The usual particular person time period life insurance coverage coverage is named ‘Saral Jeevan Bima’ and the insurer’s title must be prefixed to the product title. The product will probably be provided to people regardless of gender, place of residence, journey, occupation or instructional {qualifications}.

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The Saral Jeevan Bima coverage is a non-linked non-participating particular person pure threat premium life insurance coverage plan, which is able to present fee of sum assured in a lump sum to the nominee in case of the life assured’s unlucky dying throughout the coverage time period. The coverage additionally comes with two elective riders (a) Accredited Accident Profit and (b) Everlasting Incapacity Profit riders.

Check out 10 necessary options of the usual particular person time period life insurance coverage coverage under:

1. Minimal & most entry age: Minimal age at entry is eighteen years and most age at entry is 65 years

2. Coverage time period: You should purchase this coverage for a time period starting from 5 to 40 years

3. Most maturity age: 70 years

4. Sum assured: Minimal is ₹5,00,000; most is ₹25,00,000 whereby insurers have the choice of providing sum assured past ₹25,00,000 below Saral Jeevan Bima with all different phrases and situations remaining the identical. (SA could be allowed solely within the a number of of ₹50,000)

5. Premium fee choices

a) Common premium;

b) Restricted premium fee time period for five years and 10 years;

c) Single premium

6. Mode of premium fee

Common and Restricted Premium Cost Choices:

a) Yearly; Half Yearly;

b) Month-to-month (solely below ECS /NACH)

Single premium: In lump sum

7. Dying profit

For normal and restricted premium fee insurance policies: Highest of:

– 10 instances of annualized premium;

– 105% of all of the premiums paid as on the date of dying;

– Absolute quantity assured to be paid on dying.

For single premium insurance policies: Greater of:

– 125% of single premium;

– absolute quantity assured to be paid on dying.

8. Ready interval: The coverage could have a ready interval of 45 days from the date of graduation of threat. Within the case of revival of the coverage, the ready interval is not going to be relevant. Additionally, this coverage will cowl dying on account of accident solely throughout the ready interval of 45 days from the date of graduation of threat. In case of dying of the life assured, apart from on account of accident throughout the ready interval, an quantity equal to 100% of all premiums obtained excluding taxes, if any, will probably be paid. Nevertheless, the sum assured is not going to be paid in such a state of affairs.

9. Mortgage: No mortgage will probably be allowed in opposition to the coverage.

10. Maturity profit: No maturity profit is on the market below the coverage.