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Saral Jeevan Bima Yojana - Right Term Insurance Plan for You?

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Saral Jeevan Bima Yojana - Right Term Insurance Plan for You?
February 01, 2021

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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.

Buy Saral Jeevan Bima plan

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!

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ARN: ED/01/21/21943

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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.

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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.

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