Saral Jeevan Bima Term Insurance Policy | Do you want to take out a term insurance policy? Don’t understand what policy to take? Standard term insurance policy coming soon.
Good news for those who want to take out term insurance. Standard Individual Term Insurance Policy is coming soon. The Insurance Regulatory Development Authority of India-IRDAI has directed all life insurance companies to provide this standard term policy. From January 1, 2021, life insurance companies will offer a standard term insurance policy called ‘Saral Jeevan Bima’. Companies are already offering a standard health insurance policy called Health Sanjeevani as per IRDAI guidelines. IRDAI also felt that there should be a standard policy in the case of term insurance. The IRDAI circular revealed that there are already many term insurance policies in the market and it is not possible for customers to select the desired product among them, hence the need for a standard policy. The IRDAI said that the policy should be drafted and submitted to them by December 31 and if the policy is formulated before January 1, 2021, it will be approved and delivered to the customers. Industry experts are pleased with the directives given by IRDAI to provide a standard term insurance policy.
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The terms and conditions of the ‘Saral Jeevan Bima’ policy are the same no matter what insurance company you take it from. This is a risk premium life insurance policy. This means that the policy nominee will receive the nominee if the policyholder dies. The policy does not apply if you commit suicide and die. They can take this policy for at least 18 to 65 years. The policy term ranges from 5 years to 40 years. The policy maturity is a maximum of 70 years. This term insurance policy can be availed for a sum assured of at least Rs 5 lakh to Rs 25 lakh. However, IRDAI has allowed insurance companies to offer policies for a larger amount. The ‘Saral Jeevan Bima’ policy has three options to pay the premium. Regular Premium, Limited Premium, Single Premium. Death Benefit is 10 times the annual premium or 1 to 5 percent of the premium paid at the time of death or the sum assured. It is a term policy so there is no maturity benefit. The waiting period is up to 45 days from the date of taking the policy. During these 45 days there will be only Accidental Death Cover. Accident Benefit, Permanent Disability Rider can be availed along with ‘Saral Jeevan Bima’ policy.
