Max Life Saral Jeevan Bima
  • Death Benefit
  • Waiver Of Premium
  • Policy Cancellation Value
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Max Life Saral Jeevan Bima

Max Life Saral Jeevan Bima is a beacon of simplicity in the world of insurance. This is a non-participating, non-linked pure-term plan, designed to deliver life coverage at an affordable price, safeguarding an individual's financial security. The plan has a simple structure with a fixed premium, and flexible premium payment terms spanning 5 to 40 years. The coverage extends to a long-term range up to the age of 70 ensuring sustained security. Saral Jeevan Bima is easy to understand, which provides death benefits without any survival or maturity benefits, catering to the needs of all individuals at every stage.

Saral Jeevan Bima Insurance plan is a consistent term insurance product that was introduced by the Insurance Regulatory And Development Authority Of India (IRDAI) to all life insurance providers. IRDAI released a directive that aimed to establish the creation of a standard term insurance plan, ensuring the terms and conditions remain consistent across different insurers. This particular plan offers a sum assured that falls within the range of 5 Lakhs to Rs 25 Lakhs making both accessible and affordable for all segments of society. The plan was introduced by the Max Life Insurance company on 1 January 2021.

Key Features of Max Saral Jeevan Bima Term Insurance Plan

The plan acts as a lifeline to uncertain times, it offers a bouquet of features which is mentioned below:

  • Flexible-Premium Payment Terms

    The policyholder can choose to pay over 5 to 40 years, allowing them to cover their financial situations at every stage of life.
  • Long-Term Coverage

    The insured individual can enjoy long-term protection up to the age of 70 years.
  • Simplicity of Conditions

    Saral Jeevan Bima provides death benefits without any complicated terms and features survival or maturity benefits, ensuring a clear and focused policy.
  • Inclusive Coverage

    The plan offers a comprehensive coverage, easy-to-understand term plan covering all genders occupations and situations.
  • Plan For All Stages

    This plan remarkably covers every phase of life such as:
    • Unmarried: Secure your parent's future in case of your sudden demise.
    • Newly Married: Provide financial cover for your spouse in case of any unexpected event.
    • Parents: Offer ongoing financial support to you and your family's needs, for example, the plan provides cover for the children's education.

Eligibility Of Saral Jeevan Bima

To purchase this policy individual must fulfil the following eligibility criteria:

Minimum Age Of Entry

18 Years

Maximum Age Of Entry 65 Years
Policy Term 5 To 40 Years
Maximum Maturity Age 70 Years
Minimum Sum Assured 5 Lakh
Maximum Sum Assured 25 Lakh
Annualized Premium According to the sum assured selected
Waiting Period Premium Payment Modes Half Yearly/ Monthly/ Yearly
Waiting Period 45 Days

*The initial Waiting Period is the time period between the issuance of the policy and the time it starts actively. During this period, a policyholder has to wait to avail of the benefits offered under the term insurance plan.

Download the brochure of the plan for more information:

Key Benefits Of Max Saral Jeevan Bima Life Insurance

Max Life Saral Jeevan Bima offers a plethora of benefits to insured individuals. Mentioned below are the same:

  • Death Benefits

    The plan provides a payout to the nominee that is assigned by the policyholder in case of any unfortunate situation. The death benefit offered by the company is 105% of all the premiums paid as of the date of death or 10 times the annualized premium.
  • Payment Flexibility

    The plan premiums can be paid annually, semi-annually or monthly (only under ECS/Nach).
  • Sum Assured

    The policyholder can enjoy a maximum sum assured of up to 25 lakh, with annualized premiums. This gives the policyholder substantial protection against varied risks and supports all financial needs.
  • Waiting Period

    Accidental Death coverage during the 45-day waiting period from the day of commencement. In case of non-accidental death during this period,100% of the premiums paid (excluding tax) are returned.
  • Extended Coverage

    The plan extends coverage to individuals aged between 18 to 65 years, which gives the policyholder the freedom to buy the plan at any stage of life whether early or later.
  • Riders

    The plan provides the option to add extra benefits in the form of riders, for example, the policyholder can add optional riders like accidental Benefits and Permanent Disability Riders.
  • Waiver of Premium

    The plan also offers the option for premium exemption, this benefit is best for the person who is not able to pay the premium due to any disability or any other specified conditions. The policyholder has to choose this add-on benefit at the time of buying the plan.
  • Tax Benefits

    If a person purchases Max Saral Jeevan Bima Policy he/she qualifies to get tax benefits.
  • Non Forfeiture Benefit

    This ensures that the policyholder receives some value from their policy even if they discontinue premium payments. Here are the explanations of the simpler terms:
  • Policy Cancellation Value

    If the policyholder has paid all the required premiums, the policy will have a policy cancellation value. This value is determined by the type of premium payment you choose. Policy cancellation is subject to the criteria given below:
    • Single Premium Policies: If the policyholder has seconded the single premium, the policy cancellation value starts immediately. It is calculated by taking 70% of the single premium paid and then adjusting it for the time left on the policy compared to the original policy term.
    • Limited Premium Payment Term(5 To 10 Years): If the policyholder is paying the premium for 5 years, the policy cancellation value applies if you have paid a premium for at least two full years consecutively.
    • Regular Premium Policies: There is no policy cancellation value for regular premium cases.

Exclusions of Max Life Saral Jeevan Bima Policy

Here are a few situations in which the insurance coverage will not apply:

  • Loan

    The policy does not allow any policy loan.
  • Surrender Benefit

    The plan does not offer any surrender benefit, no benefits will be available if the policy gets cancelled before the designated term.
  • Maturity Benefit

    The plan does not provide any maturity benefit, as no payout or returns will be given at the end of the term.
  • Suicide Exclusion

    The plan offers a waiting period of 12 months in case of suicide.
  • Pre-Existing Disease Cover

    Max Saral Jeevan Bima does not provide any coverage for pre-existing diseases.
  • High Smoker Premium

    A person with smoking habits has to pay more premium to buy the plan.
  • High Premium For Diabetic Patients

    The company will ask if the person is diabetic if yes, they will have to pay a higher premium.

Common Exclusions

There are a few common exclusions in the plan they are:

  • War Injury Cover
  • Self Inflicted Injury
  • Adventure Sports cover
  • HIV Cover
  • War and Acts Of Terrorism
  • Criminal activities
  • Material Misrepresentation

Few More Common Terms Of the Policy

  • Grace Period

    The company offers a grace period of 30 days from the premium due date pay without a late fee. If the policyholder passes away during this time without paying the premium, the policy will remain valid. Benefits will be paid after deducting any unpaid premium and any upcoming premium due
  • Free Look Period

    Max Saral Jeevan Bima offers a window of 15 days. During this time, the policyholder can carefully review the policy terms and conditions. If the individual finds any term unacceptable, they can return the policy, stating their objection. The company will return the amount after deducting the risk premium and expenses related to medical examination and stamp charges.
  • Policy Lapse

    If the policyholder stops paying the premium before the policy lapses. This means that the coverage will end and no benefit will be paid out.
  • Policy Revival

    If the policy lapses the company gives a specified period of 5 years during which a lapsed policy can be reinstated typically after paying the overdue premiums.

Buying Process of Saral Jeevan Bima Policy

There are two processes through which you can buy the policy and they are mentioned below:

Online Buying Process

It is the fastest and simplest way to buy the plan. Here are the steps:

  • Visit the Max Life Insurance official website.
  • Go to the plan page and select the 'Saral Jeevan Bima' option.
  • The company will give you the option to calculate your premium, click on 'Calculate Premium' and enter the correct inputs. The calculator will show the premium that must be paid.
  • At this stage, you can also choose add-on benefits, which may increase your premium rates.
  • Now complete the application form and attach the essential documents.
  • Submit the form.

The company's executive will call your registered mobile number in case of any missing information or document.

Offline Buying Process

If the policyholder prefers a more traditional way to buy the plan here are the steps they must follow:

  • Visit the local branch office of the life insurance company, and acquire the application form.
  • Fill out the form with personal details and attach the necessary documents(hard copy).
  • Submit the form to the insurance company.

To Put It Briefly

Max Saral Jeevan Bima offers streamlined and accessible solutions for life coverage, accommodating individuals from all walks of life. With its flexible payment term ease of understanding and comprehensive protection, this plan ensures financial security for loved ones. For early stage to later stage of life ranging from 18 to 65 years empowers individuals to secure their future. However, as with any insurance policy, it's essential to read all the policy terms, conditions, and exclusions to make informed decisions that align with your specific needs and circumstances.

Max Life Term Plan

Offers financial security and a support system to the policyholder in an emergency. Provides a 5% increment in SA after every anniversary of the policy.

Unique Features

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Smart Secure Plus Plan (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Smart Secure Plus Plan (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Smart Secure Plus Plan (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

Smart Secure Plus Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

Term Plan with Return of Premium (TROP)

A simple term plan that provides a death benefit and life cover. Being a TROP it provides maturity benefits and gives you your premiums back.

Unique Benefits

  • Life Stage Option
  • Multiple Coverage Options
  • Increasing Death Benefit

Term Plan with Return of Premium (Pros)

  • Terminal Illness Benefit
  • Smart Exit Benefit
  • Acceleration Death Benefit

Term Plan with Return of Premium (Cons)

  • 1 Year WP for Suicide
  • No Policy Loans
  • No Pre-existing Conditions

Term Plan with Return of Premium (Other Benefits)

  • Death Benefit in Instalments
  • RP, WOP & 3 Riders
  • Additional Cover for Spouse

Term Plan with Return of Premium (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 84 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - 85 years
  • Premium Payment Term - RP/SP/LP

A high sum assured term plan that offers two death benefits namely Life Cover or Increasing Life Cover.

Unique Features

  • Different payout options available
  • Terminal illness cover
  • Maturity benefit available

Smart Term Plan (Pros)

  • Income Protector
  • Rider Options
  • Premium Return (ROP)

Smart Term Plan (Cons)

  • Limited Maturity Benefit
  • Plan Complexity
  • No Loan Benefit

Smart Term Plan (Other Benefits)

  • Enhance Cover at Milestones
  • Accelerated Critical Illness Benefit
  • Accident Cover

Smart Term Plan (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - Adaptable
  • Maximum Maturity Age - NA
  • Premium Payment Term - RP/SP/LP

Premium Return Protection Plan

A plan that provides life insurance with ROP at policy maturity, offering limited premium payment terms and flexible protection period choices.

Unique Features

  • Limited PPT (11 years)
  • RoP at Maturity
  • Flexibility in the Policy Period

Premium Return Protection (Pros)

  • Coverage with Premium Return
  • Short Premium Payment Duration
  • Maturity Benefit with Premium Return

Premium Return Protection (Cons)

  • No Additional Investment Benefits
  • Higher Premiums
  • Limited to Premium Return at Maturity

Premium Return Protection (Other Benefits)

  • Lifetime Coverage up to Age 75
  • Max Sum Assured is 1 Cr
  • Choice of Protection Periods (20/25/30 years)

Premium Return Protection (Eligibility Criteria)

  • Entry Age - 21 Years
  • Max Entry Age - 55 years
  • Minimum Sum Assured - NA
  • Maximum Maturity Age - 75 Yrs
  • Premium Payment Term - 20/25/30 Years

Max Life Online Term Plan Plus

A pure risk premium life insurance plan offering comprehensive protection for individuals, including death benefit options and additional riders.

Unique Features

  • Customizable Death Benefit
  • Accelerated CI Benefits
  • Life Stage Event Benefit

Online Term Plan Plus (Pros)

  • Max SA Is 100 Crore
  • Additional Riders Benefit
  • Flexible Premium Payment Options

Online Term Plan Plus (Cons)

  • No Maturity Benefit
  • No Surrender Benefit
  • No Policy Loan Allowed

Online Term Plan Plus (Other Benefits)

  • Discount for Non-Smokers
  • No Restrictions on Travel
  • High SA Discounts & Waiver of Premium

Online Term Plan Plus (Eligibility Criteria)

  • Entry Age - 18 Years
  • Max Entry Age - 60 years
  • Minimum Sum Assured - 25 L
  • Maximum Maturity Age - 85 Yrs
  • Premium Payment Term - RP

Max Life Saral Jeevan Bima: FAQ's

1. What is the age eligibility to purchase a Max Saral Jeevan Bima Term Insurance Policy?

Age eligibility of Max Saral Jeevan Bima Term Insurance Policy is: maximum age for buying the plan is 65 years and the minimum age for being plan is 18 years.

2. What is the maximum and minimum sum assured offered by the Max Saral Jeevan Bima Policy?

The maximum sum assured of the policy is 25 lakh and the minimum sum assured is 5 lakh.

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

The initial waiting period of the plan is 45 days from the commencement of the policy.

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March 18, 2024

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February 16, 2024

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Simran Kaur Vij

Written By: Simran Kaur Vij

Simran is an insurance expert with more than 3 years of experience in the industry. She may have all the answers to your insurance queries. With a background in Banking, she proactively helps her readers to stay on par with all the latest Insurance industry developments.