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14 Benefits of Saral Jeevan Bima Yojana

dateKnowledge Centre Team dateAugust 02, 2021 views234 Views
Buy Saral Jeevan Bima Yojana | Best Term Insurance Plan

The demand for pure term insurance has increased, owing to the uncertainty that life has thrown our way in the light of the deadly pandemic. Owing to the pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) directed that all insurance providers provide a standard term life insurance policy called Saral Jeevan Bima with standardized rules and regulations. The guidelines, terms, and conditions of the policy are clear. As a result, it is simple for the insurance buyer to comprehend and make an educated decision.

Since this policy must be provided on a mandatory basis to everyone, it may also be considered a trust-building tool between the insurance holder and provider. There are fewer possibilities of the policy being misunderstood.



Like any other term plan, Saral Bima Yojana will offer a sum assured to the nominee in the event of the policyholder's untimely death during the policy term. Insurers may prefix their names with Saral Jeevan Bima.

14 Benefits of Saral Jeevan Bima Yojana

1. It is a pure protection plan that will pay the sum assured amount to the nominee in the event of the insured's accidental death within the policy's term. It is a non-linked, non-participating term life insurance plan. There will be no maturity benefit or surrender value granted since this is pure-term insurance.

2. Another significant advantage of Saral Jeevan Bima Yojana is that it is a free access policy that does not rely on eligibility criteria such as gender, occupation, class, etc.

3. Several term insurance plans are available for policyholders to choose from, making the selection process difficult for consumers. However, Saral Jeevan Bima is an obvious choice since it contains easy-to-understand and straightforward guidelines.

4. This policy is similar to 'Aarogya Sanjeevani' and does not vary depending on the insurance companies. The insurance will have the same features, exclusions, inclusions, and benefits across. Just the claim settlement rates, costs, and service standards of insurance may vary.

5. The policy's minimum and maximum enrollment ages are 18 and 65, respectively. The minimum policy term period is five years, while the maximum policy term duration is 40 years. The minimum maturity age is not given; however, the maximum maturity age is 70 years.

6. The minimum amount will be Rs 5 lakh, and the highest amount would be Rs 25 lakh, based on the needs and scenario. The premium payment choice will range from regular pay to limited pay for 5 to 10 years.

7. Suppose the policyholder dies during the policy term. In that case, the highest often the annualized premium, 105% of the total premium paid as of the date of death, or the absolute amount guaranteed at the event of unexpected death will be payable to the nominee.

8. This policy has a 45-day waiting period starting from the policy commencement. The waiting period will not apply during policy revival. If the nominee dies within the waiting period, the nominee will receive a payment equivalent to 100 percent of the premium paid, minus taxes, with no lump sum, assured.

9. The benefits of Saral Jeevan Bima Yojana also cover additional benefits in the form of rider benefits, which lead to increasing the policy's coverage. Saral Jeevan Bima's benefits include paying an additional premium on top of their basic premium plan.

Understand how Saral Jeevan Bima Yojana covers accidental death.

10. One thing to keep in mind while buying this policy is that no loan will be authorized against it, and there will be no maturity benefit.

11. The payment method is annually and half-yearly, with a monthly option for ECS/NACH and a single premium payable in a lump sum.

12. As the coverage is accessible without a medical examination, there are no specific procedures to carry it out. It is a plan that a person is entitled to since the individual's health takes precedence above all other considerations.

13. Tax benefits are also available, just as with any other term insurance plan. The Income Tax Act of 1961 governs these tax deductions. The policy is eligible for tax benefits under Section 80C and 10(10)D.

14. Insurance providers usually require living proof or proof of income for term plans. However, no proof is needed to acquire this standard term plan.

Not sure which insurance provider to choose to get this standard term insurance policy? Choose Saral Jeevan Bima by Canara HSBC Oriental Bank of Commerce Life Insurance and stay stress-free!

Let's take a look at some of its benefits to enable a better understanding:

a) Insurance coverage at a reasonable price
b) Ensure the financial safety of your family in case of any emergency
c) Simple to understand and hassle-free purchase procedure
d) Availability of multiple premium payment alternatives ( Single-Premium, 5/10 years limited premium pay/ payment throughout policy term)
e) Availability of tax benefits as per the prevailing laws.

Here are five reasons to buy Saral Jeevan Bima.

Saral Jeevan Bima by Canara HSBC Oriental Bank of Commerce Life Insurance is a one-stop solution to all your financial needs. Choosing a Saral Jeevan Yojana is one of the simplest and wisest choices to make. Being one of the most widely available standard term insurance plans directed by the government, it provides an assortment of benefits no matter which insurance provider you choose.

All you have to do is observe its benefits, features, and other necessary details to see if it fits your needs or not, and you're good to go. Make your life better and Saral with the Saral Jeevan Bima Policy today!

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Frequently Asked Questions (FAQs) for Term Insurance Plans

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 insurance 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 65 years of age. This is a term plan with return of premium option – that means all the premiums paid throughout the tenure will be paid back to you if you outlive the policy.

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 when you buy the best term plan in India.

If your key purpose is to give your Family financial protection, go for the best term insurance plan. And if you want some savings, in the end, go for a traditional life insurance plan. iSelect Star is a term plan with return of premium option. All the term insurance premium will be paid back to you, if you outlive the policy term.

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, the best term insurance plan pays a part of the sum insured to treat your disease.

Term life insurance plan 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 plan 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 insurance policy remains active until the expiration date.
  • Income Rider: This rider in a term insurance plan 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 insurance 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 the Best Term Insurance Plan?

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