Who Should Choose Saral Jeevan Bima Term Insurance?

Written by : Knowledge Centre Team

2026-07-30

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10 minutes read

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Saral Jeevan Bima is a standardized term insurance plan launched by the IRDAI, the insurance regulatory and development body in India. The unique benefit of this plan is that you do not need to compare between two such policies and can simply buy from anywhere.

This term insurance plan effectively eliminates your need for analysis as the plan has standard features regardless of how you buy it. Plus, the policy has only two exclusions to claim:

Death claim within the 45-day cooling (waiting) period.
Death by suicide within 12 months of the purchase.

Saral Jeevan Bima is also offered by Canara HSBC Life Insurance Company. The policy gives a fixed sum assured in case of the insured’s demise. One can opt between a single premium and limited premium payment terms of 5/10 years while enjoying the cover until the age of 70.

Who Should opt for Saral Jeevan Bima?

Saral Jeevan Bima is best suited for youngsters who have just begun their careers and/or for people who need an affordable yet robust cover of up to ₹25 lakhs. All people in the age group of 18-65 years are eligible to apply for this policy.

In short, you should opt for this policy under the following conditions:

Young freshly employed.
If you find term insurance plans difficult to understand.
Need more time to find the best term plan for your needs.

Term insurance is a critical part of an investment portfolio, especially if you have family members who are financially dependent on you. The only way to ensure financial stability, even in your absence, is to have a robust term insurance plan such as Saral Jeevan Bima or iSelect Smart360 Term Plan depending on your circumstances and needs.

Protect Your Family with Affordable Term Insurance

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Why Should You Have a Term Insurance Plan?

To beat uncertainties, to hedge against death, to financially safeguard your family and to live peacefully without worrying about, “If I am not around?”

The financial pyramid depicts the structure of a person’s financial journey throughout his adulthood. The initial human tendency is to look at survival through some means of livelihood depending on one’s education and skills.

The next objective to sustain whatever one is doing and keep bad debts to the minimum. Wealth creation, in the form of investments in asset classes such as Insurance, comes at the accumulation stage which eventually leads to self-reliance and independence from a single source of income.

At the top of the pyramid, a person is free to pursue his true calling or even lead a stress-free retired life.

Also Read: What is Term Insurance

When Should You Buy Term Insurance?

Term insurance is an assurance and a guarantee of financial protection even when the income-earner of the family is no more. Term insurance gives a guaranteed amount called “Sum Assured” when the insured person dies if the insured person pays a small amount, each year, called premium when they were alive.

Saral Jeevan Bima is also a term insurance plan, but a more simplified version of it.

Now! If you are an adult and earning, you must seriously consider buying term insurance. The beauty of insurance products is that the annual premium is directly proportional to your age and depends on “when you sign up”. Besides the cost-saving part, you get a financial cover that gives you and your family some peace of mind.

If you have recently graduated and started working, you may be in a dilemma about the Sum Assured which has to increase once you get married. iSelect Smart360 Term Plan offered by Canara HSBC Life Insurance offers a “step-up” plan to increase Sum Assured depending on the life stage. The premium is also adjusted accordingly which is good news because you can pay less when you are earning less.

Leaving a Legacy with Term Insurance Policy

Term insurance is also an inexpensive way to create an inheritance if your profession does not have opportunities to create wealth. For example, people working in public sector undertakings, teaching, conventional industries etc may not have as many opportunities as people who work for cutting-edge technology companies, new-age high growth start-ups and multinational blue-chip majors.

If you opt for whole life insurance covers, you can leave a legacy behind while you survive on your retirement savings. Even in case of an untimely, unfortunate demise, your family will receive the Sum Assured thus enabling them to sustain the quality of life and achieve all those milestones that you always dreamt of.

Click to use: Term Insurance Calculator

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.