Just like Standard Health Policies like Arogya Sanjeevani, IRDAI has asked life insurance companies to come up with a standard term insurance policy called “Saral Jeevan Bima” w.e.f. Jan 1, 2021.
Here are the key features of Saral Jeevan Bima:
1. Saral Jeevan Bima will be a pure risk life insurance policy that will pay the sum assured in lump sum to the nominee in case of death of the life assured during the policy term.
2. The policy will not offer any returns as there will be no maturity.
3. Individuals in the age group of 18-65 can buy this policy.
4. Premium paying term can range between 5 yrs and 40 yrs.
5. Maximum age to avail of the death benefit would be 70 yrs.
6. Sum assured ranges between Rs.5 lakh and Rs.25 lakh.
7. Insurers can offer a sum assured of over Rs.25 lakh voluntarily.
8. There will be a waiting period of 45 days from the date of commencement of risk. However, there will be no waiting period if death is due to an accident.
9. Insurers have an option to offer riders on accidental benefit and permanent disability.