RESUME APPLICATION PAY PREMIUM
Fund Performance

Fund Performance

Knowledge Center

Knowledge Center

About Us

About Us

Tools and Calculators

Tools & Calculators

Quick links

Mobile (Download app)
  • Webpages
  • Documents
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment
  • HDFC Life ClassicAssure PlusInvestment

For NRI Customers

(To Buy a Policy)

(If you're our existing customer)

For Online Policy Purchase

(New and Ongoing Applications)

Branch Locator

For Existing Customers

(Issued Policy)

Fund Performance Check

RESUME APPLICATION PAY PREMIUM

What do you want to do?

Quick links

Mobile (Download app)

Download HDFC Life App

Buy plans, track your policy, make renewal payments & monitor fund performance with HDFC Life App, Download Now!

Apple Logo Go to Google Play Store

Advantages of Saral Jeevan Bima Yojana 2021

down-arrow
Benefits of Saral Jeevan Bima Yojana
February 01, 2021

Table of Content

 

The IRDAI has come up with a simplified term insurance plan that makes life insurance and its benefits accessible to everyone

The coronavirus pandemic turned our lives upside down in more ways than one. We learnt the value of family and that we cannot take our jobs for granted. We also learnt that while living in the moment is glorious, planning for life with prudence is crucial. Not many of us had considered getting our lives insured till COVID-19 brought home the reality that life is uncertain. Life insurance was costly and cumbersome. But now, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced a standard term life insurance policy- Saral Jeevan Bima - which brings life insurance to everyone's doorstep in a simple, hassle-free way. Read on to know the many benefits a 'Saral' - simple - insurance policy can offer you.

As easy as ABC

Different term insurance plans offered by insurance companies are often worded differently, and have different inclusions, exclusions and conditions, making it difficult for a person to understand the fine print. Saral Jeevan Bima has addressed this concern by offering a standardised product that will have uniform features, irrespective of the insurer you are buying from. The uniform wording and the uniform features mean it will be much easier for people across all economic sections to buy term insurance and safeguard their family's future. The entire process of standardisation of term life insurance will enable people to access and buy insurance easily.

Begin with Saral

For many young people who have not invested in life insurance and for those who have little knowledge of how insurance works, Saral Jeevan Bima is a blessing. The features and offerings are the same across all insurers. Uniform terms and conditions of Saral Jeevan Bima will also leave little scope for disputes while making claims. It can be a great product for first time buyers who now understand the value of life insurance but had no idea how to go about it.

Flexibility of premium payments

Saral Jeevan Bima offers customers the option of buying the plan in easy monthly instalments without having to pay the entire premium as a lump sum.

The policy provides three premium payment options - regular premium, limited premium payment term for 5 years and 10 years and single premium. So, customers can decide if they want to make premium payments in smaller chunks over a period of time or make consolidated payments over the policy term.

Get insured, online!

The Saral Jeevan Bima plan is digitally available, which means you can buy the policy online. This contactless and secure transaction in times when people don't wish to step outdoors for cumbersome paperwork related to buying insurance will offer more transparency, apart from the convenience. It also means that there is no need to go through an agent to buy life insurance anymore. Saral Jeevan Bima customers can avail a discount of up to 20 per cent on the premiums when buying the plan online. From the comfort of your home, you can compare critical information and premiums across insurers and buy the cheapest policy you require.

No bars!

The Saral Jeevan Bima plan has been formulated to ensure that everyone can avail of life insurance and secure the future of their family. Unlike other term plans which consider your annual income as the base on which the sum assured is decided, this term insurance plan allows you to buy the sum assured as per your wish. So, even if you have an irregular income or do not have sufficient income proof, you can still buy this plan. It allows you to buy a plan up to a sum assured for which you think you can pay the premium with ease.

Also, the Saral Jeevan Bima plan can be bought by any individual without any restrictions on gender, place of residence, academic qualification and occupation. It also offers a wide span - allowing between 18 years and 65 years to buy the policy, with the policy term ranging between 5 and 40 years. This means practically anyone can opt for this plan and relax with the knowledge that their life is insured and that their family will not suffer financial discomfort in the event of their death.

Bonus of rider benefits

The Saral Jeevan Bima policy is a straightforward one, but also offers add-on accidental and disability benefit riders for those who wish to opt for these. These riders are additional benefits offered by the policy in order to increase the coverage of the policy. Policyholders can add these rider options to the base plan by paying an extra premium along with the basic premium of the policy. This will help the family get financial benefits of the rider sum assured if any of the events covered do occur.

Related Articles

View Saral jeevan Bima Plan

 

ARN: ED/12/20/21859

Show Full Article
Hide Full Article

Term Plan Articles Term Plan Articles

Investment Articles Investment Articles

Savings Articles Savings Articles

Life Insurance Articles Life Insurance Articles

Tax Articles Tax Articles

Retirement Articles Retirement Articles

ULIP Articles ULIP Articles

Health Plans Articles Health Plans Articles

Child Plans Articles Child Plans Articles

Popular Calculators Popular Calculators

Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

LinkedIn profile
Author Profile Written By:
Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

LinkedIn profile
Reviewed By Reviewed By:

Here's all you should know about life insurance.

We help you to make informed insurance decisions for a lifetime.

Blue Chip Fund

Blue Chip Fund

"Blue chip fund invests in stocks / shares of well-established companies with credible financial performance, market capitalization & steady payout of dividends."

Diversified Equity Mutual Funds

Insurance Overload: Are You Hoarding Policies Instead of Securing Your Future?

Single Premium Term Insurance: Meaning, Benefits & Types

Explore the details of a Single Premium Policy in term life insurance. This guide provides insights into its meaning, benefits, and types, offering a comprehensive overview.

Single Premium Term Insurance: Meaning, Benefits & Types
All about Saral Jeevan Bima Term Insurance Plan Previous
Women's Economic Empowerment Next
HDFC life
HDFC life

HDFC Life

Reviewed by Life Insurance Experts

HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER

We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance plans - protection, pension, savings, investment, annuity and health.

Popular Search

Popular Searches