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Overview
Bandhan Life Saral Jeevan Bima is a pure protection, simple, and easy-to-understand plan that offers a death benefit to your nominee in case of your demise. The plan comes with flexible premium paying terms and modes so that you can choose the best option for yourself.
You can purchase this plan at the age of 18 years up to 65 years. The minimum sum assured offered is ₹5 lakhs and the maximum is ₹25 lakhs.
Bandhan Life Saral Jeevan Bima offers you a range of benefits including:
- Affordable premiums
- Guaranteed death benefit
- Hassle-free buying process
- Tax benefits
- Riders availability for enhanced protection
Riders Associated with Bandhan Life Saral Jeevan Bima Plan
You can add the following riders to your Bandhan Life Saral Jeevan Bima Plan:
Bandhan Life Accidental Death Benefits Rider
This rider provides a lump-sum benefit. In case of the unfortunate demise of the life insured during the policy term, it offers a lump-sum payout equal to the rider sum assured to the nominee.
Key Features and Benefits
Affordable Premiums
Bandhan Life Saral Jeevan Bima comes with very affordable premiums; a basic term plan with ₹5 lakhs of sum assured starts at just ₹163 per month.
Flexible Policy and Premium Payment Terms
Bandhan Life Saral Jeevan Bima comes with flexible policy terms and premium payment terms; the minimum policy tenure is 5 years, which goes up to 40 years.
Hassle-Free Process
From purchase to claim, the Bandhan Life Saral Jeevan Bima plan offers a hassle-free process. The company claims that if all documents are correct, your claim will be settled in 30 days.
Availability of Riders
Riders play a crucial role in enhancing the protection of the life insured. Bandhan Life Saral Jeevan Bima offers an accidental death benefit rider for an additional benefit upon the demise of the life insured due to an accident.
Death Benefit
Upon the demise of the life insured during the policy term, this plan pays the death benefit as the highest of the following: 10 times the Annualized Premium or 105% of all premiums paid as of the date of death.
Tax Benefit
The premiums paid for Bandhan Life Saral Jeevan Bima are eligible for a tax rebate of up to ₹1.5 lakhs under Section 80C of the Income Tax Act, 1961.
Easy Medical Issuance
The issuance process for Bandhan Life Saral Jeevan Bima is hassle-free and quick.
Exclusions
- Suicide during the first 12 months of policy inception will not be covered.
- Death due to a pandemic is not covered under this plan.
- Injuries or illnesses caused due to any type of adventure sports.
- Consumption of any type of drugs or alcohol, except for clinical purposes.
- Any pre-existing disease not disclosed at the policy's inception.
