Is Saral Jeevan Bima Yojana the Right Term Insurance Plan?

Written by : Knowledge Centre Team

2021-09-03

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Term insurance policies are very beneficial to the insured's family following his or her death. It enables the insured's family to live a happy life even when he is not around. Term insurance policies, on the other hand, offer low premiums and provide life insurance. As a result, India's Insurance Regulatory and Development Authority (IRDAI) has created the Saral Jeevan Bima Standard Term Insurance Plan, which would be available from all insurance providers. It will have a standardized benefit that will be the same across all of the insurance companies plans.

Three Reasons Saral Jeevan Bima is the Right Term Plan for you

Saral Jeevan Bima Yojana is a non-linked non-participating individual pure risk premium life insurance plan, which will help you secure your financial future. Here are three reasons you should buy a Saral Jeevan Bima Yojana:

1. Standardized product

Unlike other insurance plans, including various exclusions and limitations, this policy offers identical characteristics across all insurers. Standardization entails consistent wording and features, making it easy for everyone to purchase.

With the market's somewhat complicated life assurance products, a 'Saral' insurance product may be a godsend for first-time buyers and people who don't have much expertise or time to study insurance but want to protect their lives.

This consistency and standardization lessen the work involved in buying the insurance and eliminates the possibility of a disagreement during a claim.

2. Available in digital format

Saral Jeevan Bima Yojana has been extended to digital contactless and secure transactions, implying that this standardized product would be readily accessible on digital platforms. The plan's distribution on digital platforms will increase clarity and eliminate misunderstanding.

Most significantly, when users purchase the plan online, they may save up to 20% on the premiums. Comparing prices among insurers and acquiring the most cost-effective coverage for you will now be as simple as clicking a few buttons from the comfort of your own home. So there's no need to waste time looking for an agent or collecting the information you need.

3. Your annual income is no bar to this plan

Unlike other term insurance plans, which use your yearly income as the primary criteria for determining the sum assured, this insurance policy enables you to pick the sum assured based on your needs rather than your annual income.

Furthermore, producing proof of income isn't required to purchase the Saral Jeevan Bima Yojana since the insurer will offer you coverage regardless of your financial position. The product is a true godsend for persons who have irregular income or who lack adequate finances or income credentials.

Must Read - Difference Between Life Insurance and Life Assurance

Five Advantages of Saral Jeevan Bima Yojana

There are several advantages of Saral Jeevan Bima Yojna that you should evaluate before buying it. Consider how it will assist your family while you are not around.

1. Purchase from any company

This plan is available from any insurance company that sells term insurance. You may purchase this plan from whichever provider you like, and all of the benefits will stay the same. On the other side, it clears up any ambiguity for someone looking to get a life insurance policy.

2. Death benefits

The Saral Jeevan Bima Yojana also offers death benefits. Following the insured's untimely death, the insurer will pay the agreed sum assured to a family member. If you haven't chosen the Single Premium Mode, the death benefit will be the highest of the following:

10 × Annualized Premium.
105% of total premium paid up to the time of death.

The sum assured that will be paid in the event of death. If you purchased the insurance with a single premium, the death benefits would be the highest of the following:

A total of 125% of the single premium.

The amount of the sum assured that will be paid out in the event of death

Learn if Saral Jeevan Bima Yojana cover accidental death?

3. Policy riders

The Saral Bima Yojana standard term insurance plan also allows you to add Riders. The following are the two riders that may be added to this policy:

a) Accident rider
b) Permanent disability rider

4. Broad range of sum assured

Saral Jeevan bima yojana provides you with a variety of sum assured options. The sum assured provided in this plan must be at least Rs.5 lacs. You can acquire a sum assured of up to Rs.25 lacs depending on your requirements. After the death of the policyholder, the sum assured will be reimbursed to the nominee.

5. Multiple premium payment frequencies

This policy's payment can be made annually, monthly, or half-yearly. The premium payment frequency must be specified at the time of the policy's commencement. You have the option of paying the premium in whatever mode you prefer.

Saral Jeevan Bima is a standard term insurance plan by Canara HSBC Life Insurance, which helps you safeguard your family in times of uncertainties at a reasonable price. The plan accompanies various benefits such as death benefit, annualized premium benefit, benefit of multiple premium payment options, tax benefits, and so much more!

We can say that Saral Jeevan Bima Yojana is the right term insurance plan for you! It is the most easy-to-understand plan, which brings many benefits; available across digital platforms, it is an ideal choice for you.