The Insurance Regulatory and Development Authority of India (IRDAI) made Saral Jeevan Bima, a standard life insurance policy, available in January 2021. Its goal is to give people in India a simple and cheap way to get life insurance. The cover can be bought from any life insurance company that does business in the country.
Some of the most important parts of the Saral Jeevan Bima program are:
1.Simplified product: The policy is made to be easy for customers to understand, and all insurance companies offer the same features and benefits.
2.Sum assured: This insurance has a minimum sum assured of 5 lakh Indian Rupees and a maximum sum assured of 25 lakh Indian Rupees.
3.Age to join: The minimum age to join this policy is 18, and the highest age to join is 65.
4.Policy term: The policy covers people for a period of 5 to 40 years, so each person can choose the length of time that works best for them.
5.Payment of premiums: Premiums can be paid all at once or in regular payments, depending on what the subscriber wants.
6.Death benefit: If the insured dies during the insurance term, the nominee or beneficiary will get the sum promised.
7.No maturity benefit: Unlike traditional life insurance policies, Saral Jeevan Bima does not offer a maturity benefit or a survival benefit if the insured lives through the policy term.
8.Riders: Insurance companies may offer extra “riders” or “add-ons” to increase the policy’s coverage. These riders are extra, and the insured can choose to pay more for them if they want to.
The features and terms of the Saral Jeevan Bima contract may be a little different from one insurance company to the next. Before buying a policy, it’s a good idea to read the policy papers carefully and talk to the insurance company about the exact features, fees, and conditions of the policy.