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Is Saral Jeevan Bima Yojana the Right Term Plan?

dateKnowledge Centre Team dateSeptember 03, 2021 views314 Views
Saral Jeevan Bima Yojana | Buy the Best Term Plan in India

Term insurance policies are very beneficial to the insured's family following his or her death. It enables the insured's family to live a happy life even when he is not around. Term insurance policies, on the other hand, offer low premiums and provide life insurance. As a result, India's Insurance Regulatory and Development Authority (IRDAI) has created the Saral Jeevan Bima Standard Term Insurance Plan, which would be available from all insurance providers. It will have a standardized benefit that will be the same across all of the insurance companies plans.

Three Reasons Saral Jeevan Bima is the Right Term Plan for you

Saral Jeevan Bima Yojana is a non-linked non-participating individual pure risk premium life insurance plan, which will help you secure your financial future. Here are three reasons you should buy a Saral Jeevan Bima Yojana:

1. Standardized product

Unlike other insurance plans, including various exclusions and limitations, this policy offers identical characteristics across all insurers. Standardization entails consistent wording and features, making it easy for everyone to purchase.

With the market's somewhat complicated life assurance products, a 'Saral' insurance product may be a godsend for first-time buyers and people who don't have much expertise or time to study insurance but want to protect their lives.

This consistency and standardization lessen the work involved in buying the insurance and eliminates the possibility of a disagreement during a claim.

2. Available in digital format

Saral Jeevan Bima Yojana has been extended to digital contactless and secure transactions, implying that this standardized product would be readily accessible on digital platforms. The plan's distribution on digital platforms will increase clarity and eliminate misunderstanding.

Most significantly, when users purchase the plan online, they may save up to 20% on the premiums. Comparing prices among insurers and acquiring the most cost-effective coverage for you will now be as simple as clicking a few buttons from the comfort of your own home. So there's no need to waste time looking for an agent or collecting the information you need.

3. Your annual income is no bar to this plan

Unlike other term insurance plans, which use your yearly income as the primary criteria for determining the sum assured, this insurance policy enables you to pick the sum assured based on your needs rather than your annual income.

Furthermore, producing proof of income isn't required to purchase the Saral Jeevan Bima Yojana since the insurer will offer you coverage regardless of your financial position. The product is a true godsend for persons who have irregular income or who lack adequate finances or income credentials.

Five Advantages of Saral Jeevan Bima Yojana

There are several advantages of Saral Jeevan Bima Yojna that you should evaluate before buying it. Consider how it will assist your family while you are not around.

1. Purchase from any company

This plan is available from any insurance company that sells term insurance. You may purchase this plan from whichever provider you like, and all of the benefits will stay the same. On the other side, it clears up any ambiguity for someone looking to get a life insurance policy.

2. Death benefits

The Saral Jeevan Bima Yojana also offers death benefits. Following the insured's untimely death, the insurer will pay the agreed sum assured to a family member. If you haven't chosen the Single Premium Mode, the death benefit will be the highest of the following:

  • 10 × Annualized Premium.
  • 105% of total premium paid up to the time of death.

The sum assured that will be paid in the event of death. If you purchased the insurance with a single premium, the death benefits would be the highest of the following:

  • A total of 125% of the single premium.

The amount of the sum assured that will be paid out in the event of death

Learn if Saral Jeevan Bima Yojana cover accidental death?

3. Policy riders

The Saral Bima Yojana standard term insurance plan also allows you to add Riders. The following are the two riders that may be added to this policy:

a) Accident rider
b) Permanent disability rider

4. Broad range of sum assured

Saral Jeevan bima yojana provides you with a variety of sum assured options. The sum assured provided in this plan must be at least Rs.5 lacs. You can acquire a sum assured of up to Rs.25 lacs depending on your requirements. After the death of the policyholder, the sum assured will be reimbursed to the nominee.

5. Multiple premium payment frequencies

This policy's payment can be made annually, monthly, or half-yearly. The premium payment frequency must be specified at the time of the policy's commencement. You have the option of paying the premium in whatever mode you prefer.

Saral Jeevan Bima is a standard term insurance plan by Canara HSBC Oriental Bank of Commerce Life Insurance, which helps you safeguard your family in times of uncertainties at a reasonable price. The plan accompanies various benefits such as death benefit, annualized premium benefit, benefit of multiple premium payment options, tax benefits, and so much more!

We can say that Saral Jeevan Bima Yojana is the right term insurance plan for you! It is the most easy-to-understand plan, which brings many benefits; available across digital platforms, it is an ideal choice for you.

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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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