Saral Jeevan Bima Yojana Eligibility and Benefits

As you all know, life insurance offered by insurance companies has many conditions. Due to which people do not buy life insurance. Keeping this in view, India’s Insurance Regulatory and Development Authority has Saral Life Insurance Plan is initiated. Today, we will provide you with all the essential information related to this scheme through this article. As if Saral Jeevan Bima 2021 What is it? Its purpose, features, benefits, eligibility, application process etc. So friends, if you want to get all the essential information related to this scheme, you are requested to read our article till the end.

Saral Jeevan Bima Yojana 2021

The amount of cover under the scheme will range from ₹ 500000 to ₹ 2500000. There will be different types of premiums under Saral Jeevan Bima Yojana. You can buy life insurance from the minimum age for taking a life insurance plan is 18 years, and the maximum period is 65 years. The full maturity age allowed under this scheme is 70 years. Saral Jeevan Bima Yojana 2021 There will be three premium payment options under this scheme: Regular Premium, Limited Premium Paying Term for 5 Years and 10 Years, and Single Premium. There will also be a waiting period of 45 days from the commencement of the policy. In these 45 days, the policy will cover death due to accidents only. The term of this policy will be 4 to 40 years.

Saral Jeevan Bima Yojana will start from 1st April 2021

As you all know, the Saral Life Insurance Plan has been launched by India’s Insurance Regulatory and Development Authority. Under this scheme, life insurance will be provided to the beneficiaries with simple terms and conditions. The beneficiary has to pay the premium monthly, quarterly, 6 months, 1 year to avail this scheme. The minimum premium amount is ₹1000. The beneficiary can also do a surrender within 6 months of purchasing the policy of Saral Jeevan Bima Yojana. A unique feature of this scheme is that a 100% return will be provided on the purchase price under this scheme. This reward will be given to the beneficiary of this scheme.

If the beneficiary of the scheme is not alive, this amount will be given to their spouse. 100% of the purchase price will be returned to the beneficiary’s heirs after the beneficiary’s death and the beneficiary’s spouse. Saral Jeevan Bima Yojana is going to start from 1st April 2021. If you also want to apply under this scheme, you can contact the insurance company after 1st April 2021.

Key Highlights Of Saral Jeevan Bima Yojana 2021

Scheme name Saral Life Insurance Plan
who launched Insurance Regulatory and Development Authority of India
beneficiary citizens of india
Objective Providing simple insurance cover.
Year 2021

Saral Jeevan Bima Yojana January Update

Under which term plan can be purchased. This plan can also be purchased at a low premium so that even people of low income will now be able to get their life insurance. Under Saral Jeevan Bima Yojana, all insurance companies terms and conditions will be exact, and the sum assured amount and premium amount will also be identical. The policy term under Saral Jeevan Bima Yojana will be from 4 to 40 years. Under which cover from 5 to 25 will be provided. Citizens from 18 years to 65 years can take advantage of this scheme.

  • The guidelines have been framed by the Insurance Regulatory and Development Authority of India. If the policyholder dies within 45 days of buying this policy, the payment will not be made except in accidental death. After the end of the policyholder, their nominee will be paid the claim amount. But the person who makes himself happy will not get the claim money.
  • There is no provision for any maturity benefit and surrender value under this scheme. A unique feature of Saral Jeevan Bima Yojana is that the beneficiary will be able to buy life cover according to his income under this scheme. No gender, place of residence, travel, occupation, or educational qualification is required to avail of this scheme.

Launch of Saral Life Insurance Plan 

All insurance companies launched it. Under this scheme, Insurance, Regulatory and Development Authority of India Guidelines have been issued. This is a specific life insurance policy. The guidelines of which will be specific for the commoner to understand. Through this scheme, the trust between the insurance company and the customer will increase. Saral Life Insurance Insurance Plan has been implemented by all the insurance companies from 1 January 2021. Saral Jeevan Bima Yojana can be bought by people in the age group of 16 to 65 years. The maturity age of this policy is 70 years. The minimum tenure of this scheme will be 5 years, and the maximum period will be 40 years.

  • The application can also be made through a digital platform To maintain transparency in the system. If you buy Saral Life Insurance Insurance online, you will also receive a 20% discount.
  • Most life insurance companies provide life insurance by looking at the beneficiary’s annual income. Still, a unique feature of simple life insurance is that the customers are allowed to buy the insurance policy without considering the beneficiaries’ yearly income. Before buying Saral Life Insurance Insurance from any company, the customer should check the company’s solvency ratio and claim settlement ratio.

Term of Saral Jeevan Insurance Policy

Citizens of 18 to 65 years can take advantage of this policy, and the term of this policy can be from 4 years to 40 years. Under this policy, the sum insured from 5 lakh to 25 lakh will be available. No maturity benefit will be public under Saral Jeevan Bima Yojana, and there will be a waiting period of 45 days under this policy. If the policyholder dies within 45 days of purchase of the policy, the payment will not be made except in case of accidental death. No claim will be received in case of suicide under Any citizen living in India can buy this policy; there is no provision of any gender, residence, educational qualification, religion, etc.

Saral Life Insurance Plan Launch

The Insurance Regulatory and Development Authority of India has asked to launch a life insurance scheme. Under this scheme, insurance companies have been allowed to decide the premium amount at their level. Saral Jeevan Bima Yojana 2021 It has been launched keeping in view the low interest of policyholders towards life insurance plans. Under this scheme, the objective of covering a maximum number of people under the insurance policy has been set. This plan Under Life cover to the beneficiary Will is given. If the beneficiary dies, the amount will be given to the nominee.

LIC Jeevan Saral Plan Rule

There is a very hectic life in today’s time. Due to which people do not have much time to read the terms and conditions of the policy. In this situation, people get involved in the talk of insurance agents. The lengthy terms and conditions have been simplified under this scheme, and not many terms and conditions have been kept. Suicide is not covered under this policy. Apart from this, no provision has been made for any gender, residence, travel, occupation or educational qualification for purchasing this life insurance.

Purpose of Saral Jeevan Bima Yojana

The main objective of this scheme is to make the insurance scheme accessible to all citizens. The terms and conditions under this scheme have been kept very simple. So that more and more people can buy insurance plan and take advantage of them. Through this scheme, after the applicant’s death, the amount of cover is provided to the nominee so that they do not have to face financial trouble.

Benefits under LIC Jeevan Saral Plan

Death Benefit: If the policyholder dies during the policy term, then to the nominee,

  • Sum Assured (ie 250 times the monthly premium) +
  • Payment of premium paid in addition to first year premium and rider / additional premium paid
  • Loyalty Edison (if any)

Maturity Benefit: On maturity of the policy, to the policyholder,

  • Maturity Sum Assured (depends on the entry age of the policyholder and the term of the policy) +
  • Loyalty Addisons (if any)

Income Tax Benefit: Every year from your taxable salary Rs. 1,50,000 is exempted under section 80C of Income Tax on premium payment. Death and maturity benefits are exempt from tax under section 10(10D) of income tax.

Benefits and Features of Saral Jeevan Bima Yojana 2021

  • Under this scheme, life cover is provided to the beneficiary.
  • After the death of the beneficiary, the amount of life cover is given to the nominee.
  • The amount of cover under this scheme ranges from ₹ 500000 to ₹ 2500000.
  • Under Saral Jeevan Bima Yojana, the insurance company has been allowed to decide the premium amount according to it.
  • Under this scheme, the beneficiary can buy life insurance according to his financial condition.
  • The minimum age should be 18 years, and the maximum period should be 65 years to buy this plan.
  • The maturity age will be allowed under this scheme up to a maximum of 70 years.
  • A waiting period of 45 days has been fixed under Saral Jeevan Bima Yojana.
  • During these 45 days waiting period, the policy will cover death due to accidents only.
  • The policy term under this plan has been kept from 4 to 40 years.
  • This announcement has been launched by the Insurance Regulatory and Development Authority of India.
  • All insurance companies will launch this scheme from January 1, 2021.
  • Simple terms and conditions have been kept under this scheme.
  • Suicide is not covered under Saral Jeevan Bima Yojana.
  • There is no provision for any gender, place of residence, travel, occupation or educational qualification for purchasing this life insurance plan.

Eligibility and Required Documents of Saral Jeevan Bima Yojana

  • To apply under this scheme, the applicant must be a permanent resident of India.
  • To take Saral Jeevan Bima Yojana, the minimum age should be 18 years and the maximum age should be 65 years.
  • Aadhar card
  • Address proof
  • passport size photograph
  • mobile number

Process to apply online under Saral Jeevan Bima Yojana

  • First of all you have to go to the official website of that insurance company.
  • Now the home page will open in front of you.
  • On the home page, you have to click on the link of Insurance Scheme.
  • After this you have to click on the link of Saral Jeevan Bima Yojana.
  • Now you have to click on the Apply Now button.
  • Now the application form will open in front of you.
  • You have to fill the information asked in the application form carefully.
  • Now you have to upload all the important documents.
  • After that you have to click on submit button.
  • In this way you will be able to apply under this scheme.

Process to apply offline under Saral Jeevan Bima Yojana 2021

  • First of all you have to go to the office of the insurance company from where you want to buy Saral Bima plan.
  • Now you have to take the application form of Saral Bima Yojana.
  • You have to fill this application form carefully.
  • After this you have to attach all the important documents.
  • Now you have to submit this application form to the insurance company’s office.
  • In this way you will be able to apply under this scheme.