Saral Jeevan Bima Yojana

Saral Jeevan Bima yojana


On the instructions of The Insurance Regulatory and Development Authority of India (IRDA), all insurance companies are offering simple life insurance policies.

Saral Jeevan Bima Yojana


The amount of cover under Saral Jeevan Bima Yojana will be from 500000 rupees to 2500000 rupees.

There will be different types of premiums under Saral Jeevan Bima Yojana.

The beneficiary can purchase life insurance according to his financial condition.

The minimum age for taking a life insurance plan is 18 years and the maximum age is 65 years.

The maximum maturity age of 70 years will be allowed under this scheme.

There will be three premium payment options under Saral Jeevan Bima Yojana 2021 which will be regular premium, limited premium payment period for 5 years and 10 years and single premium.

There will also be a 45-day waiting period from the start of the policy.

In these 45 days, the policy will cover death due to accident only.

The term of this policy will be 4 to 40 years.

Also Read=Pradhan Mantri Suraksha Bima Yojana

Saral Jeevan Bima Yojana

Benefits of Saral Jeevan Bima Yojana 

  • Life cover is provided to the beneficiary under this scheme.
  • Life cover amount is given to the nominee after the death of the beneficiary.
  • The amount of cover under this scheme ranges from 500000 rupees to 2500000 rupees.
  • Under the Saral Jeevan Bima Yojana, the insurance company has been allowed to decide the amount of premium according to its own.
  • Under this Saral Jeevan Bima Yojana, the beneficiary can buy life insurance according to their financial condition.
  • The minimum age to purchase this plan should be 18 years and the maximum age should be 65 years.
  • The maturity age will be allowed under this scheme up to a maximum of 70 years.
  • A 45-day waiting period has been prescribed under the Saral Life Insurance Scheme.
  • In this 45-day waiting period, the policy will cover death due to accident only.
  • The policy period is 4 to 40 years under this scheme.
  • This announcement has been launched by the Insurance Regulatory and Development Authority of India.
  • The Saral Jeevan Bima yojana will be launched by all insurance companies from 1 January 2021.
  • Simple terms and conditions have been laid under this scheme.
  • Suicide is not covered under the Saral Life Insurance Scheme.
  • There is no provision of any gender, place of residence, travel, occupation, or educational qualification to purchase this life insurance plan.

Overview

Name of SchemeSaral Jeevan Bima Yojana (SJBY)
Launched byInsurance Regulatory and Development Authority of India (IRDAI)
BeneficiariesCitizens of India
Major BenefitA cover with standard wording for sum insured ranging from Rs 5 lakh to Rs 25 lakh.
Scheme ObjectiveProviding simple insurance cover.
Name of StateAll India

What is IRDAI Saral Jeevan Bima Yojana

  • The Regulatory Authority, IRDAI, has instructed the Life Insurance Companies to introduce a standard Life Insurance Policy in India by January 2021.
  • The IRDAI has issued strict guidelines to the insurance agencies to develop a standard plan before 31st December 2020.
  • It should be a simple policy that should help the customers to make better decisions.
  • IRDAI opined that the yet to be launched Saral Jeevan Bima Yojana would benefit the customers of age groups between 18 to 65 years with a duration of four to forty years.
  • Under the Saral Jeevan Bima Yojana, the insurance coverage is up to 25 Lakhs Indian Rupees.

Benefits provided under LIC Jeevan Saral Scheme


If the applicant dies during the term of the policy, the following benefits are provided to the nominee.

  • The Sum Assured (ie 250 times the monthly premium) will be provided.
  • In addition to the first year’s premium and the rider / extra premium paid, the full premium will be paid.
  • Loyalty Addison (if anything) is also provided under this scheme.


Following are the benefits to the policyholder when the policy matures:

  • The Maturity Sum Assured (depending on the entry age and policy term of the policyholder) is provided to the applicant.
  • If there is a loyalty addition, the applicant is also provided that.
  • Income Tax Benefit: The applicant receives Rs. The exemption is also given under Section 80C of Income Tax on premium payments up to Rs 1,50,000.
  • Death Benefit and Maturity Benefit are also tax-free under Section 10 (10D) of Income Tax.

Term of Saral Jeevan Bima Yojana Policy

A simple life insurance scheme can be availed by citizens between 18 and 65 years and the duration of this policy can be from 4 years to 40 years.

Even between 5 lakh and 25 lakh will be insured under this policy.

No maturity benefit will be available under the Saral Life Insurance Scheme and there will be a 45-day waiting period under this policy.

If the policyholder dies within 45 days of purchasing the policy, payment will not be made in any other situation other than accidental death.

No claim will be available in case of suicide under Saral Jeevan Bima Yojana.

This policy can be bought by any citizen living in India, there is no provision of gender, housing, educational qualification, religion, etc. to buy it.

Documents of Saral Jeevan Bima Yojana

  • Aadhar Card
  • residence certificate
  • Passport size photograph
  • mobile number
  • To apply under this Saral Jeevan Bima Yojana, the applicant must be a permanent resident of India.
  • To get a simple life insurance plan, the minimum age should be 18 years and the maximum age should be 65 years.

Procedure for applying offline under Saral Jeevan Bima Yojana 2021

Step 1- First, Visit the nearest office of the insurance company where you want to buy a Saral Jeevan Bima Yojana.

Step 2- Now ask them for details about Saral Jeevan Bima Yojana and take the application form.

Step 3- Now fill in the necessary details (Mention all the details such as name, father/ husband name, date of birth, gender and other information).

Step 4- After this, you will have to attach all the important documents.

Step 5- Now you have to submit this application form to the insurance company office.

Step 6- Thus you will be able to apply under this Saral Jeevan Bima Yojana

Procedure to Apply Online Saral Jeevan Bima Yojana Application Form 2021

Step 1- Visit the Official Website of Saral Jeevan Bima Yojana offering Insurance Company i.e.  ICICI Prudential Life Insurance, LIC, and Tata AIA Life.

Step 2- On the Homepage, Click on the Option “Saral Jeevan Bima Policy Insurance Plan” Link.

Now, Click on the Apply Online button and go to the application page.

Step 3- The application Form page will be displayed on the screen.

Step 4- Now enter the required details (Mention all the details such as name, father/ husband name, date of birth, gender and other information) and upload important documents.

Step 5- Click on Submit Button for the final submission of the application.

Helpline

  • Insurance Regulatory and Development Authority of India
  • Sy No. 115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad – 500032
  • Ph: +91-40-20204000/+91 40-39328000 e-mail: irda@irdai.gov.in

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