Understanding Saral Jeevan Bima policy

Saral Jeevan Bima policy is a type of term insurance plan that compliance with the Insurance Regulatory and Development Authority of India (IRDAI) in which life insurers are obliged to introduce a standard term plan with a single set of terms and conditions, with a sum assured between Rs 5 lakh to 25 lakh, that helps to makes insurance accessible to all Classes of people in the country. Insurance companies start introducing these plans on January 1, 2021. The idea was that a simple, standard life insurance product would make it easier for buyers to choose the right policy. Saral Jeevan Bima Insurance plans have the same benefits, inclusion-exclusion, and benefits, whichever insurer you choose. However, claim settlement rates, prices services, and service levels can change from insurer to insurer.

Eligibility of Saral Jeevan Bima policy

What is Saral Jeevan Bima?

A standard pure protection plan with very low eligibility requirements for gender, age, occupation, education level, or geographic location, so the plan is accessible to all segments of Indian society is known as Saral Jeevan Bima Yojana.

Benefits of Saral Jeevan Bima Yojana

Here we discuss some Benefits of Saral Jeevan Bima yojana

Saral Jeevan Bima calculations

It is simple to calculate the premiums and maturity calculator for a Saral Jeevan Bima policy. Every insurance company offers free tools to calculate.

For eg: Life Insurance Corporation of India makes it simple for prospective policyholders to calculate the premium based on their age, desired sum assured, and policy term by providing a premium calculator on its website or through its agent because the policy's main purpose is to make life insurance available to a wider audience premiums which are reasonable to purchase.

How to use the Lic Saral Jeevan Bima calculator

Step 1: Visit the official website of LIC

Step 2: Click on ‘products’ present on the top of the homepage and select ‘insurance plan’ like LIC Saral Jeevan Bima, to find the list of all the active policies offered by LIC.

Step 3: Then, click on the option ‘premium calculator’ present on the left side of the page.

Step 4: Enter the required details such as:

• Date of birth
• Name
• Gender
• Email ID
• Mobile number
• Desired policy
• Sum assured amount
• Smoking habits
• Policy term, etc

Step 5: After entering all the details, the premium amount that you are required to pay will be displayed on the screen.

Step 6: Proceed to pay, if the policy prices are satisfactory

Factors Affecting Saral Jeevan Bima Premium Rates

Saral Jeevan Bima's premium rates are based on the following factors:

In a Nutshell

This is a great plan for a first-time insurance buyer as the benefit features and exclusions are the same across all life insurance companies even though their rates may be different, Unity in policy terminology and versions now will avoid conflicts at the time of claims. The intention behind starting this policy was that all the life insurance products currently available in the market are very difficult which the common man cannot understand easily. People's awareness about their health has increased during the Corona period. Saral Jeevan Bima will give an opportunity to make term plans accessible to people of all income groups. This standard term plan will help in decision-making and increase the number of insurance plan buyers.