with the goal of assisting clients in making an informed decision.
Saral Jeevan Bima (SJB) is a pure-risk term insurance plan that is non-linked and non-participating. This plan pays a specified amount to a nominee in the event that the policyholder dies during the policy term. Saral Jeevan Bima Yojana is a plan with simple features and standard terms and conditions. It does not come with any riders, advantages, or variants other than those listed in its annexure. It should be mentioned that Saral Jeevan Bima’s terms and conditions apply to all insurance providers.
Benefits of Saral Jeevan Bima Yojana
The following are some of the major Advantages of Saral Jeevan Bima Policy:
- Covid-19 Death Coverage: IRDAI’s regular term insurance plan Saral Jeeven Bima was created with the COVID-19 circumstance in mind. Death due to COVID-19 is covered by the Saral Jeevan Bima Yojana.
- Death Benefits: Saral Jeevan Bima, the ordinary term plan, pays the sum insured amount to the nominee in the case of the life assured’s untimely death. The death benefit ensures that the family of the deceased can deal with any financial difficulties that may emerge without having to sacrifice their basic needs owing to a lack of finances.
- Waiting Time: Saral Jeevan Bima has a 45-day waiting period from the date of risk initiation. If the policy is renewed, the waiting period does not apply. During the 45-day waiting period, Saral Jeevan Bima also covers death caused by an accident.
- Tax Benefits: Saral Jeevan Bima premiums are tax deductible under Section 80C of the Income Tax Act of 1961. In other words, purchasing Saral Jeevan Bima provides you with both financial and tax benefits.
Eligibility Criteria for Saral Jeevan Bima
- Any individual looking for a pure protection plan might purchase the Saral Jeevan Bima coverage.
- There are no limitations based on gender, educational attainment, occupation, or residence.
- The Saral Jeevan Bima insurance has a minimum admission age of 18 years and a maximum entry age of 65 years.
- The Saral Jeevan Bima Policy has a maximum maturity age of 70 years. As a result, anyone between the ages of 18 and 65 can easily purchase the Saral Jeevan Bima coverage.
- One important point to remember is that even those with sporadic income and insufficient income proof can choose to protect themselves and their loved ones with the Saral Jeevan.
Some Key Points of Saral Jeevan Bima Yojana
- Minimum Age Entry is 18 Years
- Maximum Age Entry is 65 Years
- Policy Term is for 5 – 40 Years
- Maximum Maturity Age is 70 Years
- Minimum Sum Assured is Rs. 5 Lakh
- Maximum Sum Assured is Rs. 25 Lakh
- Annualized Premium is According to the sum assured selected
- Premium Payment Modes are Yearly, Half-Yearly or Monthly (only under ECS / NACH).
- Waiting Period is 45 Days
Documents Required for Application of Saral Jeevan Bima Policy
Below mentioned are some mandatory documents required for purchase of Saral Jeevan Bima Yojana:
- Duly Filled and Signed ApplicationForm
- KYC Documents of the Applicant (Aadhaar Card, Pan Card, Voter ID Card, Passport etc.)
- Address Proof of the Applicant ( Recent Electricity Bills, Water Bills, Gas Bills etc.)
- Recent Salary Slips
- Passport Size Photographs
- Recent Medical Examinations/Records
Saral Jeevan Bima Policy Online Registration Process
Saral Jeevan Bima Yojana is a term plan with a simple and hassle-free online registration process that is offered by all life insurance providers in India. The following are the steps to register for a Saral Jeevan Bima policy online:
- To purchase Saral Jeevan Bima Plan, go to the official website of the insurance company of your choosing.
- On the homepage, click ‘Life Insurance Plans,’ then ‘Saral Jeevan Bima.’ Under the ‘Protection Plans’ or ‘Term Plans’ menu, you’ll find Saral Jeevan Bima.
- Select ‘Register Online’ from the drop-down menu.
- Fill in your personal details, such as gender, age, and date of birth.
- Fill out the form and upload the necessary papers.
Saral Jeevan Bima Policy Offline Registration Process
You can easily register for Saral Jeevan Bima Yojana policy offline if you are interested. To purchase Saral Jeevan Bima, you will need to go to the nearest branch of the insurance provider of your choosing. Fill out the application form with all of the essential information. At the insurance company branch office, attach the needed documents and submit the application form to the person in charge.
Saral Jeevan Bima Policy Terms and Conditions
The terms and conditions of a Saral Jeevan Bima policy are listed below:
- Grace Period: Grace periods are only applicable to regular and limited pay policies under Saral Jeevan Bima insurance. Saral Jeevan Bima policyholders will be given a 30-day grace period for yearly and half-yearly premium payments, as well as a 15-day grace period from the date of the first unpaid premium. The policy will lapse if the life assured is unable to pay the premium within the grace period. During the grace period, the policy stays in effect.
- Free-Look Period: The policyholder is entitled to a 15-day free-look period from the date of receipt of the policy documents.
- Revival of Lapsed Policy: A lapsed Saral Jeevan Bima policy shall be revived within five years after the first unpaid payment. The policy can be revived at any point during the revival period, but not before it reaches maturity. If the policyholder fails to renew the policy during the grace period, the insurance will be terminated immediately.
- Surrender: The Saral Jeevan Bima policy does not apply to surrender value.
- Policy Loan: The Saral Jeevan Bima policy does not allow for policy loans.
- Policy Termination: If any of the following conditions occur, the policy will be terminated as soon as possible.
- Payment of a death benefit
- Refund of premium paid in case of policy cancellation
- Maturity date
- Expired revival period
- Payment of free-look cancellation period
- Nomination and Assignment: Under Section 38 and 39 of the Insurance Act, 1938, as modified from time to time, nomination and assignment are permitted under the Saral Jeevan Bima policy. The insurance provider should be notified of the appointment of an assignee or the change of a nominee.
- Suicide Exclusion: If the life assured dies as a result of suicide, the policy will be declared null and void.
- For Regular/Limited Pay Policies: If the life assured dies unexpectedly during the first 12 months of the policy’s inception due to suicide, 80 percent of the total premiums paid to the date of the life assured’s death will be paid to the beneficiary.
Documents Required for Saral Jeevan Bima Claim
Below mentioned is the list of documents required for natural or accidental death claims under Saral Jeevan Bima policy:
- Original Policy Documents
- Duly Filled and Signed Claim Forms
- NEFT Mandate from the Claimant
- Claimant’s Photo ID Proof
- Claimant’s Bank Details
- Proof of Title
- Proof of Death
- Medical Treatment Reports prior to the demise (if any)
- Attending Physician’s Statement
- Treating Doctor’s Statement
- Original Death Certificate
- Recent Medical Records
- Copy of FIR (In case of accidental death)
- Copy of Post Mortem Report (In case of accidental death)
FAQs Saral Jeevan Bima Yojana
What is Saral Jeevan Bima?
Ans. The New Saral Jeevan Bima policy is a non-linked and non-participating individual pure risk premium life insurance plan that pays the sum insured to a nominee in a lump sum if the life assured dies within the policy period.
What is the Saral Jeevan Bima waiting period?
Ans. Saral Jeevan Bima (also called as Saral Bima Yojana) will only cover death as a result of an accident if it occurs within 45 days of the risk beginning.
Who is eligible to purchase Saral Jeevan Bima plans?
Ans. Any individual can purchase the plan, and there are no restrictions on gender, domicile, academic qualifications, or occupation. This term insurance plan is available to persons who do not have a regular source of income or who have insufficient proof of income.