HDFC Life Saral Jeevan Bima
rate this product
RECENTLY VIEWED BY
23,047 people

HDFC Life Saral Jeevan Bima is a Non Linked Non Participating Individual Pure Risk Premium Life Insurance Plan which provides you comprehensive protection at an affordable price and helps you to protect your loved ones against the uncertainties that life may throw at you. This term life insurance policy covers your life till 70 years of age with multiple premium paying options.

Why you need Saral Jeevan Bima Yojana ?

  • Ensure financial stability for your loved ones
  • Maintain your family’s standard of living even in your absence
  • Provide protection to your dear ones at an affordable price
  • Ensure extra protection through addition of riders
PROTECT YOUR LOVED ONES WITH LIFE INSURANCE COVER IN A FEW SIMPLE STEPS

Tell us about yourself

ARE YOU AN NRI ?
 
 
 
 
Gender
 
Smoker
 
 
 
 
Features of Saral Jeevan Bima Yojana

How Saral Jeevan Bima Yojana Works

Under this plan, a lump sum is provided on death of the life assured. Below example helps in understanding the working of this plan:

Life protect

Key Benefits of HDFC Life Saral Jeevan Bima Yojana

 
  • The product has a waiting period of 45 days from the date of commencement of risk. In case of revival of the policy, waiting period shall not be applicable.

    Death during Waiting Period

    On death of the Life Assured during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:

    (1) In case of Accidental Death, for regular premium or limited premium payment policy, equal to Sum Assured on Death which is the highest of:

    (a) 10 times the Annualized Premium, or

    (b) 105% of all premiums paid as on the date of death, or

    (c) Absolute amount assured to be paid on death.

    (2) In case of Accidental Death, for single premium policy, equal to Sum Assured on Death which is the higher of:

    (a) 125% of Single premium or

    (b) Absolute amount assured to be paid on death.

    (3) In case of death due to other than accident, the Death Benefit is equal to 100% of all premiums paid excluding taxes, if any.

    Death after expiry of Waiting Period

    On death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:

    (1) For Regular premium or Limited premium payment policy, “Sum Assured on Death” which is the highest of:

    (a) 10 times of annualized premium; or

    (b) 105% of all the premiums paid as on the date of death; or

    (c) Absolute amount assured to be paid on death.

    (2) For Single premium policy, “Sum Assured on Death” which is the higher of:

    (a) 125% of Single Premium or

    (b) Absolute amount assured to be paid on death.

    Premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

    Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured.

    Example:Mr. Bansal, a 35 years old non-smoker gentleman, buys the HDFC Life Saral Jeevan Bima for a policy term of 20 years, premium payment term of 20 years and avails a Sum Assured of ₹10,00,000 by paying a premium of ₹5,500(excluding taxes) yearly.

    Mr. Bansal, passes away in the 15th policy year. His nominee will receive a lump sum benefit of ₹10,00,000.

     

  • No benefit is payable on survival till end of policy term.

For Non-POS Variant

Eligibility Criteria

Minimum

Maximum

Entry Age

18 years

65 years

Maturity Age

23 years

70 years

Premium Payment Term
And Policy Term

Single Pay, Regular Pay : 5 years
Limited pay (5 Pay) : 6 years
Limited pay (10 Pay) : 11 years

40 years

Sum Assured
(only in multiples of 50,000)

₹ 5,00,000

There is no maximum limit.
However, the acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).

All ages mentioned above are age last birthday. For all ages, risk commences from the date of inception of the contract.

For POS Variant

Eligibility Criteria

Minimum

Maximum

Entry Age

18 years

60 years

Maturity Age

23 years

65 years

Premium Payment Term
And Policy Term

Single Pay, Regular Pay : 5 years
Limited pay (5 Pay) : 6 years
Limited pay (10 Pay) : 11 years

40 years

Sum Assured
(only in multiples of 50,000)

₹ 5,00,000

There is no maximum limit.
However, the acceptance of any case is subject to Board Approved Underwriting Policy (BAUP).

All ages mentioned above are age last birthday. For all ages, risk commences from the date of inception of the contract.

Widen your risk cover by attaching riders to Saral Jeevan Bima Yojana

When you buy a term plan, you provide a basic protection cover to your family against any threat to your life; and the insurance company pays the sum assured to your nominee in the event of your death. But besides life, there are many other risks that loom over your family and threaten their future. This includes risks to your income and health. While it’s impossible to cover each of these risks, the good news is that you can cover some of the major ones through riders that can be attached with a term plan. By buying them, you widen the financial security net for your family.

Life cover provides the basic sum assured to your nominee in the event of your untimely demise. But what if you are rendered incapacitated as a result of an accident or illness, and your earning capability is grossly hampered. Not only will your family have to undergo great hardship for your treatment, they will also have to manage the regular expenses. At such a circumstance life cover doesn’t help. Put simply, if you were to be incapacitated but alive, your family would need financial support in terms of replacement of your income, something which a life insurance policy would not offer.

Many insurance companies offer various riders, which are tailor-made to cover specific kinds of risks. Once the eventuality covered by the rider occurs, the benefits are paid. The most important and common riders available with a term plan are: critical illness benefit, accidental death benefit, accidental disability benefit and waiver of premium. For instance, if you meet with an accident, the treatment and rehabilitation would involve huge costs, which can suck up all the savings of your family. The family member might even be forced to borrow.

In case even after all the treatment they are not able to save you, the life cover may well fall short to cover your family’s regular expenses. In case of permanent disability, it might be very difficult for you to be gainfully employed and support your family financially. Again, your family will have to bear hardships. But with riders, such as accidental death benefit and disability benefit, your family gets an additional sum, say in the case of death due to accident, and a steady stream of income for a long period, respectively.

Unlike a regular health insurance plan which only reimburses or supports the treatment cost of the insured person, a rider—once triggered—gives a committed payout for the given conditions. This is helpful in the event of a disability or critical illness, where you not only need a lot of money for treatment, but also for taking care of the family expenses. Therefore, a benefit that pays you a large sum under few conditions through riders will immensely help your family cope up in adverse conditions and ensure that the progress to their dreams is not irreparably damaged.

We are aware that among various types of life insurance plans, term plans provide the highest life insurance coverage at the most affordable premiums. Riders further add to the advantage since they cover other risks at nominal costs. In effect, what this does is it ensures that a wide range of risks get covered with you not having to dig deep in your pockets.

Calamity typically doesn’t strike with a warning. A wide risk coverage consisting of a life cover from a term plan and riders makes sure that you can reclaim your life after a disaster and the momentum in your journey to your dreams.

We offer riders for such events
HDFC Life Income Benefit on Accidential Disability Rider
HDFC Life Income Benefit on Accidental Disability Rider - In the event of total permanent disability due to an accident, you will be paid a regular monthly income equal to 1% of Sum Assured for a fixed period of 10 years.

Download Brochure
HDFC Life Protect Plus Rider
HDFC Life Protect Plus rider offers benefit as a proportion of the Rider Sum Assured shall be payable in case on accidental death or partial/total disability due to accident or if you are diagnosed with cancer as per the option chosen under this rider. No maturity benefit is payable under this rider.

Download Brochure
glossary entry point
Having problems in understanding the jargons, let us help you out.
Product Brochure Download
Rider Brochure Download
4 simple steps to reduce the premiums for term plan

A great way of looking at a term life insurance plan is to consider it as an expense on the financial safety of your family, and thereby, make it a part of the household budget. That way, you could actually consider ways to reduce its cost without compromising on the quality of the safety net it provides to your family. Here is how you can lower the premium of your term plan even as you enjoy the best life insurance coverage.

How to find out life insurance cover your family truly needs

One of the many dangers of having no or less-than-adequate life insurance is that, in your absence, your family members and dependants could struggle to meet current expenses and future needs. Therefore, it is necessary to find out the right life insurance amount so that your family continues to lead a normal life even when you are not there.
  • Your family is dependent on your earnings to take care of its daily expenses and to accomplish its future goals, such as buying a house, children’s higher education, wedding and spouse’s welfare after retirement. If you take the present or today’s value of all the future earnings throughout your work life which you would contribute to your family, it would give you an amount that could take care of the family in your absence. This is your Human Life Value. This is the basic life insurance your family needs to maintain its current lifestyle and fulfil all life goals in your absence. There are many websites with calculators that could help you arrive at this value. A quick way to get a ballpark estimate of the amount is to take your annual expense amount and multiply it with number of years left of your work life. For instance, if your annual expense is Rs 5 lakh and the number of years of work life remaining is 20 years, you would need Rs 1 crore as base insurance cover amount.

  • The more dependants you have, say, spouse, children, parents, siblings and in-laws, higher the life insurance you would need to make provision for their sustenance. For your spouse, you would have to make a provision till the end of your work life as well as for the duration of retired life. As a rule of thumb, this provision can be 10 times your annual expense. For those who are completely dependent and partially-dependent on your income, can make this provision at 5 times and 2.5 times your annual expenses, respectively.

  • There are many life goals, such as children’s higher education and wedding, for which you need to invest regularly. Though the basic cover amount would help your family meet regular expenses of all the dependants, including your children till the time they get independent, expenses like higher education and wedding is typically borne by parents. You will also need to make provisions for these future expenses in your life insurance cover, to secure the future of your family members such as your children.

  • When you start acquiring various assets, you also take up loans, such as home, auto and personal loans. In your absence, it would be difficult for your family to clear these obligations and might even have dip into your existing savings. If you add the outstanding loan amounts to your desired insurance cover amount, it would become sufficient to protect your family from all financial obligations.

  • While the approach we have just described helps you arrive at the right life insurance amount you need, this requirement keeps changing over time. This means you need to periodically review the adequacy of the life insurance coverage. Based on growth of your income, lifestyle changes, assets accumulated, besides life milestones like parenthood, your insurance coverage requirement can increase or decrease. When you have less assets i.e. investments that can create income in the future, you need more life insurance. Similarly, as the number of dependants or your income increases, you need a larger insurance cover. Flexible term life insurance plans are available, which provide high life covers at affordable premiums and allow you to increase your life cover after milestones like birth of a child, and decrease it after accumulation of ample assets or fulfilment of major responsibilities like child’s higher education.

    To conclude, arriving at the life insurance amount requires you to take into account a host of financial factors related to your present and future. What’s more, it calls for periodic reviews on the adequacy of the amount. That’s a small ask for providing financial protection to your family.

     

HOW CAN WE HELP YOU

HELP TO BUY ONLINE
Speak to our Certified Insurance Experts

All days 9:00 AM to 9:00 PM IST

Instant Callback
Call Us

Mon-Sat 9:30 A.M to 6:30 P.M IST

Locate A Branch Near You
There has been changes in branch operation timings due to COVID 19
+91 8291 890 569   
Call Us

Mon-Sat 10 am to 7 pm IST (Local Charges Applicable.) (DO NOT prefix any country code e.g. +91 or 00.)

NRI Service

(For NRI customer only)

Call us
+91-8916694100

MON TO SAT: 10 AM to 7 PM IST (LOCAL CHARGES APPLICABLE)

MISSED CALL SERVICE
08000006609 to get details on your Fund Value
(Applicable for Unit Linked Plans only),
Premium Amount and Due Date
Stay updated with HDFC Life