Who Should Opt for Saral Jeevan Bima Term Insurance Policy?

Everything you wanted to know about the simplest term insurance product in the market. The COVID-19 pandemic made us all sit up and assess our lives more closely. The demand for life insurance among Indians surged in the last few months due to the uncertainties we seem to be now living with. But then, there are varieties and varieties of life cover. How do you decide which plan to opt for?

As the interest of people in term insurance plans for pure protection started increasing each passing day in 2020, it became necessary to have a product that is easy to understand and buy. As the need of the hour, SaralJeevanBima was rolled out on the directives of the Insurance Regulatory and Development Authority (IRDAI)on 1st January 2021, with a view to offering life cover to everyone who wished to insure their lives. It has been a right step in the direction with its standardization across all insurer providers. So, if you are new to insurance plans but are keen to avail coverage and finding it difficult to choose the right plan, given the range of policies available in the market, 'Saral' as the name suggests, is simple to understand, less complicated and easy to buy.

This policy is also for those who are short on time or for those who cannot afford a very high sum. The SaralJeevanBimaplan can help overcome these difficulties by allowing you to buy a term plan with decent coverage and also at an affordable premium.

However, consumers who are looking for term plans with inadequate cover can enhance their existing cover and get coverage for an adequate sum assured to meet the financial needs of their dependents in case of an unfortunate event.

There are 10 things you should keep in mind about this product before making your decision to buy the Saral Jeevan Bima policy:

1. We are aware that term plans mostly focus on targeting those individuals with high salary, postgraduates and graduates, self-employed with high net value, and people residing in tier 1 and 2 cities. Due to this, term life insurance wasout of the reach for many individuals who may need a term cover the most i.e. the lower-income group section of the society. The SaralJeevanBima policy is open for every individual irrespective of gender, place of residence, travel, occupation. No proof of regular income or educational qualifications is needed should you wish to buy it.
2. If you are minimum 18 years old and maximum 65 years old, then you can avail of this policy. If you are the only breadwinner, it is all the more important to cover your life for the sake of the safety of those dependent on your income. 
3. If you are looking to choose either a shorter or a longer-term plan, then this policy lets you choose the term with a ranging extending from 5 to 40 years of coverage.
4. The maximum maturity age for SaralJeevanBimais 70 years.
5. The minimum sum assured is Rs 5 lakh and the maximum is Rs 25 lakh. However, you do have an option for a sum assured above Rs 25 lakh under specific terms and conditions.
6. If you are looking for options for premium payment that are flexible, then you can choose between regular premium, limited premium payment term for  5 years or 10 years, and single premium.
7. The SaralJeevanBima policy also gives you the choice to pay your premium yearly, half-yearly, monthly (only under ECS /NACH) or as a single premium in a lump sum amount, though the premium can increase between 4-8% each year after your birthday.
8. In the event of death, the beneficiary will receive the higher of 10 times the annualised premium, 105 per cent of all premiums paid or the absolute sum assured. In the case of single premium policies, higher of either 125 percent of all premiums paid or the absolute sum assured will be paid out to the beneficiaries.
9. If you are okay with a waiting period of 45 days from the date of commencement of risk, you can opt for this policy. However, death due to an accident will be covered during these 45 days, beyond that you can opt for either an approved accident benefit or permanent disability benefit riders which are two optional riders of this policy.
10. If you are not seeking a loan against the policy or if you are okay with no maturity benefit under the policy, then you can opt for the SaralJeevanBima plan.

The SaralJeevanBimais a blessing since the plan is the same across all insurers. It provides a one-stop-solution for first-time term life insurance buyers. People with limited understanding of term life insurance, who are often not able to decide which plan to invest for the financial security of their dependents, can make an informed choice with the SaralJeevanBima. This product is customer-centric, available online at affordable prices and the standardisation process only makes the purchase procedure much simpler. In short, the SaralJeevanBima plan is for you, me and everybody!

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ARN: ED/01/21/21942

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