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Overview
Bajaj Saral 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. Policyholders can choose a sum assured ranging from ₹5 lakhs to ₹25 lakhs.
Key Features and Benefits
- Comprehensive Life Coverage: The plan offers a comprehensive life cover for a term of up to 40 years.
- Choice of Sum Assured: Policyholders can choose a sum assured ranging from ₹5 lakhs to ₹25 lakhs. The policy also offers a high sum assured rebate for higher sum assured amounts.
- Flexible Premium Payment Term: Saral Jeevan Bima provides an option to choose from multiple premium payment terms.
- Change in Premium Frequency: Policyholders can change the premium payment frequency at any policy anniversary during the policy term.
- Choice of Policy Term: Bajaj Saral Jeevan Bima offers the option to choose the policy tenure.
- Lower Premiums for Females: Bajaj Saral Jeevan Bima Plan offers lower premium rates for female policyholders.
- Lower Premiums for Non-Smokers: Bajaj Saral Jeevan Bima Term Plan offers lower premium rates for non-smokers; however, for accident cover and accelerated benefits, premium rates do not vary by smoker status.
- Tax Benefits: Bajaj Saral Jeevan Bima offers tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 lakhs of the total premium paid in a financial year.
- Surrender Value
- Additional Riders: Additional riders are available to choose from.
- Death Benefits
Exclusions
- The policy shall be terminated if the policyholder commits suicide within 12 months from the date of policy inception.
- Death due to the consumption of any intoxicants.
- Death due to an aviation accident.
