LIC Saral Jeevan Bima by IRDAI is the standard life insurance. All life insurance providers offer Saral Jeevan Bima as a pure protection plan.
Saral Jeevan Bima, a standard term plan for insurance, was created to help customers make informed decisions. It can be purchased at affordable Premium Rates.
LIC Saral Jeevan Bima does not come with riders/benefits/variants other than those mentioned in its annexure. You should note that Saral Jeevan Bima’s terms and conditions are the same for all other insurance providers.
Features – LIC Saral Jeevan Bima
- This is a pure-risk, non-linked, and non-participating term insurance plan.
- This is a term insurance policy.
- It covers life risks without any maturity or survival benefits.
- The plan is open to all individuals without restriction.
- No need to submit any educational checks, employment proofs, or proof of living or gender.
- This policy has a waiting period of 45 days.
- LlC’s Saral Jeevan Bima Plan Unique Identification Number (UIN), is 512N341V01.
Eligibility for LIC Saral Jeevan Bima
Entry Age: 18-65
Minimum Assured sum: 5 Lakhs
Maximum Assured Sum: 25 Lakhs
Tenure policy Term: Minimum – 5 Years and Maximum – 40 Years
Mature Age: up to 70 Years
Benefits of LIC Saral Jeevan Bima
To provide term insurance plans, insurance companies will generally request proof of living or educational checks. This term plan does not require any proof.
Discount on Online Purchase
Online purchasing of this plan can also get LIC rebates. Online purchasing can get you a rebate of between 2% and 7%.
If the death is not due to an accident, a death benefit equaling 100% of all premiums received would be paid to the nominee.
Sum assured on death will be paid if the death occurs within 45 days of an accident or non-accident. See the sum assured on death calculation in the previous paragraph.
This term plan premiums are eligible for income tax benefits up to Rs 1.5 Lakhs each financial year.
Termination Clause – LIC Saral Jeevan Bima Policy
- The date that lump sum death benefits are paid or received.
- In the event of a surrender, the date at which the cancellation policy value is paid (if applicable);
- The maturity date or
- If the revival period has expired
- Pay the cancellation fee or a free look period
- If forfeiture occurs
Who should be responsible for this policy?
- Individuals with low income who have not yet purchased term insurance plans citing high premiums.
- This plan is for people who have difficulty providing documentation such as income proof or educational checks.
- Individuals who have started to earn money and wish to purchase term insurance plans of 25 Lakhs. Later, they may want to increase the amount assured as their income increases.