five-reasons-to-buy-saral-jeevan-bima

Five Reasons to Buy Saral Jeevan Bima

Saral Jeevan Bima offers simple, affordable term insurance with standard benefits, making life cover easy to understand and accessible for families.

Written by : Knowledge Centre Team

2025-11-28

1102 Views

8 minutes read

Exit Pop Up

Live Life More Confidently

Get best insurance from our experts

Name is required Name should be Valid
Mobile Number is required Mobile Number should be Valid
DOB is required DOB should be Valid
Annual Income is required
Please tick to proceed further.

Thank you for your interest in our product. Our financial expert will connect with you shortly to help you choose the best plan.

Term life insurance cover is a necessity you should aim to meet with your first salary cheque. But, in today’s life insurance market, even the online term plans are numerous enough to cause a headache for first movers.

So, the insurance regulator IRDAI decided to launch a term plan which is simple to understand and builds a basic financial protection umbrella for your family. Saral Jeevan Bima from Canara HSBC Life Insurance is that plan.

This article gives you five important aspects of this plan, which makes it simple to understand and purchase:

  • Standard Pure Protection Plan
  • Online Availability
  • Simple Terms & Conditions
  • Easy Claim Settlement
  • Accidental Death Cover during the waiting period

1. Standard Pure Life Insurance Plan

Saral Jeevan Bima is an individual term life insurance introduced by IRDAI, Insurance Regulatory and Development Authority of India. This term plan is a standard product regardless of whichever life insurer you buy it from.

The name of the insurance provider is prefixed to the name of the product. For example, Canara HSBC Life Insurance Saral Jeevan Bima.

This standard insurance product offers a one-time payment of the sum assured to the beneficiary in case of the policyholder's death during the active period of the policy.

  • Entry Age: You can get this term life insurance if you fall between the age of 18 and 65 years
  • Maximum Policy Term: The policy term of Saral Jeevan Bima ranges between 5 to 40 years
  • Sum Assured: The minimum sum assured under Saral Jeevan Bima is Rs. 5 lacs and the maximum sum assured in the same is Rs. 25 lacs.

This policy is available for individuals irrespective of the place of residence or occupation. However, the premium cost of the Saral Jeevan Bima depends upon the sum assured, age, and gender of the policyholder.

This plan is the best choice if you do not have the time to explore general term insurance plans from life insurers. As the name suggests this is the easiest life cover you can avail.

2. Multiple Premium Payment Options

The policy comes with three premium payment options – single premium, limited premium payment term or regular. Under the regular option, your premium payment term is the same as the policy term. However, if you don’t want to bother about the life cover during tough financial situations, you can select the other two options as well.

Additionally, the policy accepts the premiums in monthly, half-yearly and annual modes. Ideally, you should opt for a payment mode that closely matches your income frequency. For example, the monthly premium payment mode is most suitable for salaried investors.

Plus, you can pay your premium automatically using NACH or ECS facility.

3. Simple Terms and Conditions

Saral Jeevan Bima is a simple life insurance cover that comes with simple terms and conditions. The plan covers you for the risks of death and accident and the only exclusions are the suicide clause.

The suicide clause in life insurance prohibits the payment of death benefit in the case of death by suicide. The exclusion is applicable for suicide death within 12 months of the policy’s commencement date.

Saral Jeevan Bima does not offer any rider option but has different death benefits to avail.

  • In case of accidental death, the insurer makes a one-time payment to the beneficiary of the policyholder and the policy terminates with the same.
  • In case of death due to any other reason, the insurer pays 100% of the paid premiums to the beneficiary of the policyholder.
  • In case the policyholder dies after the maturity of the Saral Jeevan Bima, then also the beneficiary is eligible to receive a sum-lump amount of the sum assured.

4. Easy Claim Settlement

Claim settlement is easy in the case of Saral Jeevan Bima as the plan does not have any exclusions, except the suicide clause. Plus, if the insurer’s process of claim settlement is quick and smooth, so will be for Saral Jeevan Bima. So, you may want to check a little about this before buying the plan from an insurer.

Canara HSBC Life Insurance has a history of above 95% claim settlement ratio. The insurer also provides a fast claim settlement promise for eligible policies. Eligible life insurance policies can receive a settlement within one working day of filing the claim.

claim settlement

5. Accidental Cover during Waiting Period

The waiting period of Saral Jeevan Bima is of 45 days and it commences with the policy. This standard life insurance policy covers the accidental death of the policyholder during the waiting period. In case of accidental death within 45 days of policy commencement, your family will receive the sum assured.

However, in case of death due to any other cause, the family will only receive 100% of the premiums paid within the period without the taxes.

Learn how Saral Jeevan Bima covers accidental death.

You can pay the premium for Saral Jeevan Bima in one go, as a single premium or can opt for a premium payable in 5 or 10 years. You can also pay the premium value through the policy term.

The policy also offers all the tax benefits available under any other term insurance plan. So, you can claim the annual premiums under section 80C and reduce your taxes.

Start Saving Smart, Grow Wealth Faster

Please enter correct name Please enter the Full name
Please enter valid mobile number Please enter Mobile Number
Please enter valid email Please enter Email
Consent is required

Enter OTP

An OTP has been sent to your mobile number

Didn’t receive OTP?

Application Status

Name

Date of Birth

Plan Name

Status

Unclaimed Amount of the Policyholder as on

Name of the policy holder

Policy Holder Name

Policy No.

Policy Number

Address of the Policyholder as per records

Address

Unclaimed Amount

Unclaimed Amount
Error

Sorry ! No records Found

.  Please use this ID for all future communications regarding this concern.

Request Registered

Thank You for submitting the response, will get back with you.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.

Recent Blogs

Public Provident Fund (PPF): Account, Features & Tax Benefits
20 Jan '26
1902 Views
10 minute read
Maximize your savings with PPF tax exemption. Discover how investing in a Public Provident Fund secures your future and reduces taxable income.
Read More
Saving Plan
How Can You Ensure a Regular Income for Your Family?
26 Dec '25
3215 Views
7 minute read
Regular income defines your family’s lifestyle and financial status. Know practical ways to create a steady income stream for your family using savings plans, investments, insurance payouts, and disciplined financial planning.
Read More
Saving Plan
NPS for NRIs: How to Save for Retirement from Abroad?
21 Dec '25
1553 Views
10 minute read
Learn how NRIs can invest in NPS to save for retirement and optimize their long-term retirement plans from abroad.
Read More
Saving Plan
13 Factors to Consider Before Buying a Monthly Investment Plan
18 Dec '25
1240 Views
6 minute read
Learn the 13 important factors to consider before buying a monthly investment plan, including returns, safety, payout frequency, flexibility and long-term financial needs.
Read More
Saving Plan
When Is a Guaranteed Savings Plan Useful for Financial Planning?
15 Dec '25
1091 Views
8 minute read
Learn how guaranteed savings plans work, key benefits, ideal situations for use, and how they provide predictable returns and financial security for short- and long-term goals.
Read More
Saving Plan
Top Investments with Guaranteed Returns in India in 2026
13 Dec '25
1974 Views
8 minute read
Discover top investment options in India with guaranteed returns. Secure your financial future with reliable plans from Canara HSBC Life Insurance. Explore now!
Read More
Saving Plan
Top 9 Investment Tips Young Earners Should Know
11 Dec '25
1090 Views
8 minute read
What are the best investment tips for beginners? Should young investors follow specific investment tips? Discover the best beginner tips for investing and saving for a financially stable future.
Read More
Saving Plan
Do Long-Term Saving Plans Give Better Returns?
11 Dec '25
1082 Views
8 minute read
Benefits of long-term investments are as good as the compounding goes. The longer you stay invested in the best savings plan, the better your returns could be from an investment.
Read More
Saving Plan
When Should You Start Saving? Choose the Best Savings Plans
11 Dec '25
1085 Views
7 minute read
Learn the right age to start saving and how to choose the best savings plan to achieve your financial goals effectively.
Read More
Saving Plan

Our Top-Selling Insurance Plans

We bring you a collection of popular Canara HSBC life insurance plans. Forget the dusty brochures and endless offline visits! Dive into the features of our top-selling online insurance plans and buy the one that meets your goals and requirements. You and your wallet will be thankful in the future as we brighten up your financial future with these plans.

Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus
  • 4 plan options
  • Life cover + Guaranteed benefits
  • Accidental death benefit
  • Premium protection cover

Save, Dream, Plan. Live Peacefully

iSelect Guaranteed Future Plan
  • 4 plan options
  • Guaranteed Maturity Benefit
  • Premium Protection Cover
  • Tax Benefits