Frequently Asked Questions About Saral Jeevan Bima
Saral Jeevan Bima is the simplest and the most uniform term insurance policy for individuals. This standardized policy is available to everyone uniformly irrespective of their age, job, location, etc. Hence, every individual can have the same benefits under the Saral Jeevan Bima plan.
The IRDAI introduced this insurance policy on January 1, 2021 to make sure that term insurance plans reach every person in every household across all parts of the country, especially to the economically weaker sections of the society. The authority has specified special instructions to all the insurance companies in India to offer identical terms and conditions under this plan. Further, in case of sudden death of the policyholder during the term of the policy, the nominee of the insured receives a lump sum amount from the insurer. This is a pure risk term life policy for individuals, which is categorized as non-participating and non-linked.
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Here are some very common and frequently asked questions (FAQs) about Saral Jeevan Bima Policy:
Why did IRDAI introduced the Saral Jeevan Bima Plan?
When it comes to term products, a large number of them are available in the market. All such products come with exclusive policy regulations and premium prices as specified by the particular insurer offering the plan. So, when an individual seeks a term plan, they are bound to get confused and may experience difficulty in choosing the best one. So, to solve these issues and to satisfy customers as well as to bring uniformity in life insurance plans, the IRDAI has introduced the Saral Jeevan Bima policy.
Common features of a Saral Jeevan Bima Plan?
Below are some of the common features of a Saral Jeevan Bima Plan:
- These policies are available to anyone between 16 to 65 years of age.
- The plan automatically terminates as the policyholder reaches 70 years of age
- The minimum and maximum policy term under the Saral Jeevan bima is 5 years and 40 years respectively.
- The minimum sum assured under this plan is INR 5 Lakh and the maximum is INR 25 Lakh.
What Premium Payment Modes can be used for Saral Jeevan Bima?
For paying the premium of Saral Jeevan Bima, different modes can be used. One way is to make a lump sum payment at one go. Then there is another option of making limited monthly or quarterly payments. In fact, policyholders can also make payments for 6 months and on an annual basis.
Can I buy Saral Jeevan Bima Plan Online?
Of course, you can. In fact, viewing the plan on a digital platform makes it all the more accessible as compared to offline mode. Further, by purchasing a Saral Jeevan Bima online, you can get discounts of over 20 percent on the premiums paid. Online purchase makes it easy for policy seekers to compare the plans, its price, benefits and so on. Moreover, you do not require to step out of your house and you can get everything done from the comfort of your house.
Is there any Waiting Period for the Saral Jeevan Bima Plan?
Yes, there is a waiting period of 45-days from the day of buying the Saral Jeevan Bima policy. However, in case the policy is reinstated, the waiting period will not apply. Further, if the policyholder dies due to an accident within the first 45 days of the policy commencement, the policy pays the death coverage to the nominee of the insured. Also, it doesn’t cover death by suicide by the insured for the first 12 months of policy.
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Does Saral Jeevan Bima Offer Protection Against Covid-19?
Yes, the saral jeevan bima was crafted in January 2021 keeping in mind the Covid-19 pandemic and so the plan comes with a pure protection coverage to cover the virus.
Can I get tax benefits from the Saral Jeevan Bima Plan?
Yes, of course you get tax benefits along with life insurance cover by buying the Saral Jeevan Bima plan. The premiums paid to this plan allow tax deduction under Section 80C of the Income Tax Act of 1961. Further, the death benefits offered to the nominee are also tax-free.
What are the Riders available under Saral Jeevan Bima?
Additional riders or add-on benefits are available with Saral Jeevan Bima. They are namely:
- Accidental Death Benefit (Rider)
- Permanent Disability Rider
These benefits allow the policyholder to make their financial portfolio strong. However, the policyholder has to pay an additional premium to avail the benefits of these riders.
To conclude, it is advised to buy the saral jeevan bima plan from a dependable and reliable insurance provider like Paybima insurance broker by Mahindra. This way, you can avoid claim rejections. Also, keep in mind to ensure that the insurer that you buy the policy from offers a high claim settlement ratio.