IRDAI Saral Jeevan Bima Yojana | Eligibility, Benefits, Cover, Installment, Apply, Online, Registration Form 2020


[Life Insurance] IRDAI Saral Jeevan Bima Yojana | Eligibility, Benefits, Cover, Installment, Apply, Online, Registration Form 2020

The word Life Insurance has become a colloquial word in every Indian Family. The term Life Insurance got its prominence because most of the population in the nation belongs to the middle class. There are several schemes and policies related to the insurance that has been offered by the number of agencies across India. There is a regulating board in India to monitor all the activities of the Insurance agencies. The regulating authority is called IRDAI (Insurance Regulatory and Development Authority of India).

This article explains about the IRDAI Saral Jeevan Bima Yojana,Eligibility Criteria,Benefits Covered under the scheme,Installments,Online Application Procedure and the Registration Form.

What is IRDAI Saral Jeevan Bima Yojana

  • The Regulatory Authority, IRDAI, has instructed the Life Insurance Companies to introduce a standard Life Insurance Policy in India by January 2021.
  • The IRDAI has issued strict guidelines to the insurance agencies to develop a standard plan before 31st December 2020.
  • It should be a simple policy that should help the customers to make better decisions.
  • IRDAI opined that the yet to be launched Saral Jeevan Bima Yojana would benefit the customers of age groups between 18 to 65 years with a duration of four to forty years.
  • Under the Saral Jeevan Bima Yojana, the insurance coverage is upto 25 Lakhs Indian Rupees.

Eligibility Criteria for IRDAI Life Insurance Scheme

Let us see the eligiblity criteria the applicants should fulfill to apply for the IRDAI directed Insurance Policy.

  • The applicant should be a permanent resident of India.
  • The age of the candidate should be from 18 years to 65 years.
  • It covers the middle-class people so that people of lower-income groups will also get eligible for the Standard Life Insurance Scheme.

Benefits and Features of Saral Jeevan Bima Scheme

Let us see the benefits the policyholders can derive from the Saral Jeevan Bima Yojana besides looking at the Saral Bima Yojana features.

  • Saral Jeevan Bima Yojana is an individual pure risk premium life insurance policy, which offers the lump sum amount of money to the policyholder’s nominee.
  • The only exclusion under this policy is the exclusion for suicide.
  • The duration of the policy term is for 4 to 40 years.
  • Saral Insurance Policy allows a maximum maturity age of 70 years.
  • The standard life insurance plan will offer an amount between 5 Lakh to 25 Lakh Rupees.
  • The policy has three premium payment options: regular premium, limited premium payment term for five years and ten years, and single premium.
Find out the death benefits applicable under this standard life insurance scheme
  • The regular and limited premium payments, the death benefit will be 10 times the annualized premium, or 1 % to 5% premiums are paid as on the date of death or a stipulated amount paid on the policyholder’s date of death.
  • The single premium policies have the death benefit as higher as 125% of the single premium or the absolute amount to be paid on the date of the death.
  • Remember, this is a pure term life insurance plan, and there is no maturity benefit.
  • The cooling period or the waiting period is 45 days once after the commencement of the policy. Under this period, the scheme covers only death related to an incident.
  • Saral Jeevan Bima Policy will also offer accident benefits as optional and even the permanent disability rider.

Saral Jeevan Insurance Scheme Installments

  • As discussed above, the IRDA with particular interest has launched this Saral Jeevan Bima insurance scheme.
  • The scheme’s objective is to launch a standard insurance policy that targets lower-income segments of society.
  • It has also designed its plans accordingly as regular, premium, and limited premium, middle-class friendly.
  • Thus the installment policy is designed in such a way that the policyholders pay them to their convenience.
  • However, the installments period will differ according to the premium plans the policyholder chooses.

How to Apply Saral Jeevan Insurance Policy and Online Registration Form 2020

According to the information sources, there is no official website/Mobile App to apply for the Saral Jeevan Bima Insurance Policy. We will keep you update once after there is the official information from the reliable sources. Please follow us for the latest announcements and updates on the same.

Quick Links 

IRDAI Official Website

Download Saral Jeevan Bima Policy Guidelines PDF

Saral Jeevan Bima Insurance Scheme FAQ’s

What is the main motto of IRDA in launching the Saral Jeevan Bima Yojana?

The IRDA’s main motto to direct the insurance agencies to launch the standard insurance scheme is to make the lower classes people avail of the insurance policies.

What is the eligibility criteria in terms of age to get eligible for the IRDA Standard Insurance Scheme?

All the citizens who are aged between 18 and 65 years are eligible for the IRDA Standard Life Insurance Scheme.

What is the range of the amount that will cover under the Saral Jeevan Bima Scheme?

All the citizens who are aged between 18 and 65 years are eligible for the IRDA Standard Life Insurance Scheme.

How to apply and register online for the Saral Jeevan Bima Yojana introduced by IRDA? 

According to the information sources, in this instance, we don’t have any information regarding the official portal for applying and registering the insurance policy scheme online.