Advantages of Saral Jeevan Bima Yojana 2021

Table of Content

1. As easy as ABC

2. Begin with Saral

3. Flexibility of premium payments

4. Get insured, online!

5. No bars!

6. Bonus of rider benefits

The coronavirus pandemic turned our lives upside down in more ways than one. We learnt the value of family and that we cannot take our jobs for granted. We also learnt that while living in the moment is glorious, planning for life with prudence is crucial. Not many of us had considered getting our lives insured till COVID-19 brought home the reality that life is uncertain. Life insurance was costly and cumbersome. But now, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced a standard term life insurance policy- Saral Jeevan Bima - which brings life insurance to everyone's doorstep in a simple, hassle-free way. Read on to know the many benefits a 'Saral' - simple - insurance policy can offer you.

As easy as ABC

Different term insurance plans offered by insurance companies are often worded differently, and have different inclusions, exclusions and conditions, making it difficult for a person to understand the fine print. Saral Jeevan Bima has addressed this concern by offering a standardised product that will have uniform features, irrespective of the insurer you are buying from. The uniform wording and the uniform features mean it will be much easier for people across all economic sections to buy term insurance and safeguard their family's future. The entire process of standardisation of term life insurance will enable people to access and buy insurance easily.

Begin with Saral

For many young people who have not invested in life insurance and for those who have little knowledge of how insurance works, Saral Jeevan Bima is a blessing. The features and offerings are the same across all insurers. Uniform terms and conditions of Saral Jeevan Bima will also leave little scope for disputes while making claims. It can be a great product for first time buyers who now understand the value of life insurance but had no idea how to go about it.

Flexibility of premium payments

Saral Jeevan Bima offers customers the option of buying the plan in easy monthly instalments without having to pay the entire premium as a lump sum.

The policy provides three premium payment options - regular premium, limited premium payment term for 5 years and 10 years and single premium. So, customers can decide if they want to make premium payments in smaller chunks over a period of time or make consolidated payments over the policy term.

Get insured, online!

The Saral Jeevan Bima plan is digitally available, which means you can buy the policy online. This contactless and secure transaction in times when people don't wish to step outdoors for cumbersome paperwork related to buying insurance will offer more transparency, apart from the convenience. It also means that there is no need to go through an agent to buy life insurance anymore. Saral Jeevan Bima customers can avail a discount of up to 20 per cent on the premiums when buying the plan online. From the comfort of your home, you can compare critical information and premiums across insurers and buy the cheapest policy you require.

No bars!

The Saral Jeevan Bima plan has been formulated to ensure that everyone can avail of life insurance and secure the future of their family. Unlike other term plans which consider your annual income as the base on which the sum assured is decided, this term insurance plan allows you to buy the sum assured as per your wish. So, even if you have an irregular income or do not have sufficient income proof, you can still buy this plan. It allows you to buy a plan up to a sum assured for which you think you can pay the premium with ease.

Also, the Saral Jeevan Bima plan can be bought by any individual without any restrictions on gender, place of residence, academic qualification and occupation. It also offers a wide span - allowing between 18 years and 65 years to buy the policy, with the policy term ranging between 5 and 40 years. This means practically anyone can opt for this plan and relax with the knowledge that their life is insured and that their family will not suffer financial discomfort in the event of their death.

Bonus of rider benefits

The Saral Jeevan Bima policy is a straightforward one, but also offers add-on accidental and disability benefit riders for those who wish to opt for these. These riders are additional benefits offered by the policy in order to increase the coverage of the policy. Policyholders can add these rider options to the base plan by paying an extra premium along with the basic premium of the policy. This will help the family get financial benefits of the rider sum assured if any of the events covered do occur.

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• Saral Jeevan Bima Yojana - Right Term Insurance Plan for You?
• Who Should Opt for Saral Jeevan Bima Term Insurance Policy?
• All about Saral Jeevan Bima Term Insurance Plan

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ARN: ED/12/20/21859