If you're looking for a hassle-free term insurance plan in India, you have a lot of options. You will have access to a variety of features, perks, flexible facilities, and maturity alternatives depending on the insurance service provider.
The IndiaFirst Life Saral Bachat Bima plan, a savings and protection policy for the entire family, was launched on Monday by IndiaFirst Life Insurance Company Ltd (IndiaFirst Life), a joint venture between Bank of Baroda and Union Bank of India.
The IndiaFirst Life Saral Bachat Bima Plan is a non-linked, non-participating, individual life, limited premium, savings policy designed to provide a long-term safety net for your loved ones by providing life insurance coverage and guaranteed benefits while paying for a period shorter than your policy term.
Rushabh Gandhi, deputy chief executive, IndiaFirst Life Insurance, said, "This bespoke simplified product offers dual benefit of protection and savings. It is primarily designed for customers of the Regional Rural Banks (RRBs) and rural branches who prefer simple and easy to comprehend products that can be availed through a "Saral" hassle-free process."
Benefits of Saral Bachat Bima
If you live until the end of the policy term and the policy is in place and fully paid-up, you will receive the Sum Assured on Maturity (SAM) PLUS accumulated assured additions as the maturity benefit. The policy will be terminated after the maturity benefit is paid, and no further benefits will be paid. The Sum Assured on Maturity (SAM) is a guaranteed sum that will be paid out when the policy matures, according to the website.
If the Life Assured dies while the policy is in force or fully paid-up, the death benefit will be paid to the nominee(s). The policy is terminated when the defined death benefit is paid out. Where the higher of X times the yearly premium or an absolute amount (Basic Sum Assured) assured to be paid on death is Sum Assured on Death (SAD). For ages 3 to 45, X is 10, while for ages 46 and up, X is 7.
In addition, if the policyholder dies as a result of an accident during the first policy year, an amount equal to the Sum Assured on Death (SAD) will be paid.
On notification of the Life Assured's death, 10% of the Sum Assured on Death or Rs. 25,000 (whichever is smaller) would be accelerated and paid in advance. This isn't a supplementary advantage. The amount paid for Funeral Cover will be deducted from the amount payable as a death benefit.
The Saral Bachat Bima plan guarantees X percent of total premiums paid in additions, where X fluctuates according on the policy term and annualised premium. Guaranteed additions would accumulate at the conclusion of each policy year if the policy was in existence at the time.
With this policy, you can select to add IndiaFirst Life Waiver of Premium Rider. According to current Income Tax Laws, tax benefits may be obtained on premiums paid and benefits received. According to government tax legislation, these are subject to change at any time.