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Security for your loved ones is available with the SBI Life Saral Jeevan Bima Plan at a reasonable cost. It is a straightforward policy that offers the ease of paying a premium once, on a regular basis, or over the course of a policy period of 5 or 10 years. SBI Life Saral Jeevan Bima offers a death benefit to policyholders safeguarding the future of their loved ones. On the death of the life assured during the policy period once the waiting period has passed or due to an accident, the nominee/legal heir will receive the sum assured in lumpsum. SBI Life Saral Jeevan Bima does not offer any survival benefits, maturity benefits or rider benefits. It is a simple, straightforward life insurance plan.
SBI Saral Jeevan Bima is a non-linked and non-participating life insurance premium product. SBI life Saral Jeevan Bima is suitable for people who want a pure protection cover.
SBI Saral Jeevan Bima Plan offers you a range of benefits including:
Minimum Age - 18 years Maximum Age - 60 years
Maximum Maturity Age - 70 years
Minimum term - 5 years Maximum term - 40 years
Basic Sum Assured: ₹5L to ₹25L
The policy loan is not available under SBI Saral Jeevan Bima.
Single, Yearly, Half-Yearly, and Monthly
Let's understand how the SBI Sararl Jeevan Bima Term Insurance Plan works with a simple premium illustration.
Mr Kumar, a healthy 35-year-old, is looking for a term plan that offers long-term life coverage to protect his family financially at affordable premiums.
His financial advisor advised him to buy the SBI Sararl Jeevan Bima Plan Work. He visited PolicyX.com.
Let's understand how the SBI Sararl Jeevan Bima Plan works for him with an example.
Age of policyholder | Monthly Premiums | Annual Premiums | Policy Tenure | Total premiums paid | Sum assured |
35 years | ₹734/month | ₹8,808/year | 25 years | ₹2,20,200 | ₹20 Lakhs |
Key Takeaways: In case of an unfortunate event of death of the life assured during the policy term, a sum assured equal to ₹20 Lakhs will be paid to the nominee.
Here are the benefits associated with the SBI Saral Jeevan Bima
In case of the death of life assured during the policy period due to an accident the legal beneficiary will avail the lumpsum sum assured. The death benefit is available only once the waiting period has been passed mentioned in the policy wordings.
The plan offers a rebate in the premium rate for female policyholders in order to encourage the women to invest in the insurance plans.
With SBI Life Saral Jeevan Bima, you can stay protected with a life cover up to the age of 70 years.
You can add the following riders to your SBI Life Sararl Jeevan Bima:
Accidental Death Benefits Rider provides an additional sum if the policyholder dies within 120 days of the accident.
Accidental Total and Permanent Disability Rider covers the policyholder in case of permanent disability of the policyholder due to an accident.
SBI life Saral Jeevan Bima is a basic pure protection plan offering security to the insured individual’s family at an affordable cost. Any individual can purchase SBI Saral Jeevan Plan as it is easy to understand.
Convenience of paying the premium once, regularly, or for a limited (5/10 years) period.
You may avail of tax benefits as per the Income Tax Act, 1961 subject to conditions as specified in those sections.
SBI Saral Jeevan Bima is an easy plan with simple terms and conditions which in turn is helpful for every individual as the plan provides basic coverage and secures a family’s future.
Here is the list of exclusions associated with the plan:
SBI Term Insurance Saral Jeevan Bima is a simple term insurance plan that offers complete protection up to the age of 70 years at affordable premiums. Apart from the death benefit, you can choose your premium payment term and pay at your convenience. If you want to know more about the plan or compare different plans, you can easily contact us through the website policyx.com or call us at 1800-4200-269.
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Saral Jeevan Bima simplifies the concept of term insurance and brings it within easy reach of everyone. The Saral Jeevan Bima insurance is a standard term insurance policy that is being rolled out by insurance companies from 1 January 2021. This follows a directive from the Insurance Regulatory and Development Authority of India (IRDAI) to all life insurers to launch a standard term plan which will have uniform terms and conditions across insurers, with sum assured ranging between Rs 5 lakh and Rs 25 lakh.
SBI Saral Jeevan Bima offers a minimum sum assured of Rs 5 lakhs.
The minimum and maximum entry age for SBI Saral Jeevan Bima Plan are 18 Years to 65 Years.
SBI Saral Jeevan Bima policy is a basic pure protection plan that offers financial security to the insurer’s family in the face of adversity. It offers the sum assured in the form of a lump sum amount to the insurer’s family in order to provide them with financial protection.
SBI Saral Jeevan Bima is a basic protection scheme which does not offer any maturity benefits.
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Naval Goel is the Founder and CEO of PolicyX.com (IRDA- Approved Insurance Comparison Website). He is a CFA charter holder (USA) and FRM (GARP). He holds an MBA from IIFT, Delhi, and is also an Associate from the Insurance Institute of India. Naval is an avid investor and entrepreneur who has a deep understanding of the Indian equity market and insurance sector. He has been investing for more than 10 years now and is a CFA charter holder.
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