Saral Term Insurance
Saral Term Insurance Policy is also known as Saral Jeevan Bima. This life insurance has been standardized by IRDAI. Saral Jeevan Bima ie simple term insurance is offered by all the life insurance companies.
Saral Jeevan Bima is a non-linked, non-participating, pure-risk term insurance plan. In simple term insurance plans, if the life assured dies during the policy term, the sum assured is provided as death benefit to the nominee by the life assured.
You can also add riders to enhance your coverage in Saral Term Insurance Plan. You have to pay an additional premium for these riders.
It is worth noting that you can buy a simple term insurance plan from any insurance company. Saral life insurance is offered by all the insurance company and the terms and conditions for Saral insurance are also same for all the insurance providers.
Features Of Saral Term Insurance
The features of Saral Term Insurance are as follows-
- The most important feature of Saral Term Insurance Plan is that it offers a term policy at very affordable premiums. Therefore, such people whose budget is less, they can take advantage of term insurance policy through a simple insurance plan.
- In simple term insurance policy, death benefit is provided to the nominee by the insured in case of death of the insured during the policy term. In this, a minimum sum assured of ₹ 5 lakh is provided as death benefit.
- Saral Term Insurance Plan is purely a term insurance plan. Therefore, you are not provided any kind of maturity benefit in this. If the life assured is alive at the end of the policy term then he does not get any benefit.
- In Saral term insurance plan you get various premium payment options. You can choose to make the premium payment for your term plan on an annual, half-yearly or monthly basis.
- In Saral Term Insurance plan, you also get the option to increase your coverage. You can enhance your simple term insurance coverage by adding riders to it. To add a rider, you have to pay an additional premium.
- In simple term insurance policy, you are provided with a free look period of 15 days. If you are not satisfied with the policy, you can choose to exit the policy within 15 days.
- In Saral Term Insurance, you are provided with a grace period of 15 to 30 days. If you do not pay your premium by the due date, then you are given additional time by the insurance company to pay your premium.
Saral Term Insurance Benefits
The benefits of Saral Term Insurance are as follows-
The Saral term insurance plan has been designed by IRDAI keeping in mind the COVID-19 situation. If the life assured dies due to Covid-19 then he/she is covered under Saral Term Insurance Plan.
- Death Benefit:
Saral Term Insurance Plan provides a benefit of a minimum sum assured of up to ₹ 5 lakh as death benefit to the nominee of the policyholder in case of death of the policyholder during the policy term. Through this sum assured, the family members of the insured can easily meet their financial needs.
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In Saral term insurance plan, you can enhance your term insurance coverage by adding riders. You have to pay an additional premium to add a rider. Through this, you can enhance your simple term insurance coverage as per your requirement.
- Tax Benefits:
Saral term insurance also offers you tax benefits under Indian income tax laws. In this, you get tax benefits on the premiums paid under section 80C of the Income Tax Act, 1961. While the death benefit received by the insured to the nominee is also eligible for tax benefit under section 10(10D) of the Income Tax Act, 1961.
Simple Term Insurance Eligibility
Eligibility for Saral Term Insurance is as follows-
|Minimum Age Entry
|Maximum Age Entry
|5 – 40 Years
|Maximum Maturity Age
|Minimum Sum Assured
|Rs. 5 Lakh
|Maximum Sum Assured
|Rs. 25 Lakh
|According to the sum assured selected
|Premium Payment Modes
|Yearly, Half-Yearly or Monthly
Documents Required For Saral Term Insurance
The documents required for Saral Term Insurance are as follows-
1. Duly filled and signed form
2. Passport size color photo
3. Latest Medical Report
4. KYC documents (any one of the following)
- Aadhar card
- PAN card
- Voter ID Card
5. Address proof (any one of the following)
- driving license
- Voter ID
- Aadhar card
- Ration card
6. I ratio
- latest pay slip
Simple Term Insurance Premium
In Saral Term Insurance Plan, the customer gets the option of paying the premium as per his convenience. The customer can choose to pay the premium for his Saral term insurance plan monthly, half-yearly and annually as per his convenience. The customer can maintain the coverage of his simple term insurance policy by choosing any of these premium payment options as per his budget.
How to Buy Saral Term Insurance?
Saral Term Insurance is provided by all insurance companies. You can buy it through both online and offline means.
To buy through online you have to go to the official website of the insurance company and buy your Saral Saral term insurance plan by selecting the Saral Life Insurance Plan option and complete the further process.
To buy Saral Term Insurance plan through offline, you have to visit the nearest branch of the life insurance company. You can buy this plan by going there and filling the required form and attaching the documents.