After standardization of health insurance in the earlier year to ease buying, term insurance plan has also been standardized and this has been rolled out from today i.e. January 1, 2021 and is named as 'Saral Jeevan Bima'.
And on similar lines as 'Arogya Sanjeevani', the term product insurance will have the same features, exclusions, inclusions as well as benefits across insurers. But what can differ is the premium price, service offered as well as claim settlement.
Here are the different aspects of the term insurance product that one must know before considering to buy:
Saral Jeevan Bima: It will be a pure risk plan that will be non-linked, non-participating and shall pay out the sum assured on the death of the insured to the nominee.
The potential applicant can buy the instrument if he or she is aged minimum 18 years and the maximum entry age will be capped at 65 and the maximum maturity age will be 70 years. As per the IRDAI, maturity term can be from 5 to 40 years.
Minimum - Rs. 5 lakh
Maximum- Rs. 25 lakh and insured can also opt for a higher sum assured value over Rs. 25 lakh.
Premium payment options:
There are 3 options
- Single premium
- Limited premium option for 5 and 10 years
- Regular premium