Saral Jeevan Bima
  • Features of Saral Jeevan Bima
  • Sample Premium Prices of the plan
  • Online Buying Process of the plan

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SBI Life - Saral Jeevan Bima

SBI Life - Saral Jeevan Bima is an Individual Non-linked, Non-Participating Life Insurance Pure Risk Premium Product. It is a standard, individual term life insurance product, with simple features and standard terms and conditions. The plan is specially designed for first-time life insurance buyers, looking for pure protection cover and a simple plan.

Key Features of SBI Life - Saral Jeevan Bima

Given below is a list of key features of the SBI Life Saral Jeevan Bima Policy. Read these features to get detailed information about this plan.

  1. Affordability

    With SBI Saral Jeevan Bima, you can ensure security for your family at an affordable cost. It is a standard term plan and comes at a reasonable and affordable premium rate.

  2. Simple terms and conditions

    This is another useful feature of Saral Jeevan Bima policy. This plan has standard terms and conditions which provides customers with the benefit of ease of understanding.

  3. Flexibility of paying premiums

    The plan allows customers to select the premium paying period for their policy as per their convenience. The premium can be paid once, regularly or for a limited period like 5/10 years.

  4. Financial security

    SBI Life Saral Jeevan Bima Plan ensures financial security and protection of the family of the insured by providing them with a sum assured amount upon the death of the insured.

  5. Tax benefits

    As per the prevailing income tax laws under section 80C and 10C © of India's Income Tax Act., policyholders can avail the benefit of tax deduction on the premium amount for their term insurance plan.

  6. Online Facility

    SBI Life Saral Jeevan Bima comes with the option of buying online and allows customers to enjoy fast and hassle-free insurance service. In addition to buying, customers can also make online payments of the premiums and the claim amount- all within a matter of a few clicks.

Benefits of SBI Life - Saral Jeevan Bima

Out of so many plans available in the market, you might be thinking about why you should go for SBI Life - Saral Jeevan Bima. To answer your question, we've created a list below which highlights the key benefits of the Saral Jeevan Bima plan and how this plan proves to be valuable for an individual. Read along to find out the benefits.

  1. Death Benefit

    The plan provides death benefit to the nominee/beneficiary of the policyholder in the form of a lump sum payment of the sum assured upon the death of the insured person. However, this benefit is provided only if the death happens after the expiry of the waiting period, due to accident during the waiting period, or during the active term of the policy.

    Criteria for calculating the sum assured amount for death arising due to accidents and other reasons is given below-

    For regular & Limited Premium payment policies, the sum assured amount is highest of:

    • 10 times the Annualized premium
    • 105% of all premiums paid as on the date of death
    • Absolute amount assured to be paid on death

    For Single premium policies, it is higher of:

    • 125% of Single premium
    • Absolute amount assured to be paid on death

    On death of the policyholder arising due to any other reason than accident,during the waiting period,the amount of death benefit offered is equal to 100% of all the premiums paid,excluding taxes, if any.

  2. Large Sum Assured Discount

    This is another useful benefit offered by the Saral Jeevan Bima plan. The plan provides a discount on premium rates to customers who opt for a higher level of sum assured.

  3. Staff Discount

    The plan offers special discounts to the staff including employees,retired employees,VRS holders, minor children and spouses of employees of SBI Life Insurance Co. Ltd, State Bank of India, RRBs sponsored by State Bank of India and subsidiaries of State Bank group.

    Given below are the details of the percentage of discount offered.

    For Regular Limited Premium For Single Premium
    5% of the premium amount 2% of the premium amount

Eligibility Criteria of SBI Life - Saral Jeevan Bima

The table given below here highlights the eligibility criteria for SBI Life - Saral Jeevan Bima plan.

Eligibility Criteria Minimum Maximum
Age of entry 18 years 65 years
Age at maturity Not mentioned 70 years
Sum Insured Amount Rs. 5,00,000 Rs. 25,00,000
Policy term 5 to 40 years
The combination of Premium Payment Term and Policy Term is given in the table below:
Premium
Payment Term
Regular
Premium
Limited Premium:
5 years
Limited Premium:
10 years
Single
Premium
Policy Term
(years)
5 to 40 10 to 40 15 to 40 5 to 40
Premium Payment Mode Regular Premium, Limited Premium (5 and 10years), Single Premium
Premium Payment Term Monthly/Half Yearly/Annually and Single premium

Sample Premium Illustration of SBI Life - Saral Jeevan Bima

To avoid facing any financial distress in future, you should have a clear idea about the premium amount that you'll be paying for your plan in future. So, for your convenience, we've created below a graphical representation of the sample premium amount of the SBI Life - Saral Jeevan Bima plan on the basis of the policyholder's age and policy term.

Please note that the premium amounts in the table are calculated for a healthy male person opting for regular premiums for Life cover of Rs. 20 lakh.

Age of policyholder 10-year term 20-year term 30-year term
30 years 5,960 6,860 8,460
40 years 9,500 12,680 16,160
50 years 22,140 27,800 NA

Premium amount of SBI Life Saral Jeevan Bima on the basis of age and policy term

Premium amounts of SBI Life Saral Jeevan Bima

How to Buy SBI Life- Saral Jeevan Bima Plan?

Customers can now enjoy the benefit of buying the SBI Life- Saral Jeevan Bima Plan online, within a matter of few clicks. The online buying process of this plan is very simple. All you need to do is follow the below-mentioned steps.

Step 1

Visit the official website of SBI Life and click on 'life insurance plans' tab.

Step 2

Select SBI Saral Jeevan Bima Plan and click on the 'Buy Now' option.

Step 3

Enter the required details for calculating premium and fill in your Proposal Form.

Step 4

Affix your signature and submit copies of the required documents.

Documents Required for SBI Life Saral Jeevan Bima Plan

The policyholder needs to carry the following required documents to successfully apply for SBI Life Poorna Suraksha Plan:

  • Address and identity proof
  • Passport size photograph
  • Income certificate.
  • Age proof.
  • Medical reports (if any).

FAQs

There are no rider benefits available within the SBI Life Saral Jeevan Bima Plan.

There is no loan facility available against this plan.

You can track all your plan-related information including the maturity amount online by logging in to your personal account available at the customer portal of the company's website. You can also give a missed call at 022-27599901 to find out about your plan's fund value.

No, the policy does not get terminated immediately after missing the premium date. The company provides a 30 days grace period from the premium due date for yearly, half-yearly premium mode and 15 days for monthly payment mode. In case the payment is not made even after the expiry of the grace days, then the policy will lapse.

Yes, the SBI Life provides a stipulated amount of time known as the Free Look Period of 30 days during which you have the option to cancel your policy. This means that you have 30 days time to review all the terms and conditions of the plan and convey your decision to the company by submitting a letter stating a genuine reason for cancellation. The premium amount will be refunded to you after making a few necessary deductions.

Find Out What the Customers Are Saying

(Showing latest 5 reviews only)

- 4.8/5 (5 Total Rating)

January 27, 2021

Rahul Gupta
Meerut

I have been using term insurance from SBI life company since last two years, and the service they provide me was very good, till now i have not face any issue in that

June 15, 2020

Pooja Gaur
Delhi

I purchased the saral jeevan bima plan from SBI Life insurance company in 2019 and I'm happy with this plan. The company offers good plans and the staff of the company is also very helping and co-operative.

June 15, 2020

Abhishek Rawat
Dehradun

I am fully happy and satisfied with the service given to me by SBI term insurance company. Keep it up.

May 25, 2020

Manmohan Tiwari
Lucknow

I am having SBI eshield policy from last 3 years and it is a good plan. I am satisfied with the services of SBI company.

July 4, 2019

Rashmi Kapoor
Chandigarh

SBI is a good and reliable company. Would recommend all my friends and family to buy term plans from this company.

Last updated on 08-04-2021

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