Saral Jeevan Bima is the standardized life insurance by IRDAI Saral Jeevan Bima is a pure protection option offered by every life insurance provider. It is a typical term insurance plan that may be acquired at a reasonable premium amount with the goal of assisting clients in making an informed decision. Read below to check the detailed information related to the Saral Jeevan Bima Yojana 2023 like Objectives, Features of सरल जीवन बीमा योजना, Benefits, Eligibility Criteria, Required Documents, Online Application Procedure, Offline Application Procedure, and much more.
Saral Jeevan Bima Yojana 2023
From January 1, 2021, life insurance companies are prepared to launch Saral, a standard term policy designed by the regulators, which is likely to spark a price war among insurers, with buyers likely to get a good deal. The policy term is five to forty years, and the client has the option of paying premiums on a regular basis, for a limited time (5-10 years), or in one single payment (lump sum). Payments for premiums can be made monthly, quarterly, half-yearly, or yearly. The minimum sum assured (SA) is 5,000 rupees, with a maximum cover of up to 25 lakh rupees.
Read More :- Saral Pension Yojana 2021
Highlights of Saral Jeevan Bima Yojana 2023
| Scheme Name | Saral Jeevan Bima Yojana 2021 |
| Introduced by | Insurance Regulatory and Development Authority of India (IRDAI) |
| Scheme under | State Government |
| State | All over India |
| Language | सरल जीवन बीमा योजना |
| Beneficiaries | Residents of India |
| Objective | To Provide insurance cover. |
| Official Website | www.irdai.gov.in |
Objectives of सरल जीवन बीमा योजना
Individuals must carry term insurance as a form of life insurance. The major goal of introducing a standard term product is to make sure that it is simple to choose and acquire. The policy’s primary target market is India’s middle class, which is currently underserved. There are around six crore people who file income tax returns now, but only sixty lakhs have term insurance policies, representing a 10% insurance penetration.
Read More: Pradhan Mantri Suraksha Bima Yojana
Features of Saral Jeevan Bima Yojana
Some of the main features of Saral Jeevan Bima Yojana are as follows:
| Particulars | Norms |
| Premium Payment Options | Monthly, Half-Yearly, or Yearly (only under ECS / NACH). Single-Premium Payment Option can also be opted for |
| Large Sum Assured Rebate | Indicated in File and Use (F&U), if any |
| Waiting Period | There is a 45-day waiting period from the starting of the risk. If the policy is revived, the waiting period is not applicable. Note: Only for the 45-day waiting period is the coverage covered for accidental death. During the waiting time, if the life assured dies as a result of an accident, the nominee receives a payment equivalent to 100 percent of the premium paid, excluding taxes. It should be emphasized that in this instance, the Sum Assured is not paid. The plan becomes null and void if the life assured commits suicide within 12 months of the risk beginning. |
| Death Benefit | It is the greater of 125 percent of the single premium or the absolute amount assured to be paid on death in the event of Single Premium Policies. It is the highest of 10 times the yearly premium, or 105 percent of all premiums paid as of the date of death, in the event of Regular Premium Payment insurance. |
| Exclusions | Only suicide is exempt from the rules, according to the regulations. |
| Maturity Benefit | No maturity benefits are available |
| Policy Cancellation Value | The following amount is due if the policy is canceled: In the case of a Single Premium Policy, when the life guaranteed applies for it before the maturity date. In the case of a restricted premium payment policy, when the life assured applies for it before the policy’s maturity date or after the revival period if the policy has not been revived. |
| Surrender Value | Surrender value is not available |
| Loan | The loan is not permitted against the policy |
| Interest on Delayed Premium Payments | With adherence to the insurance company’s policy for similar products. |
| Riders | Optional riders like Accident Benefit and Permanent Disability Benefit Riders could be added. |
Saral Jeevan Bima Yojana Benefits
Some of the main benefits of Saral Jeevan Bima Yojana 2021 are as follows:
- Covid-19 Death Coverage: IRDAI’s regular term insurance plan Saral Jeevan Bima was created due to the COVID-19 condition in mind. COVID-19 death is covered by Saral Jeevan Bima, a protection plan.
- Waiting Period: Saral Jeevan Bima has a 45-day waiting period from the date of risk initiation. During the 45-day waiting period, Saral Jeevan Bima also covers death caused by an accident. If the policy is revived, the waiting period does not apply.
- Tax Benefits: Tax deductions for Saral Jeevan Bima premiums are available under Section 80C of the Income Tax Act of 1961. In other terms, purchasing Saral Jeevan Bima provides you with both financial and tax benefits.
- Death Benefits: Saral Jeevan Bima, the standard term plan, pays the sum affirmed to the nominee in the case of the life assured’s untimely death. The death benefit ensures that the families of the victim can deal with any financial difficulties that may emerge without having to sacrifice their basic needs owing to a lack of finances.
Also Read: Chiranjeevi Swasthya Bima Yojana
सरल जीवन बीमा योजना Eligibility Criteria
Applicants who want to apply for the Saral Jeevan Bima Yojana 2021 must fulfill the eligibility criteria put forward by the Insurance Regulatory and Development Authority of India (IRDAI). The eligibility criteria for Saral Jeevan Bima Yojana 2021 are given in the table below:
| Eligibility Criteria | Minimum | Maximum |
| Age for Entry | 18 Years | 65 Years |
| Policy Terms | 5 Years | 40 Years |
| Age of Maturity | — | 70 Years |
| Premium Payment Modes | Yearly/ Half-Yearly/Monthly | Yearly/ Half-Yearly/Monthly |
| Waiting Period | 45 days (1.5 months) from the beginning of risk | 45 days (1.5 months) from the beginning of risk |
| Sum Assured | ₹5 Lacs | ₹25Lacs* (Sum assured would be permitted in the multiple of ₹50,000) *The insurers have the alternative of offering the sum assured beyond ₹25 lakh within Saral Jeevan Bima with the other terms and conditions will remain the same |
Required Documents List
While filling up the application form for Saral Jeevan Bima Yojana 2021, some important documents will be needed by the applicants, make sure to keep them handy. The documents required are as follows:
- Aadhar Card
- Passport size photograph
- Mobile number
- Residence certificate
Also Read: Sarbat Sehat Bima Yojana
Steps to Apply for Saral Jeevan Bima Yojana 2023 Online Process
To Apply for Saral Jeevan Bima Yojana 2021 Online, applicants need to follow the below-given steps:
- First of all, go to the official website of any registered insurance company.
- On the homepage of the website, click on the Life Insurance Plans.
- After that under Protection Plans or Term Plans tab, click on the Saral Jeevan Bima.
- Now click on the Register Online option.
- The registration form will open on the screen.
- Fill in the form with all the required details like age, gender, date of birth, etc.
- After that upload all the required documents.
- Finally, click on the submit button to complete the registration process.
Steps to Apply for Saral Jeevan Bima Yojana 2023 Offline Process
To Apply for सरल जीवन बीमा योजना Offline, applicants need to follow the below-given steps:
- First of all, Visit the nearest office of the insurance company where you want to buy a Saral Jeevan Bima Yojana.
- After that take the application form from the concerned department of the insurance company.
- Fill in the application form with all the required details like name, gender, father or husband name, date of birth, etc.
- After that attach all the required documents.
- Review and recheck the application form to avoid any mistakes.
- Finally, submit the application form to the concerned department of the insurance company office.
Contact Details
For any queries or details which you want to know regarding the सरल जीवन बीमा योजना feel free to contact us on the below-given details:
Address:
- Insurance Regulatory and Development Authority of India
- Sy No. 115/1, Financial District,
- Nanakramguda, Gachibowli,
- Hyderabad – 500032
Phone Numbers:
- + 91-40-20204000
- + 91 40-39328000
- E-mail Id: [email protected]