HDFC Life Saral Jeevan Bima

Overview

HDFC Life Saral Jeevan Bima is a non-linked, non-participating plan with standardised IRDAI-approved features. This makes it simple, transparent, and easy to understand, especially for first-time buyers. It is a term plan that provides comprehensive protection at an affordable price and good coverage, with two accidental death rider options.

Let us explore the Saral Jeevan Bima plan in this article.

Key Benefits of HDFC Saral Jeevan Bima Plan

• Death Benefits
• Flexible premium payment terms
• Rider Benefits
• Multiple Payout Options
• Online Discounts
• Plan flexibility

Riders Associated with HDFC Life Saral Jeevan Bima Plan

You can add the following riders to your HDFC Life Saral Jeevan Bima Plan:

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

If the policyholder passes away due to an unfortunate accident during the rider term, 100% of the rider sum assured shall be payable.

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 Premiums

Under the HDFC Saral Jeevan Bima plan, the benefit of high cover is offered at affordable prices.

Flexible Payout Options

Under the 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 based on 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. However, in case of revival of policy, the waiting period shall not be applicable.

Exclusions

• Suicide within 12 months of the policy purchase is not covered.
• Death due to the consumption of any intoxicants.
• Death due to injuries or illnesses caused by any type of adventure sports.
• Death due to any aviation accident.
• Death due to any pre-existing disease that isn't mentioned.

Death Benefit

If the life insured passes away during the policy term, the death benefit shall be payable to the nominee.

Tax Benefits

Policyholders may avail of tax benefits as per the Income Tax Act, 1961 for up to 1.5 lakhs for the paid premiums.

Deduction of Premium from Claim

If the insured passes away during the ongoing policy, due premiums will be deducted from the sum assured amount.

Freelook Period

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.

Revival

If the policyholder misses paying the premiums and the policy lapses, he/she can revive the policy within 5 years from the last unpaid due date, provided the policy term has not expired.