HDFC Life Saral Jeevan Bima
  • Flexible premiums
  • Additional riders
  • Financial protection
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HDFC Life Saral Jeevan Bima

Term insurance is a kind of financial future plan which means in case of the unfortunate demise of the person insured, the family members will receive the sum assured as a payout. A lump sum amount is paid to the nominee, the policyholder can choose from various payout options either monthly or annual, a combination of lump sum .This will help take care of financial needs and household expenses after the death of the breadwinner. Talking about the term insurance, HDFC has launched an all-inclusive plan named as HDFC Life Saral Jeevan Bima Plan. Let us have a glimpse of the plan.

HDFC Life Saral Jeevan Bima is a simple and no-frills, pure-risk term insurance plan. This plan dispenses the nominee with a fixed amount after the death of the insured during the policy term. It is also a non-linked, non-participating, plan with simple features and standard terms & conditions. Saral Jeevan has two accidental death rider options so it is a term plan that provides you comprehensive protection at an affordable price and good coverage.

HDFC Life Saral Jeevan Bima Specifications

Entry Age For Plan

Min: 18 years(Age at entry (last birthday)
Max: 65 years(Maximum Age at Entry)
70 years (Maximum Age at Maturity)

Sum Insured

Min: 25 lakh
Max: No Limit

Maturity Age

Min: 23
Max:75

Premium Payment Mode

Monthly, Quarterly, Half-yearly, Annually & Single

Premium Payment Term

Single Pay
Regular Pay - Same as policy term
Limited Pay - 5 & 10 pay

Policy Term

Premium Payment Mode
Single Pay, Regular Pay
5 Pay
10 Pay
Minimum: 5,6,11 Years
Maximum: 40 Years

Read more specifications in the brochure.

Key Features of HDFC Life Saral Jeevan Bima Plan

HDFC Life Saral Jeevan Bima stabilizes your family's financial independence even in your absence. It is a great plan to secure your financial worries, stay protected for your whole life, or coverage terms you choose for. With many more key features, HDFC Life Saral Jeevan Bima plan is a good option.

  • Multiple Rider Options: A policyholder has 2 rider options to choose from namely HDFC Income Benefit on Accidental Disability Rider and HDFC Life Protect Plus Rider. These two riders are pure accident benefit riders that protect you from disability or permanent disability.
  • Affordable Insurance :Under the HDFC Life Saral Jeevan Bima plan the benefit of high cover is offered at affordable prices.
  • Flexible Payout Options :Under HDFC Life Saral Jeevan Bima plan policyholders get the choice of three payout options. You can choose between single, limited and regular premium payout options on the basis of your family’s requirements.
  • Waiting Period :HDFC Life Saral Jeevan Bima plan provides a waiting period of 45 days from the date of commencement of the plan, but in case of revival of policy, the waiting period shall not be applicable.
  • Suicide Exclusion : If the policyholder commits suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as for regular premium plans - 80% of the premiums paid will be refunded and for single premium plans - 90% of the premiums paid will be refunded

HDFC Life Saral Jeevan Bima Plan Benefits

There are multiple benefits offered by HDFC Life Saral Jeevan Bima plan that are mentioned below:

  • Death Benefit : On the demise of the insured person the amount is paid to the nominee of the policy, if the woeful event happens within the policy term. Lets us go through the payment options:

    For Regular Premiums (monthly, quarterly, half yearly and yearly), it is HIGHER of:

    • Sum Assured or the cover amount
    • 105% of all premiums paid
    • 10 times the Annualised Premium

    For Single Premium, it is HIGHER of:

    • Sum Assured or the cover amount
    • 125% of Single Premium

    The annualized premium would be the premium sum that is payable in the year excluding the rider premiums, taxes, loadings for the modal premiums and underwriting extra premiums in case of any.

  • Tax Benefits : Policyholders may avail of tax benefits as per the Income Tax Act, 1961 subject to conditions as specified in those sections.
  • Rider Benefit : HDFC Life Saral Jeevan Bima offers the following rider benefits to the policyholder:

    HDFC Income Benefit on Accidental Disability Rider - Get additional income benefits over and above your sum assured in the event of total permanent disability due to an accident.

    HDFC Life Protect Plus Rider - Proportional benefit of rider sum assured is paid in the event of Accidental Death or partial/total disability due to an accident or if you are diagnosed with cancer, as per the plan option chosen by you.

  • Deduction of Premium from Claim : If the insured passes away within the ongoing policy ,due premium has to be paid only until the date of demise,the balance premiums will be deducted from the claim sum.
  • Freelook : In case the insured disagrees with any terms and conditions, he/she can return the policy to the company for cancellation within 15 days from the date of buying the policy.
  • Policy cancellation : In case the insured wishes to cancel the policy, he/she will get some amount of refund as follows:
    • Single premium mode - 70% x Premiums paid x Balance term/Total term
    • Limited pay modes - 70% x Premiums paid x Balance term/Total term
    • Regular premium modes - Nothing is payable
  • Revival : In case if the policyholder misses to pay the premiums and the policy lapses, he/she can revive the policy within 5 years from the last unpaid due date, only the condition is the policy term has not expired. You will have to pay all unpaid premiums without any interest.

HDFC Life Saral Jeevan Bima Premium Table

1 Immediate Payout

Policy Term Single Pay Monthly Pay Yearly Half-yearly
Single Pay 18,079 4,049 2,065
5 Pay 354 2,841 2,841
Regular Pay 249 2,454 1,252

HDFC Life Term Insurance Plans

To secure your family's needs, HDFC Life Term Insurance offers three term insurance plans, from which you can choose well-suited plan for yourself:

HDFC Life Click 2 Protect Life

HDFC Click 2 protect life is a comprehensive plan, offering 3 different variants and an unlimited life cover.

Unique Features

  • Special premiums for non smokers.
  • Premium waivered for critical illness.
  • Avail Survival benefits.

Quick Protect By HDFC Life

A comprehensive term insurance plan that offers protection against Death, Disease & Disability. 3 different plan options to choose from – 75 lacs, 1cr, 1.25cr.

Unique Features

  • Coverage for 19 Critical Illnesses.
  • 2x coverage for accidental death.
  • Quick Issuance with no medical.

Quick Protect By HDFC Life (Pros)

  • Monthly Income For 10 Years
  • Critical Illness Plus Rider
  • Income Benefit Rider

Quick Protect By HDFC Life (Cons)

  • No HIV Cover
  • No Policy Loans
  • No Pre-existing Conditions

Quick Protect By HDFC Life (Other Benefits)

  • Accidental Death Benefit
  • Maturity Benefit
  • Waiver Of Premium

Quick Protect By HDFC Life (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 50 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 75 years
  • Premium Payment Term - 5 to 40 Years

HDFC Life Saral Jeevan Bima

HDFC Life Saral Jeevan Bima, a term insurance plan providing flexible premium payment terms and additional rider options to customize your plan.

Unique Features

  • Lump Sum Variant
  • Income Variant
  • Guaranteed Surrender Value

HDFC Life Saral Jeevan Bima (Pros)

  • Discount on Higher Premiums
  • Policy Loan Available
  • No Interest on ROP Minors

HDFC Life Saral Jeevan Bima (Cons)

  • No Alterations Allowed
  • No Death Benefit on Income Payout
  • Advance premiums for monthly payment mode

HDFC Life Saral Jeevan Bima (Other Benefits)

  • 3 Rider Options Available
  • Premium Payment Flexibility
  • Tax Benefits on Premiums and Maturity

HDFC Life Saral Jeevan Bima (Eligibility Criteria)

  • Entry Age - 30 Days
  • Max Entry Age - 65 Years
  • Minimum Sum Assured - 5 L
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP

HDFC Life Saral Jeevan Bima: FAQs

1. What is the grace period for HDFC Life Saral Jeevan Bima plan?

The grace period for HDFC Life Saral Jeevan Bima plan's monthly frequency is 15 days from the premium due date.

2. What is the free look period for HDFC Life Saral Jeevan Bima plan?

The free look period for HDFC Life Saral Jeevan Bima plan is 15 days from the date of buying the plan.

3. What is the waiting period for HDFC Life Saral Jeevan Bima plan?

The waiting period for HDFC Life Saral Jeevan Bima plan is 45 days.

4. If the policy lapses, what is the revival process of HDFC Life Saral Jeevan Bima plan?

In case if the policy lapses, he/she can revive the policy within 5 years from the last unpaid due date, only the condition is the policy term has not expired. You will have to pay all unpaid premiums without any interest.

5. What is the maximum and the minimum sum insured for HDFC Life Saral Jeevan Bima plan?

The minimum sum insured for HDFC Life Saral Jeevan Bima plan is Rs 5 lakh and there is no limit for maximum sum insured.

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