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What is Saral Jeevan Bima and Does it Cover Accidental Death?

dateKnowledge Centre Team dateMay 11, 2021 views57 Views
Saral Jeevan Bima | Accidental Death Benefits

Term insurance coverage is a necessity for your family. It’s not a choice once you have people to look after and you are responsible for their well-being and future. Buying a term insurance is one of the first financial steps you should take.

However, the market is filled with term insurance plans with advanced features like regular income pay-out, return of premium, etc. While you need a term life cover almost immediately when you start earning, understanding the regular term plan needs time and effort.

So, should you leave your family exposed to the adverse financial effects of your untimely demise?

Certainly not. This is where Saral Jeevan Bima takes the lead.

What is Saral Jeevan Bima?

Looking at the need and challenges of buying a regular term insurance plan, insurance regulator IRDAI came up with a standard term cover for the country. Standard means, regardless of which insurer you choose to buy this plan from, the plan’s features, terms and conditions are going to be uniform.

So, this is the one term insurance cover, where you do not need to think or compare, just complete the formalities, and secure the family.

Features of Saral Jeevan Bima

Saral Jeevan Bima is a simple term insurance cover with the following features and conditions:

  • You can buy Saral Jeevan Bima cover if you are aged between 18 and 65 years of age.
  • The maximum policy term is 40 years. So, if you buy the plan at the age of 30, you can continue the cover till the age of 70, which is also the maximum age until the cover can continue.
  • You can pay the premium in the following modes:
    • Regular mode, i.e., throughout the policy term
    • Limited premium payment mode of 5 years or 10 years
    • In a single shot
  • The plan features a single exclusion clause for suicide within 12 months of policy commencement.
  • The death benefit is payable as per the highest amount among:
    • 10 times the annualized premium
    • 105% of total paid premiums till the time of claim
    • Sum Assured under the plan
    • In the case of a single premium policy, the comparison is between 125% of premium and policy sum assured

      Accidental Cover in Saral Jeevan Bima

      Saral Jeevan Bima is a simple life cover that also has a waiting period of 45 days. The waiting period means that the full death claim will be payable only if the death occurs after this waiting period.

      The waiting period starts with the commencement of the policy. For example, if your policy commencement date is 1 April 2021 (given on the policy document), your waiting period for the claim will last up to 15th May 2021.

      If death occurs within this waiting period only the premium paid so far is returned to the family without the taxes.

      However, if death occurs due to an accident, the family will be eligible to receive the full sum assured as per the regular death claim settlement.

      For example, Avijit bought a Saral Jeevan Bima cover of Rs. 20 Lakhs, at the age of 30, and pays a single premium for the cover of Rs. 65,000 (Rs. 5,000 as taxes). If he dies within the first 45 days of the policy commencement, his family will receive the following amount, depending on the cause of death:

      • In the case of accidental death: Rs. 20 lakhs (sum assured is higher than 125% of premium)
      • In the case of death from any other cause: Rs. 60,000

      The accidental cover, however, is only applicable for the waiting period. After the waiting period, all causes are covered under the plan.

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Frequently Asked Questions (FAQs) for Term Insurance

A person can only purchase a term insurance plan till the age of 65 years, and they can choose the risk coverage for up to 99 years of age. One can easily buy the best online term plan between the age of 18 to 65 years.

This being a term plan doesn't offer any payout after maturity or expiration date.

Each insurance company has its own term insurance premium calculator. If you want to check out the premium quote, go for the iSelect Star term plan calculator. It gives a premium amount based on your age, gender, habits, education, and annual income.

You can purchase an iSelect Star term plan anytime between 18 to 70 years of age.

It depends on your needs. For example, if you want to cover a child's education or wedding expenses, you have to include them in your coverage. Your premium will be calculated accordingly.

If your key purpose is to give your Family financial protection, go for the term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan.

Go for at least 12 times cover than your annual income. Or you can go as far as 20 times coverage as per your needs.

The right time is when you don't have anything to keep your Family safe from financial storms, and they rely on you for financial needs.

If you are unable to make the payment or suffering from a terminal illness, a term plan pays a part of the sum insured to treat your disease.

Term insurance riders are attachment or endorsements made, while taking the term insurance policy, as a supplementary coverage to policyholders. Apart from the core death benefit, term insurance riders offer below-given additional benefits:

  • Accidental Death Rider When a person suffers from a terminal illness, his/her family ends up spending a significant amount in treatment and medical expenses. Accelerated death rider pays a part of the sum insured in advance to cover such costs and save the family from running out of cash.
  • Accidental Disability Rider If the policyholder can't pay the premium because of an accident or permanent disability, a sudden disability this pays the premium on behalf of the policyholder till completion of policy term or for a defined duration.
  • Critical Illness Rider If the insured person gets a heart attack, cancer, or any other critical illness, this rider pays a lump sum on valid diagnosis.
  • Premium Waiver Rider If the policyholder is unable to make payments due to income loss or disability, a premium waiver rider waives off all future premium payments. And the term policy remains active until the expiration date.
  • Income Rider: The rider ensures that your family receives regular income + sum insured in case of unfortunate demise of life insured.

Anyone can go for life insurance as it offers some savings after the maturity date, but it doesn't cover the protection of your family . The best term insurance plan is solely designed for taking care of loved ones if something happens to you. Term plans act as a shield between your family and sudden financial fall. They make sure that your family lives a healthy life even after you. With a little amount paid per year, you can be worry-free from the family's financial conditions.

Questions that you need to Ask while Buying a Term Insurance?

  1. 1. Amount of premium you have to pay based on your age, habits, education, and monthly income
  2. 2. The total number of benefits covered in the term plan. Do they include benefits that you care about the most?
  3. 3. How to save money on tax if you pay for the term plan?
  4. 4. Do they offer regular income options?
  5. 5. Can you change the coverage and premium in the future?
  6. 6. Does the claim consider valid if death occurs outside India?
  7. 7. Which kind of death is not covered by insurance?
  8. 8. Can NRIs take term insurance? If yes, what are the conditions?
  9. 9. Does the term insurance plan have a cash value if you decide to cancel the policy?
  10. 10. Under what circumstances can a term insurance plan be cancelled?
  11. 11. Can I pay the premiums online or make electronic payments?
  12. 12. What will happen to the term plan if the life assured starts smoking after purchasing the policy?
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