Saral Jeevan Bima Yojana (सरल जीवन बीमा योजना) is a non-connected, non-partaking, unadulterated gamble term protection plan. This plan furnishes a chosen one with a decent sum after the passing of the policyholder during the strategy term.
An arrangement with straight forward highlights and standard terms and conditions, Saral Jeevan Bima doesn’t accompany riders/benefits/variations other than those referenced in its annexure. It should be noticed that the agreements of Saral Jeevan Bima Yojana are no different for all protection suppliers.
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Eligibility Criteria for Saral Jeevan Bima Yojana
(सरल जीवन बीमा योजना ऑनलाइन रजिस्ट्रेशन)
The eligibility criteria for Saral Jeevan Bima Yojana are as follows:
| Eligibility Criteria for Saral Jeevan Bima | |
| Minimum Age Entry | 18 Years |
| Maximum Age Entry | 65 Years |
| Policy Term | 5 – 40 Years |
| Maximum Maturity Age | 70 Years |
| Minimum Sum Assured | Rs. 5 Lakh |
| Maximum Sum Assured | Rs. 25 Lakh |
| Annualized Premium | According to the sum assured selected |
| Premium Payment Modes | Yearly, Half-Yearly or Monthly (only under ECS / NACH). |
| Waiting Period | 45 Days |
Feature of Saral Jeevan Bima Yojana
Some key features of Saral Jeevan Bima Yojana are as follows:
| S. No. | Particulars | Norms |
| 1. | Large Sum Assured Rebate | Indicated in File and Use (F&U), if any |
| 2. | Premium Payment Options | Yearly, Half-Yearly or Monthly (only under ECS / NACH).
Single Premium Payment Option (in Lump Sum) can also be opted for |
| 3. | Death Benefit | In case of Single Premium Policies, it is higher of 125% of single premium and absolute amount assured to be paid on death.
In case of Regular Premium Payment policies, it is the highest of 10 times of annualized premium, 105% of all the premiums paid as on the date of death. |
| 4. | Maturity Benefit | No maturity benefits available |
| 5. | Exclusions | According to regulations provided, only suicide comes under exclusions |
| 6. | Waiting Period | 45 days of waiting period from the date of commencement of risk.
The waiting period is not applicable if the policy is revived. Note: The policy provides cover for death due to accidents only during the 45-days waiting period. If the life assured unfortunately succumbs due to an accident, during the waiting period, an amount equal to 100% of the premium paid, excluding taxes, is paid to the nominee. It must be noted that the Sum Assured is not paid in such a case. In case the life assured commits suicide within 12 months from the date of commencement of risk, the plan becomes nullified. |
| 7. | Surrender Value | No surrender value available |
| 8. | Loan | No loan permitted against the policy |
| 9. | Policy Cancellation Value | Policy cancellation value is payable:
When the life assured applies for the same before the date of maturity in case of Single Premium Policy. When the life assured applies for the same before the date of maturity or at the end of revival period in case the policy has not been revived, in case of limited premium payment policy. |
| 10. | Riders | Optional riders like Accident Benefit and Permanent Disability Benefit Riders could be added. |
| 11. | Interest on Delayed Premium Payments | With adherence to the insurance company’s policy for similar products. |
Benefits of Saral Jeevan Bima Yojana
Some of the prime benefits of Saral Jeevan Bima Yojana include:
Online Registration Process of Saral Jeevan Bima Yojana
Offered by all life insurance companies in India, Saral Jeevan Bima is a term plan with an easy and hassle-free online registration process. The steps to register online for Saral Jeevan Bima policy are as follows:
Step 1: Visit the official website of the insurance company of your choice to buy Saral Jeevan Bima Plan.
Step 2: Click on ‘Life Insurance Plans’ on the homepage and then click on ‘Saral Jeevan Bima’. Saral Jeevan Bima can be found under ‘Protection Plans’ or ‘Term Plans’ tab.
Step 3: Click on the ‘Register Online’ option.
Step 4: Enter your personal information such as gender, age, date of birth etc.
Step 5: Submit your details and upload the required documents.
Offline Registration Process of Saral Jeevan Bima
Yojana
If interested, you can easily register for Saral Jeevan Bima Yojana offline. It would require you to pay a visit to the nearest branch of the insurance company of your choice for buying Saral Jeevan Bima. Next, fill the application form with the required details. Attach required documents and submit the application form to the person in charge at the insurance company branch office.
Documents Required for Application of Saral Jeevan Bima
Yojana
Below mentioned are some mandatory documents required for purchase of Saral Jeevan Bima:
- Duly Filled and Signed Proposal Form Inclusion of Death Because of Coronavirus: IRDAI has planned its standard term protection plan Saral Jeevan Bima while remembering the Coronavirus circumstance. Saral Jeevan Bima is a security plan that covers passing because of Coronavirus.
- • Demise Advantage: Saral Jeevan Bima, the standard term plan offers the aggregate guaranteed sum to the chosen one in case of awful passing of the life guaranteed. Demise benefit helps the group of the departed life guaranteed in adapting to the monetary difficulties that might emerge without undermining their fundamental prerequisites because of absence of assets.
- • Holding up Period: Saral Jeevan Bima accompanies a holding up period 45 days from the date of beginning of hazard. The holding up period isn’t pertinent in the event that the strategy is restored. Saral Jeevan Bima gives cover to death because of a mishap also, during the holding up time of 45 days.
- • Tax reductions: Premium paid for Saral Jeevan Bima is qualified for charge allowances under Area 80C of Personal Assessment Act, 1961. All in all, when you purchase Saral Jeevan Bima, you gain monetary security, yet in addition tax reductions.
- KYC Documents of the Applicant (Aadhaar Card, Pan Card, Voter ID Card, Passport etc.)
- Address Proof of the Applicant ( Recent Electricity Bills, Water Bills, Gas Bills etc.)
- Recent Salary Slips
- Passport Size Photographs
- Recent Medical Examinations/Records
Terms and Conditions of Saral Jeevan Bima Policy
Below mentioned are the terms and conditions of a Saral Jeevan Bima policy:
1.Grace Period: Under Saral Jeevan Bima strategy beauty period is just material for customary and restricted pay arrangements. An elegance time of 30 days for yearly and half-yearly charges instalments and 15 days effortlessness period from the date of first neglected premium will be accommodated Saral Jeevan Bima strategy. , On the off chance that the life guaranteed can’t pay premium inside the elegance period, the approach will pass. The arrangement stays in force in the elegance period.
2.Free-Look Period: A free-look time of 15 days from the date of receipt of the strategy records will be given to the policyholder, in the event that he/she isn’t happy with the agreements of the Saral Jeevan Bima strategy. The policyholder should give a composed solicitation to drop/return the strategy inside the free-look period, the arrangement holder will be given discount of expenses paid subsequent to deducting the proportionate gamble charge for the inclusion time frame, stamp obligation charges and costs caused by the disaster protection organization for the clinical assessment of the life guaranteed.
3.Recovery of Lapsed period: Restoration of the slipped by Saral Jeevan Bima strategy ought to be finished with the a long time from the date of first neglected premium. The arrangement can be restored any time during the recovery time frame however before the development of the strategy. On the off chance that the policyholder neglects to resuscitate the approach inside the gave recovery period the strategy will be promptly ended.
4.surrender: Give up esteem isn’t pertinent under Saral Jeevan Bima strategy.
5.Policy Loan: Strategy advance office isn’t accessible under Saral Jeevan Bima strategy.
6.Policy Termination: The arrangement will be ended by the earliest in the event that any of the accompanying circumstances happens –
Passing advantage payout
- Discount of premium paid if there should arise an occurrence of strategy abrogation
- Development date
- Lapsed recovery period
- Instalment of free-look undoing period
7.Nomination and Assignment: Under Saral Jeevan Bima strategy, selection and task is permitted under the Segment 38 and 39 of the Protection Act, 1938 as altered every once in a while. The notification of delegating a chosen one or changing a candidate ought to be submitted to the protection supplier.
8.Suicide Exclusion: in the event that the existence guaranteed dies due to ending it all the approach will be viewed as void. Following are self-destruction rejections under customary/restricted and single compensation approaches:
- For Standard/Restricted Pay Strategy: in the event of an unexpected downfall of the existence guaranteed cause by ending it all with the initial a year from the date strategy beginning, 80% of the complete charges paid till the date of death of the life guaranteed, will be given to the candidate.
- For Single Compensation Strategy: in the event that the existence guaranteed dies by ending it all with the initial a year from the date of strategy beginning, 90% of the complete premium paid till the date of death of the life guaranteed, will be given to the chosen one.
- Issuance of Duplicate Policy Document: The policyholder can demand for copy strategy archives in the event that the records have been lost or obliterated. The policyholder should give strategy readiness charges and stamp charges which change every once in a while.
Records Expected for Saral Jeevan Bima /yojana Cases
Beneath referenced is the rundown of archives expected for normal or inadvertent demise claims under Saral Jeevan Bima Yojana.
Original Policy Documents
- Duly Filled and Signed Claim Forms
- NEFT Mandate from the Claimant
- Claimant’s Photo ID Proof
- Claimant’s Bank Details
- Proof of Title
- Proof of Death
- Medical Treatment Reports prior to the demise (if any)
- Attending Physician’s Statement
- Treating Doctor’s Statement
- Original Death Certificate
- Recent Medical Records
- Copy of FIR (In case of accidental death)
- Copy of Post Mortem Report (In case of accidental death)
Who Can Buy the Saral Jeevan Bima Policy?
The Saral Jeevan Bima Yojana can be bought by any singular searching for an unadulterated insurance plan. There are no limitations in light of orientation, scholastic capability, occupation or spot of home. While the base section age for the Saral Jeevan Bima protection is 18 years, the greatest passage age for it is 65 years. The greatest development age for the Saral Jeevan Bima Strategy is 70 years. Thus, anybody inside the age reach can undoubtedly purchase the Saral Jeevan Bima Policy with practically no worry.
One of the fundamental things to note is that even individuals without a customary pay and fragmented pay confirmation can likewise decide to protect themselves and their friends and family with the Saral Jeevan Bima Policy. Any individual keen on a term plan with the strategy term running between 5 to 40 years can likewise purchase this intend to get themselves and their family covered for a significant stretch of time.
Why Saral Jeevan Bima Yojana Is the Ideal Decision for You?
Is this whenever you first are purchasing a disaster protection strategy? Provided that this is true, Saral Jeevan Bima would be the ideal decision for you. Since this is a standard term protection plan, you will actually want to buy it effectively at any insurance agency. Notwithstanding, remember that while the highlights and advantages of the approach might continue as before across all insurance agency, the superior sum could differ.
The expectation of presenting Saral Jeevan Bima strategy is that with the assistance of this standard term insurance contract, insurance agency needs to make it simpler for the contract purchasers to buy a term plan that addresses their issues and objectives in the most ideal manner. Saral Jeevan Bima is the ideal decision for strategy purchasers who would rather not get participated in the intricacies of term protection plans present across various insurance agency. In the event of Saral Jeevan Bima, you won’t find any intricacies as far as considerations or avoidances or some other approach terms.
Indeed, you will find the Saral Jeevan Bima strategy phrasings very straightforward and follow, leaving no extent of debate of any sort. One of the great motivations behind why Saral Jeevan Bima is a favoured decision of numerous strategy purchasers is simplicity of navigation. Since Saral Jeevan Bima is a basic, yet reliable arrangement without any highlights to be worried about, strategy purchasers track down it an advantageous buy.
What All Saral Jeevan Bima Policy Does Not Cover?
The key exclusions under Saral Jeevan Bima are:
· Suicide Exclusion
In the event of a Standard or Restricted Premium Strategy, the Saral Jeevan Bima strategy stands void on the off chance that the existence guaranteed bites the dust by self-destruction during the time of a year from the date of beginning of the gamble. The condition is appropriate assuming the approach is enforced or in no less than a year from the restoration date. It is essential to take note of that the insurance agency refrains to engage any case aside from 80% of the expenses paid (This avoids any additional sum whenever charged due to endorsing choices, assessments and rider charges, if any) until the demise date. The examined condition isn’t relevant for a strategy that has slipped by.
On account of Single Premium Strategy, the arrangement stands void in case of the existence guaranteed committing whenever in the span of a year from the gamble beginning date. It should be noticed that the insurance agency refrains to engage any case with the exception of 90 % of the Single Expense paid (This prohibits any additional sum charged due to endorsing choices and rider charges, if any).