Saral Jeevan BimaLife Insurance Policy 2024 is a straightforward and simple life insurance policy designed to provide financial security to families in case of untimely death of the breadwinner. Established with a view to offering a no-frills term insurance plan, it ensures that the process of obtaining life insurance is simple and hassle-free The plan is available to anyone between the ages of 18 and 65, and it makes it more inclusive . With premiums starting from Rs 5 lakh, it aims to cater to those who are yet to get life insurance coverage
The plan is structured in a flexible manner, offers single, limited and regular coverage options, and allows policyholders to choose according to their financial stability Furthermore, the plan does not include market-related or time-necessity benefits, only in the event of sudden natural death Focused on providing protection -net The simplicity of the Simple Life Insurance Scheme 2024 lies in its commitment to provide everyone has life insurance, ensuring that more people can make informed decisions about the financial security of their families
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The Overview Of The Saral Jeevan Bima
The Saral Jeevan Bima Policy is a simple life insurance plan. If the policyholder passes away during the policy term, their nominee gets a lump sum amount. This policy gives financial security to the family. The amount paid to the nominee is based on the premiums paid.
If the policyholder survives the policy term, they receive a maturity amount, which depends on their age when they bought the policy. You can choose the policy term that suits you. You can pay premiums regularly or all at once for a term of 5 or 10 years. If the policyholder dies due to an accident during the term, the nominee gets the lump sum amount immediately. This policy is good for those who want simple protection.
how to buy LIC’s Saral Jeevan Bima
- Visit the Official LIC Website or locate your nearest LIC branch.
- Gather Information about the Saral Jeevan Bima policy.
- Obtain the Application Form for Saral Jeevan Bima either online or from the branch.
- Fill in the Application Form with the required personal and financial details.
- Attach Necessary Documents such as ID proof, address proof, and income statements.
- Review the Form and Documents to ensure all information is accurate and complete.
- Submit the Application Form along with the documents to the LIC branch or online.
- Pay the Premium Amount specified for your chosen policy coverage and term.
- Receive a Receipt for your premium payment and application submission.
- Wait for Policy Approval; once approved, you will receive your policy document.
By following these steps, you can easily secure a Saral Jeevan Bima policy for life insurance coverage.
Some Important features
| Feature | Description |
|---|---|
| Plan Name | Saral Jeevan Bima |
| UIN | Varies by provider (e.g., LIC: 512N341V01, SBI Life: 111N128V02) |
| Plan Type | Non-Linked, Non-Participating, Pure Risk Premium Product |
| Objective | To provide financial protection to the family in unforeseen circumstances |
| Key Features | – Standard term plan at an affordable cost – Ease of understanding with standard terms and conditions- Convenience of premium payment options |
| Premium Payment Options | Single, Regular, Limited (5/10 years) |
| Tax Benefits | As per prevailing norms under the Income Tax Act, 1961 |
| Eligibility | Available even without income proof (varies by insurer) |
| Launch Date | 16.04.2021 (LIC’s version) |
| Last Modified | 4/5/2023 (LIC’s version) |
The eligibility criteria for LIC’s Saral Jeevan Bima
The eligibility criteria for LIC’s Saral Jeevan Bima are quite straightforward. Here’s what you need to know in simple terms:
- Age: You can apply if you are between 18 and 65 years old.
- Policy Term: You can choose how long you want the policy for, anywhere between 5 to 40 years.
- Sum Assured: This is the amount that will be paid out on death, and it ranges from ₹5 lakhs to ₹25 lakhs.
- Maturity Age: This is the age by which the policy will end, and it can be up to 70 years old.
Remember, these are just the basic criteria. It’s always a good idea to talk to an LIC agent or visit their website for more detailed information
Required Documents for the scheme
To apply for the Saral Jeevan Bima policy, you will need to provide the following documents:
- Identity Proof: Any government-issued identity card such as PAN card, Aadhaar Card, or Passport.
- Address Proof: Documents like Aadhaar Card, Passport, or Driving License that confirm your address.
- Passport Size Photograph: A recent photograph.
- Active Mobile Number: To maintain communication and updates regarding your policy.
the main features of LIC Saral Jeevan Bima Yojana
- Simple Plan: It’s a simple life insurance plan for everyone.
- Death Benefit: If the person insured dies, their family gets money.
- Fixed Terms: You can choose a policy term from 5 to 40 years.
- Age Limit: Anyone aged 18 to 65 can buy this plan.
- Sum Assured: The money insured ranges from ₹5 lakhs to ₹25 lakhs.
- Premium Options: You can pay once, every year, or for a few years only.
- Waiting Period: There’s a 45-day wait time from when the policy starts.
- No Loan: You can’t take a loan against this policy².
- No Surrender Value: You can’t get money back if you stop the policy early.
- Tax Benefits: You might save on taxes by buying this policy.
The Saral Jeevan Bima Yojana Benefits
- Financial Safety: It provides a safety net for your family if something happens to you. If the person who buys the insurance passes away, their family gets money to help them financially.
- Simple to Understand: The plan is straightforward with easy terms and conditions, making it easier for everyone to understand.
- Covers Many People: It’s available to a wide range of people, even those who might not have regular jobs or fixed incomes.
- Fixed Amount: In case of death, the family receives a fixed amount of money which is tax-free.
- Long-term Coverage: You can be covered until 70 years of age.
- Easy Medical Process: Getting this insurance doesn’t require a complicated medical check-up.
- COVID-19 Cover: It also covers deaths due to COVID-19, which is especially important during the pandemic.
- Flexible Payments: You can choose different ways to pay the premium, like monthly or yearly.
- Tax Benefits: You can save on taxes for the money you pay towards this insurance.
FAQS
What is Saral Jeevan Bima?
It’s a life insurance plan that pays money to your family if you die during the policy term
Who can buy this insurance?
Anyone aged between 18 and 65 years can buy this insurance
How long does the insurance last?
You can choose a term from 5 years to 40 years
How much money can the family get?
The family can get between Rs. 5 lakhs to Rs. 25 lakhs, or even more depending on the policy
What are the ways to pay for this insurance?
You can pay once, for 5 or 10 years, or throughout the policy term
When do I not get the insurance benefit?
The only exclusion is if the insured person commits suicide within 12 months of starting the policy
Is there a waiting period for the insurance to start?
Yes, there’s a 45-day waiting period from when the policy starts
Can I get my money back if I don’t like the policy?
Yes, you can get a refund within 15 days of getting the policy, or 30 days if you bought it online
What happens if I miss paying the premium?
The policy might lapse, and you should check the terms for reviving it
Does this insurance cover COVID-19?
Yes, it covers deaths due to COVID-19
