Saral Jeevan Bima Yojana - Right Term Insurance Plan for You?
Table of Content
With a plethora of term insurance policies in the market, how do you know which product is right for you?
The introduction of SaralJeevanBimaon 1st January 2021 is being seen as a revolutionary move in the life insurance industry in India. It aims to fill in the gaps of inadequate knowledge about insurance and aims to bring maximum people under the insurance umbrella - mostly for those who fall in the lower-income brackets or those who have never considered buying life cover for themselves so far!
The product, SaralJeevanBima, as the name suggests, is customer-centric, affordable and has been so structured as to make the buying process much easier. This in turn only helps in developing strong faith between the customers and the life insurance ecosystem.
The SaralJeevanBima plan is an individual pure risk premium life insurance policy that is offered by all insurance providers from 1st January 2021 onwards. It has simple features with standard terms and conditions. It will pay the sum assured in a lump sum to the nominee in event of the death of the policyholder during the policy term. There will be only one exclusion under this policy which is the exclusion for suicide.
The SaralJeevanBima plan is a good insurance plan which has been simplified but the claim settlement rate, the prices and the services provided will vary from insurer to insurer. So, how do you know if SaralJeevanBima is a good term insurance plan for you? Read on to know more.
This product is standardised
Unlike other term plans offered by insurers, which have many exclusions and conditions, this product has uniform features across all insurers. Standardisation means uniform wording and uniform features that will make it an easier buy for everybody. With relatively complex life assurance products available in the market, a 'Saral' insurance product could be a blessing for first-time buyers and for those who don't have much knowledge or time to understand about insurance but wish to secure their life. This uniformity and standardisation help reduce the effort related to buying the policy and it leaves no room for disputes during claims.
Digitally Available
This policy has made its way to contactless and safe transactions digitally, which means this standardised product is going to be actively available on digital platforms. The availability of this plan on digital platforms will offer more transparency and help reduce ambiguity. Most importantly, customers can avail a reduction of up to 20% on the premiums when buying the plan online. Now, comparing premiums across the insurers, and buying the most affordable policy for you will be just a few clicks away from the comfort of your home. So no more hassle to find an agent or figure the data you require.
Your income level won't be a barrier to access this policy
Unlike other term plans which consider your annual income as a fundamental premise to determine the sum assured, this insurance plan allows you to choose the sum assured as per your need without taking into consideration your annual income. Also, in order to buy the Saral Jeevan Bima Yojana, submitting your income proof isn't a requirement because the insurer will issue you a policy without taking into consideration your financial status. The product is truly a blessing for people with irregular income or those that don't have sufficient funds or income proofs.
You can easily buy the plan and choose the sum assured and decide a premium that you think you can easily pay. This opens doors and benefits people that belong to lower-income groups and those that are from rural backgrounds who were earlier not covered under any policy.
The plan mainly targets people from economically weaker sections of the society who are in an equal need of getting insured under a term cover to guard their dependents against financial crises, but is equally good for first time insurance buyers who have never opted for life cover so far.
Often, there is a sole earning member who takes care of all the financial needs of their family. In such a scenario, it's important to safeguard the bread-winner under a term plan because, in an unfortunate event to him/her, there would be financial security to take care of the needs of the dependents.
Wrapping it up!
Do read the finer details of the product and survey the pricing of the plan offered by different insurers together with the claim settlement ratio. Along with the SaralJeevanBima plan, the customer is recommended to buy IRDAI approved Accident Benefit and Permanent benefit riders. A rider is an add-on benefit that the proposer should purchase in addition to basic benefits as specified under this policy document.
So, whether you are a sole bread winner, a person with irregular income, inconsistent proof of income or have never considered buying term insurance SaralJeevanBima is a good plan for you to buy and ensure peace of mind!
Related Articles
- Advantages of Saral Jeevan Bima Yojana 2021
- Who Should Opt for Saral Jeevan Bima Term Insurance Policy?
- All about Saral Jeevan Bima Term Insurance Plan
ARN: ED/01/21/21943
Term Plan Articles
Investment Articles
Savings Articles
Life Insurance Articles
Tax Articles
Retirement Articles
ULIP Articles
Subscribe to get the latest articles directly in your inbox
Health Plans Articles
Child Plans Articles
Popular Calculators
Here's all you should know about life insurance.
We help you to make informed insurance decisions for a lifetime.
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 Searches
- Term Insurance Calculator
- Investment Plans
- Investment Calculator
- Investment for Beginners
- Best Short Term Investments
- Best Long Term Investments
- 5 year Investment Plan
- savings plan
- ulip plan
- retirement plans
- health plans
- child insurance plans
- group insurance plans
- income tax calculator
- bmi calculator
- compound interest calculator
- income tax slab
- Income Tax Return
- what is term insurance
- Ulip vs SIP
- tax planning for salaried employees
- HRA Calculator
- Annuity From NPS
- Retirement Calculator
- Pension Calculator
- nps vs ppf
- short term investment plans
- safest investment options
- one time investment plans
- types of investments
- best investment options
- best investment options in India
- Term Insurance for Housewife
- Money Back Policy
- 1 Crore Term Insurance
- life Insurance policy
- NPS Calculator
- Savings Calculator
- life Insurance
- Gratuity Calculator
- Zero Cost Term Insurance
- critical illness insurance
- itc claim
- deductions under 80C
- section 80d
- Whole Life Insurance
- benefits of term insurance
- types of life insurance
- types of term insurance
- Benefits of Life Insurance
- Endowment Policy
- Term Insurance for NRI
- Term Insurance for Women
- Term Insurance for Self Employed
- Benefits of Health Insurance
- Health Insurance for Senior Citizens
- Health Insurance for NRI
- Best Term Insurance Plan for 1 Crore
- personal accident insurance
- Annuity Calculator
- Life Insurance Calculator