Bajaj Saral Jeevan Bima
  • Death Benefit
  • Tax Benefit
  • 25 Lakh Max Sum Assured
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Bajaj Allianz Saral Jeevan Bima

Bajaj Allianz Sararl Jeevan Bima is a non-linked, non-participating individual, pure-risk premium life insurance plan designed to provide financial security to the policyholder and their families. The plan offers flexibility in choosing sum assured, term, premium payment term, and payment mode. The policyholder can enjoy a good range of sum assured from 5 lakh to 25 lakh. Saral Jeevan Bima is a plan that was introduced by the government of India in order to provide term insurance coverage even to persons who lie in a lower-income group. In that sense, the plan is affordable and uncomplicated. In this article, we will outline the key details of this insurance policy.

Eligibiliy of Bajaj Sararl Jeevan Bima

Parameter

Details
Age at EntryMin: 18 YearsMax: 65 Years
Maximum Maturity Age70 Years For Policies sourced through the POS channel, the maximum entry age will be as per the POS guidelines as amended from time to time.
Sum AssuredMin:5 LakhMax: 25 Lakh
Policy TermMin: 5 YearsMax: 40 Years
Premium Paymnent ModesSingle/Yearly/Half Yearly/Monthly
Premium Payment OptionsSingle Premium
Limited Premium for 5 Years or 10 Years
Regular Premium

Read more specifications in the brochure.

Key Features of Bajaj Allianz Saral Jeevan Bima

The plan is simple and offers the features mentioned below:

  • The plan offers a comprehensive 'Life Cover' up to a term of 40 Years.
  • Saral Jeevan Bima provides an option to choose from 'Multiple Premium Payment Terms'.
  • Policyholder gets the privilege to choose from 'Multiple Premium Paying Frequencies'.
  • If the insured goes for a high sum assured amount the policy offers a 'High Sum Assured Rebate'.
  • To encourage the female of the house to invest in term insurance, Saral Jeevan Bima grants a 'Female Life Rebate' on buying the policy.

Benefits of Bajaj Saral Jeevan Bima Policy

The plan offers the following benefits:

  • Death Benefit

    If the insured loses his life in any unfortunate event the policy will offer a lumpsum payout to the beneficiary as a death benefit. The benefit is paid as:

    Limited Premium/Regular Premium

    105% of Sum Assured
    10 times of Annualized Premium
    Single Premium125% of Single Premium
    Absolute amount assured to be paid on death.

  • Premium Flexibility

    The policyholders have the flexibility to opt for a single, limited, or regular premium payment mode based on their preference and premium paying capabilities.

  • Tax Benefit

    If the insured is buying this plan they are eligible for the tax benefit under 80(C) of the Indian Tax Law.

  • Terms and Conditions| Waiting Period

    Terms and Conditions| Waiting Period

  • Riders

    Sararl Jeevan Bima does not offer any additional rider benefits.

  • Maturity Benefit

    mThere is no maturity Benefit offered by this plan.

  • Surrender Value

    There is no surrender benefit offered by this plan.

  • Policy Loan

    The policyholder can't draw any loan based on this plan as this policy does not offer any policy loan benefit.

  • Suicide Clause

    In case of suicide, the plan offers a waiting period of 12 months.

Other Bajaj Allianz Life Term Insurance Plans

To secure your family's needs, Bajaj Allianz offers 8-term insurance plans via online and offline channels, from which you can choose a well-suited plan for yourself.

Comprehensive plan

Bajaj Allianz Life eTouch Online Term

The plan provides pure term and health coverage, providing whole life cover and accidental total permanent disability.

Unique Features

  • Waiver of Premium(WOP)
  • Accelerated Critical Illness(ACI)
  • 4 variants

eTouch Online Term (Pros)

  • Shield
  • Shied Plus
  • Shield Supreme

eTouch Online Term (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

eTouch Online Term (Other Benefits)

  • Max Sum Assured 2 Cr
  • Sheild Super
  • High Sum Assured Rebate (HSAR)

eTouch Online Term (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 50 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - 10 to 40 Yrs

Comprehensive Plan

Bajaj Allianz iSecure Plan

A comprehensive term life insurance plan that offers level life cover at an affordable cost.

Unique Features

  • Joint Life Cover Option
  • Non-Smokers Discount
  • Flexible Premium Payment

iSecure Plan (Pros)

  • No Suicide Cover
  • Healthy Lifestyle Incentives
  • Customizable Options

iSecure Plan (Cons)

  • No Maturity Benefit
  • Limited Rider Options
  • Limited Availability for POS Channel

iSecure Plan (Other Benefits)

  • Tax Benefits
  • Premium Payment Options
  • High Sum Assured Rebate (HSAR)

iSecure Plan (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 2.5 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - 10 to 25 Yrs

Critical Illness Plan

Bajaj Allianz Life Smart Protection Goal

The comprehensive plan offers death coverage, accidental death coverage, Cancer cover benefits, and Waiver of Premium on Critical Illness Benefits.

Unique Features

  • (ROP) as Maturity Benefit
  • Whole Life cover
  • Waiver of Premium Benefit

Smart Protection Goal (Pros)

  • Critical Illness Benefit
  • Accidental Death Benefit (ADB)
  • Accidental Total Permanent Disability Benefit

Smart Protection Goal (Cons)

  • No Loans Allowed
  • 180 Days WP For Critical Illness
  • No Rebate for SA above 3 cr

Smart Protection Goal (Other Benefits)

  • Suicide Cover After 12 Months
  • Female Life Rebate
  • High Sum Assured Rebate (HSAR)

Smart Protection Goal (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Min Sum Assured - 5 L
  • Max Maturity Age - 75 Yrs(ROP)
  • Premium Payment Term - RP/SP/LP

Specialized Plan

Bajaj Allianz Life Diabetic Term Plan Sub 8 HbA1c

A pure-risk life insurance plan designed exclusively for Type 2 diabetics with HbA1c level <=8% and pre-diabetics.

Unique Features

  • Diabetics & Pre-Diabetics Cover
  • 'Keep Fit' Benefit
  • Health Management Services

Diabetic Term Plan Sub 8 HbA1c (Pros)

  • Premium Reduction on Renewal
  • Good Health Premium Discounts
  • Health Management Services.

Diabetic Term Plan Sub 8 HbA1c (Cons)

  • No Maturity Benefit
  • No Surrender Value
  • Limited Coverage With Hba1c Level Above 8%

Diabetic Term Plan Sub 8 HbA1c (Other Benefits)

  • Tax Benefits Available
  • Flexible Sum Assured Options
  • Multiple Premium Payment Frequencies

Diabetic Term Plan Sub 8 HbA1c (Eligibility Criteria)

  • Entry Age -30 Years
  • Max Entry Age- 6 Years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - LP

Comprehensive plan

Bajaj Allianz iSecure More

An increasing life cover term plan which comes with rebates on sum assured. Gives the option of payout in instalments.

Unique Features

  • Spouse Cover
  • 5% Increase SI Annually
  • Death Benefit

iSecure More (Pros)

  • Convert to Joint Life Cover
  • Enhanced Cover with Riders
  • Option for Disbursement In Monthly Installments

iSecure More (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

iSecure More (Other Benefits)

  • Tax Benefit
  • Premium Payment Options
  • High Sum Assured Rebate (HSAR)

iSecure More (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 2.5 L
  • Maximum Maturity Age - 70 Yrs
  • Premium Payment Term - 10, 15, 20 & 25 years

Specialized Plan

Bajaj Allianz iSecure Loan

A pure protection loan repayment term plan which comes with riders, tax benefits and limited premium payment term.

Unique Features

  • Death Benefit
  • Flexible Loan Rates
  • Flexible policy Term

iSecure Loan (Pros)

  • Suicide Cover
  • Tax benefits
  • Policy Revival within 5 Years

iSecure Loan (Cons)

  • No Survival Benefit
  • No Surrender Benefit
  • No Discount Benefit

iSecure Loan (Other Benefits)

  • Accidental Death Benefit Rider
  • Waiver of Premium Benefit Rider
  • Accidental Permanent Total/Partial Disability Rider

iSecure Loan (Eligibility Criteria)

  • Entry Age -25 Years
  • Max Entry Age- 60 Years
  • Minimum Sum Assured - 3 L
  • Maximum Maturity Age - 65 Yrs
  • Premium Payment Term - 10, 15, 20 & 25 years

Comprehensive Plan

Bajaj Allianz Life Secure

A pure term plan that comes with female discounts, death benefit and a high sum assured for more protection.

Unique Features

  • Three Coverage Options
  • 100 Years Life Cover
  • 4 Premium Payment Terms

Life Secure (Pros)

  • Surrender Benefit
  • Suicide Cover
  • Choose your Sum Assured

Life Secure (Cons)

  • No Survival Benefit
  • No Thyroid Cancer Cover
  • No Maturity Benefit

Life Secure (Other Benefits)

  • Death Benefit
  • Accelerated Critical Illness
  • Waiver of premium Benefit

Life Secure (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 65 Years
  • Minimum Sum Assured - 20 L
  • Maximum Maturity Age - NA
  • Premium Payment Term - 5, 7, 10 and 15 years

Comprehensive plan

Bajaj Allianz LifeStyle Secure

A pure-risk plan that provides level cover term assurance and accelerated terminal illness benefit. The plans gives an option of regular income or lump sum.

Unique Features

  • Rebate on high sum assured
  • Discounts for Female
  • No Medical Examination

LifeStyle Secure (Pros)

  • Family Cover
  • Choose your Policy Term (PT)
  • Inbuilt Accelerated Terminal Illness

LifeStyle Secure (Cons)

  • No Loans Allowed
  • No Surrender Benefit
  • No Maturity Benefit

LifeStyle Secure (Other Benefits)

  • Suicide Cover
  • Easy Claim Settlement
  • Policy revival Within 5 Years

LifeStyle Secure (Eligibility Criteria)

  • Entry Age -18 Years
  • Max Entry Age- 50 Years
  • Minimum Sum Assured - 3L
  • Maximum Maturity Age - 60 Years
  • Premium Payment Term - 5/ 7/ 10/ 15/ 20 Yrs

Conclusion

Bajaj Allianz Saral Jeevan Bima offers a simple and effective way to secure your future. With the flexibility in premium payment, and wide range of policy terms and a substantial life cover the plan offers all the necessary coverage. This a pure protection plan that offers death benefits along with tax benefits. Sarall Jeevan Bima is a true pal for the individual who has limited earnings and a desire to secure the future with a term insurance plan.

Bajaj Allianz Saral Jeevan Bima: FAQs

1. What is the grace period for this plan?

The policy offers a grace period of 15 days.

2. Does Bajaj Allianz Saral Jeevan Bima offer any Rider Benefit?

No, Bajaj Allianz Saral Jeevan Bima does not offer any rider benefit.

3. What is the maximum sum assured offered by the plan?

The plan offers a maximum sum assured of 25 Lakh.

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Bajaj Allianz Term Insurance Reviews

Read what our customers have to say about Bajaj Allianz term insurance company

Customer Review Image

Prerna Negi

Chennai

April 8, 2024

I bought a Bajaj Allianz Life Insurance through PolicyX, and I must say the level of communication and assistance I have received has been truly impressive.

Customer Review Image

Anupam yadav

Bhopal

February 16, 2024

Excellent customer service of policyx.com They guided me through the entire process of bajaj allianz life insurance and found me the best plan with good coverage under my budget

Customer Review Image

Somesh

Agra

December 9, 2022

I had many confusions regarding the term policies . But Policyx has handled it well, m happy that they are my wayfarer in this journey.

Customer Review Image

Kaneeka Joshi

Chandigarh

October 6, 2021

good service during claims settlement recently. Now bought another cover from Bajaj for their service

Customer Review Image

Shubham Sharma

Delhi

October 5, 2021

grateful! good plans! I m planning to renew my policy now with them. the features are pretty impressive

Customer Review Image

Saksham Patani

Bhopal

October 5, 2021

it s a good company. i was offered a term plan and the premiums in my budget! Also thankful to policyx for their inputs and suggestions

Customer Review Image

Kopil Dev

Mumbai

October 4, 2021

amazing service! like truly amazing! i mean I have always been so skeptical about insurance...but Bajaj was so professional and dealt with my queries wonderfully!

Customer Review Image

Sanam Makheeja

Chandigarh

October 4, 2021

good team the company has created...very very helpful and quick with query resolution! I am grateful to be a customer of this company!

Priya Singh

Written By: Priya Singh

Priya has been in the content writing industry for over 8 years. She has been religiously following the insurance sector since the start of her career which makes her an avid insurance expert. Her forte lies in health, term, and life insurance writing, along with her knowledge of the latest developments in the insurance sector.

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