A simple guide to know Saral Jeevan Bima

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A simple guide to know Saral Jeevan Bima 
BimaKaro.in
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Saral Jeevan Bima

• A term life insurance is an essential financial
  product that provides financial stability and
  solace to a family on the policyholders demise.
  While term plans are usually simple and easy to
  understand, insurance providers nowadays add
  various features, making it difficult for buyers
  to choose the right one. To address this concern,
  the Insurance Regulator and Authority of India
  (IRDAI) has come up with all guidelines to
  launch Saral Jeevan Bima  a standard term life
  insurance for everyone. All life insurance
  providers are mandated to offer the product from
  January 1, 2021.
• What is Saral Jeevan Bima?
• Saral Jeevan Bima is a standardised term
  insurance product similar to standard health
  insurance products like Arogya Sanjeevani. It is
  a pure protection plan wherein the sum assured is
  paid to the policy nominee upon the
  policyholders sudden demise within the policy
  term. Under Saral Jeevan Bima, the sum assured,
  or the death benefit amount and the premium, is
  same across all the insurance providers. The name
  of this standard term policy is also the same
  however, the insurers can prefix their name to
  the policy.

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For what reason is it significant?
A term life insurance is an absolute necessity
for a person. The principal objective of
launching a product like standard term plan is to
make sure that it is easy to choose and simple to
buy. Although the onboarding and underwriting
process could differ from insurer to insurer, any
individual between 18 and 65 can purchase this
term policy. The policy buyer has the option to
choose policy term between 5 to 40 years and can
also opt to pay premiums regularly, make a single
payment (lump sum) or pay for a limited period
(510 years). The premium payment can also be
made in different frequencies such as monthly,
quarterly, half-yearly or yearly. The minimum
coverage amount offered under Saral Jeevan Bima
is Rs 5 lakh, and the maximum can go up to Rs 25
lakh. Saral Jeevan Bima also offers riders but
are limited to accident benefit and permanent
disability. The standard term plan offers just
death benefit wherein the sum assured, and the
premium amount remains constant throughout the
tenure of the policy.
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Why is it essential for an individual?
Saral Jeevan Bima could prove to be useful for
those policyholders searching for plain vanilla
term insurance plans. This product offers lumpsum
payout as the death benefit, unlike other
products in the market offering add-on features.
In case of policyholders sudden demise, the
beneficiary of the policy will get the higher of
10 times of the yearly premium 105 percent of
all the paid premiums as on date of death, or
outright sum assured. On account of single
premium policies, higher of either 125 percent of
all premiums paid or total sum assured. But
unlike other term insurance plans, Saral Jeevan
Bima accompanies a waiting period of 45 days from
the date of policy commencement. This policy only
covers death due to accident during the waiting
period. There is no maturity benefit if the
policyholder survives the term of the policy. In
case of policyholders death due to some other
reason (apart from an accident) within the policy
waiting period, then the insurance company will
pay just 100 percent of all the premiums received
to the policy nominee, excluding the taxes. While
the plan features are similar, the insurers can
decide on the premiums, and they can also
increase the cover amount beyond the upper limit
of Rs 25 lakhs.
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IRDAI introduced Saral Jeevan Bima
Overall, the term insurance policy is an
essential financial product to be included in
ones financial portfolio. However, it becomes
confusing to decide which term plan to opt for
amongst those available in the market.
Hence, IRDAI introduced Saral Jeevan Bima as a
solution to this concern, catering to every
individual without any discrimination. To know
more about Saral Jeevan Bima, head to BimaKaro.in
and speak to their insurance advisors for a clear
picture.
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Bimakaro.in

• With advancements in technology, you can now buy
  life insurance online without any worries and
  quickly the various mentioned benefits, wiping
  away the myths. To make your choices clearer and
  aligned with your life goals, you may visit the
  website, Bimakaro.in helps to shortlist insurance
  policies based on critical parameters. The plans
  can also be compared with each other, enabling
  you to know eachs advantages and disadvantages
  without any bias or influences. Dont wait. Try
  out Bimakaro.in now!

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Conclusion
Online term insurance plans come with a host of
benefits. As explained above, it is time to give
equal importance to term insurance, as we give to
health, motor, travel, or any other insurance
form. Concerns related to trust and transparency
are now addressed with the help of online
insurance aggregators like BimaKaro.in If you are
considering buying online term insurance plan, do
not procrastinate. Just log on to www.BimaKaro.in 
now.