All you need to know about the benefits and features of Saral Jeevan Bima
During this menacing Covid-19 Pandemic, everyone has understood the importance of term insurance. Hence, the search result for the term insurance has jumped manifolds, and many people are accumulating information about it. As a result, Indian term insurance companies are trying to allure customers with several new term insurance plans and are also simplifying the process.
However, common people consider insurance as an intricate process, and they also find it challenging to understand the terms and conditions of various policies. Because of this, they are reluctant to buy term insurance for their families. But now, IRDAI has simplified the process to understand the terms of any insurance policy will not remain an arduous task.
Intending to simplify the process and bring more people under insurance coverage, IRDAI has introduced a standardized term insurance plan, “Saral Jeevan Bima,” that has been rolled out from January 1, 2021.
What is Saral Jeevan Bima?
Saral Jeevan Bima plan has a standard wording for sum assured with uniform features that will lessen the stress of first-time buyers. This standard term insurance plan is applicable for buyers between 18 and 65 years of age. The maximum age at maturity is 70 years. This infers that when the person reaches that age, the plan will automatically expire. The policy term can be between five and 40 years. This will be having a minimum and maximum sum assured of Rs 5 Lakh and Rs 25 Lakh, respectively.
Why should you opt for a standardized term insurance plan/Saral Jeevan Bima plan?
Let’s dig deeper and find out why you should choose Saral Jeevan Bima term insurance.
1. Digitally available
Contactless and safe online transactions are highly demanded in this digital-driven world, particularly during this Covid-19 pandemic. Saral Jeevan Bima term plans are readily available on various digital platforms. Since Saral Jeevan Bima plans are available on digital platforms, they always encourage transparency, and there will be no vagueness. Moreover, customers are eligible for a discount of up to 20 percent on the premiums when purchasing the Saral Jeevan term plan online. Now, you can compare policies from various eminent insurers and buy the best one within a few clicks. Thus, you can get all imperative information without compromising your comfort, compare premiums, and buy the best Saral Jeevan Bima plan. Now, you don’t need to run to an agent to acquire all the information.
2. Standardized benefits
The Indian market is crammed with various term insurance plans with varying inclusions and exclusions. But Saral Jeevan Bima is a standardized product with uniform wording and unique features, irrespective of insurance providers. So, standardization, uniform wording, and exclusive features will make this policy easier for people irrespective of their education, class, and sectors. Moreover, Saral Jeevan Bima term insurance could be the utmost choice for people with insufficient knowledge of term insurance plans. Uniformity and standardization will lessen the nuisance associated with purchasing any policy, and there will be no place for disputes in the future.
3. Your income will not create a hindrance in buying this policy
Most term insurance policies take a close look at your annual income to decide the amount of the sum assured. But this term insurance plan gives you the freedom to buy the sum assured as per your wish irrespective of your annual income.
The product brings smiles to the faces of people with uneven income or people who don’t have adequate income proof and are hence unable to buy a term insurance plan.
You can purchase the plan up to a sum assured for which you think you can comfortably pay the premium. Thus, this new insurance product is ideal for people who belong to lower-income groups or come from rural backgrounds. Unfortunately, these people were earlier not covered under any policy.
The Saral Jeevan term plan primarily covers people from the lower economic backgrounds of society. Because these people are also in need of a policy under a term cover to protect their dependents from financial crises after their demise. It is observed that in the lower-income groups, only one bread earner used to take care of every financial responsibility of the family.
Thus, it is imperative to protect the earner under a term insurance plan because if anything unfortunate happens to him/her, the family will not face any financial crisis.
What to look for while purchasing this policy?
Since the product has launched newly, acquire as much information you can about this plan. Before buying this product, apart from comparing the premiums from various insurers, you should check the company’s solvency ratio and claim settlement ratio.
The solvency ratio of an insurance company portrays the company’s financial health and its ability to meet its obligations. On the other hand, the claim settlement ratio is the percentage of claims paid out of the total claims received. A higher claim settlement ratio implies the convenience of getting your claim processed.
Now, you have adequate information about the Saral Jeevan Bima term insurance plan. Take a look at the parameters mentioned above before purchasing this new insurance product for your family. The introduction of Saral Jeevan Bima plans offers a plethora of benefits to customers, including those who belong to the lower-income groups. This Bima policy will not only secure the future of the customers but will also boost up their confidence.
