Max Life Saral Jeevan Bima

Max Life Saral Jeevan Bima


The Max Life Saral Jeevan Bima plan is a pure form of term insurance, and it provides the policyholder with life coverage against a fixed premium. The Saral Bima Yojana individual policy is great for the financial security of your loved ones.

Term insurance purchase is an important decision that helps your loved ones deal with uncertainties in life. But the insurers consider several factors before offering a term plan to an individual. These include gender, occupation, income, place of residence or educational qualifications. Many people fail to get life cover with the intended sum assured because of these initial checkpoints.

Max Life Saral Jeevan Bima (Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan) UIN 104N117V01 is a standard pure term plan meant for all individuals irrespective of their education or occupation. It is a simple life insurance plan that ensures financial security for your loved ones.

What is Max Life Saral Jeevan Bima?

It is a standard product that will make it easier for you to get adequate life cover. It has been designed to help policy buyers make an informed choice of life insurance.

Under this plan, you can choose the sum assured as low as Rs. 5 Lakhs to financially protect your family. In case of your unfortunate demise during the policy period, the nominee will receive a death benefit to deal with various expenses in life. You can select a suitable premium payment variant fitting well into your financial plan.

If you have never purchased any term plan because of education or occupation checks, now is the time to cover your life under this simple term plan.

What is Max Life Saral Jeevan Bima?

It is a standard product that will make it easier for you to get adequate life cover. It has been designed to help policy buyers make an informed choice of life insurance.

Under this plan, you can choose the sum assured as low as Rs. 5 Lakhs to financially protect your family. In case of your unfortunate demise during the policy period, the nominee will receive a death benefit to deal with various expenses in life. You can select a suitable premium payment variant fitting well into your financial plan.

If you have never purchased any term plan because of education or occupation checks, now is the time to cover your life under this simple term plan.

Benefits of Max Life
Saral Jeevan Bima

Financial Security for Family

The death benefit is payable to the policy nominee in case of your unfortunate demise during the plan tenure.

Flexibility to Choose Policy Term

It is easy to choose a policy term of 5 to 40 years as per the corresponding premium payment tenure.

Least Restrictions to Get Life Coverage

You can buy this simple term plan irrespective of restrictions of education and occupation.

Tax Savings

The premium you pay to keep this plan in force is eligible for tax deductions as per prevailing tax laws.
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Who Should Buy Max Life Saral Jeevan Bima?

You are eligible to buy this plan:

Who Should Buy Max Life Saral Jeevan Bima | Max Life Insurance
1
If you are unmarried You may need this term plan for your parents to help them live a comfortable life in your absence.
2
If you are recently married You can plan for the well-being of your spouse under this policy. It will work as a financial backup for him/her for the later years of life.
3
If you have kids This plan will support your family, financially in your absence in various ways, be it meeting regular expenses or paying for kids’ education.

Why do You Need Saral Jeevan Bima?

A term insurance policy is a must-have life insurance policy for everybody. And a policy like Saral Jeevan Bima is created to ensure that it is accessible and straightforward for policy buyers.

Saral Jeevan Bima (Saral Bima Yojana), offers adequate flexibility in terms of premium payment to meet the needs of diverse financial profiles. For instance, the limited pay option with Saral Jeevan Bima allows policyholders to complete their premium payments within the first few years of their policy period, thereby enjoying coverage for the rest of the term without any premium responsibilities.

More importantly, you can also choose the policy term of Saral Jeevan Bima or Saral Bima Yojana anywhere between 5 to 40 years, depending on your personal preference. Hence, if you are looking for a simple life insurance product offering sufficient financial security, Saral Jeevan Bima Yojana can be a favourable choice.

Key Features of Max Life Saral Jeevan Bima

Flexibility to Choose Premium Payment Term

Pay the premiums for 5 to 40 years to get adequate life cover

Long Term Coverage

Term insurance coverage up to the age of 70

Easy to Understand

Pure term plan with death benefits but no survival or maturity benefits

Coverage for All Individuals

No restriction of education, occupation, place of living, or gender

What is the Process of Saral Jeevan Bima Online Registration?

The registration process for the Saral Jeevan Bima Yojana (also known as Saral Bima Yojana) is relatively simple. Any individual falling in the eligibility bracket can follow a few simple steps to purchase Saral Jeevan Bima Yojana.

Let's look at the online and offline application processes for the new Saral Bima Yojana:

Offline Process

Step 1: Go to the life insurance company's local branch office to acquire Saral  Jeevan Bima

Step 2: Find out the details about the Saral Jeevan Bima Yojana and fill out the application form.

Step 3: Complete the application form with the relevant details, including your date of birth, gender, and other required information.

Step 4: Attach all of the necessary paperwork.

Step 5: Submit the application form for Saral Jeevan Bima Yojana to the office of the life insurance company.

Online Process

Step 1: Go to the website of the life insurance provider that provides the Saral Jeevan Bima Yojana.

Step 2: Select the Saral Jeevan Bima option on their website.

Step 3: A screen with the application form will appear.

Step 4: Fill in the relevant information. Also, make sure you upload any important papers.

Step5: To complete the application form submission, click the submit button.

Eligibility Criteria of Saral Jeevan Bima

Any individual can apply to purchase the Saral Jeevan Bima Yojana, and there are no restrictions on gender, domicile, academic qualifications, or occupation.

The Saral Jeevan Bima has an entry age of 18 years and a maximum age of 65 years, with a policy term extending from 5 to 40 years. A person can be covered until they reach the age of 70. Policy buyers can choose a minimum cover value of Rs 5 lakh under Saral BimaYojana, while the upper limit is set at Rs. 25 lakhs for coverage.

Documents Required For Saral Jeevan Bima Plan

Here are the list of acceptable documents you will require to purchase Saral Jeevan Bima Yojana:

DOB Proofs

  • Passport
  • Pan Card
  • Driving License
  • Aadhar Card/UID Card
  • Election Commission ID Card
  • School Leaving Certificate or College ID Card

Identity Proof

  • Passport
  • Pan Card
  • Driving License
  • Aadhar Card/UID Card
  • Election Commission

Address Proof (Official Valid Documents)

  • Passport
  • Driving License
  • Bank Statement (Not older than 3 months)
  • Election Commission ID Card
  • Landline Bill (Not older than 3 months MTNL / BSNL)
  • Aadhar Card/UID Card

Address Proof (Deemed Official Valid Documents)

  • Electricity Bill (Not older than 3 months)
  • ESI ID Card
  • Ex Serviceman Card
  • Lease Agreement with Rent Receipt (Not older than 3 months)
  • Post Office Savings Account Statement

IF EIA (Electronic Insurance Account) Selected

  • Address Proof as per EIA Form/ PAN CARD or ADHAAR CARD/1 photograph

For Salaried Individuals

  • Bank Statement Last 3 months (Credited Salary)
  • Salary Slips – Last 3 months (Credited Salary)
  • Form 16

For Self Employed Individuals

  • 2 years ITR & COI (Computation of Income)
  • Form 26AS (AY-17-18 / AY – 18-19)

Things You Should Know About Saral Jeevan Bima

Before you purchase the Saral Jeevan BimaYojana, here are some things you should be aware of:

  • The product should be available to anybody regardless of gender, occupation, residency, or educational credentials.
  • While each insurer's onboarding and underwriting procedure may differ, the coverage under Saral Jeevan Bima Yojana is available to anybody aged 18 to 65. The policy term is five to forty years, and they have the option of paying premiums on a regular basis, for a limited time (5 or10 years), or in one lump sum amount.
  • The minimum sum assured for Saral Jeevan Bima is  5 lakh rupees, with a maximum cover of up to 25 lakh rupees.
  • Saral Jeevan Bima (also known as Saral Bima Yojana) will cover death due to accident only during the waiting period of 45 days from the Date of Commencement of Risk. In case of the death of the Life Assured other than due to accident during the Waiting Period, an amount equal to 100% of all Premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid.  

While Saral Jeevan Bima's features, terms, and conditions are uniform across insurers, it's vital to evaluate the pricing of the plan offered as well as the claim settlement ratio.

Insert Image In case the insured dies during the waiting period of 45 days:

  • The chosen sum assured under the plan is payable in a lump sum to the beneficiary in the event of accidental death of the insured.
  • In case the Life Insured dies of causes other than accident, the Death Benefit payable is equal to 100% of all premiums paid excluding taxes, if any

Insert Image In case the insured dies during the policy term after the expiry of waiting period (45 days from inception of policy)

- The chosen sum assured is payable in lump sum to the policy nominee.

  • For regular premium or limited premium payment policy, chosen Sum Assured is equal to “Sum Assured on Death” and is the highest of:
  • Ten times the annualised premium
  • 105% of all the premiums already paid till the date of death
  • Absolute amount assured for the event of death

 

- For a single premium policy, the death benefit is higher of the following:

  • 125% of the premium paid
  • Absolute amount assured for death

 

The following illustration will help you understand how Max Life Saral Jeevan Bima works –

Mr. Chaudhary, a 25-year-old mechanic, bought this plan to offer financial protection to his family. He chose the regular pay option with a sum assured of Rs. 25 Lakhs and a policy period of 40 years.

Unfortunately, after five years of buying the plan, he passed away in an accident, i.e., after paying five premiums. Because of his demise, Mr. Chaudhary’s spouse, who’s the beneficiary, received the death benefit of Rs. 25 Lakhs.

Notes:

1. The above illustration is only an example and does not create any rights and/or obligations.

2. The policy buyer may be entitled to certain applicable tax benefits on the premiums and policy benefits. The tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you.

3. Extra premium will be charged for substandard lives as per Company’s Board approved underwriting policy.

 

Parameter

Details

Age at Entry

Minimum – 18 years; Maximum – 65 years

Policy Tenure/Premium Payment Tenure

The premium payment variant of the base plan can only be chosen at policy inception and cannot be changed subsequently.

Premium Payment Variant

Available Premium Payment Term (PPT)

Available Policy Term

Limited Pay

5, 10 years

(PPT plus 5) to 40 Years

Regular Pay

5 to 40 years

5 to 40 Years

Single Pay

Single (1)

5 to 40 Years

 

Maximum Cover Ceasing Age

70 years

Minimum Sum Assured

Rs. 5 Lakhs

Maximum Sum Assured

Rs. 25 Lakhs; subject to limits determined in accordance with the Board approved underwriting policy of the Company

Minimum and Maximum Annualized Premium

As per the chosen sum assured

Premium Payment Modes

Annual, Semi-Annual, Monthly

Waiting Period

45 days

Policy Termination Rules

The policy shall immediately and automatically terminate on the earliest occurrence of any of these events:
• After the death benefit is paid; or
• After the refund is settled, in case of cancellation of the policy; or
• After the plan matures; or
• On revival period (of 5 years) expiry, if the policy has not been revived; or
• On canceling the plan during the free-look period after paying the cancellation amount

Downloads    Actions    
Prospectus
 
Policy document
 
   
Leaflet
 
   

Frequently Asked Questions

Frequently Asked Questions

✅  What is the grace period associated with Max Life Saral Jeevan Bima?

This place has a grace period of 30 days, which begins from the due date of premium payment for all modes except monthly mode (which has a grace period of 15 days).

✅  Is a free look period available with Max Life Saral Jeevan Bima?

This plan has a free look period of 15 days (30 days for distance mode) from the date of receiving the policy document. You are also entitled to receive a premium refund, subject to various terms and conditions.

✅ What are the factors that determine premium rate of Max Life Saral Jeevan Bima?

The premium of this plan is based on age, gender, sum assured, policy period, and premium payment period.

✅ Why are all life insurance companies offering Saral Jeevan Bima?

IRDAI has mandated all life insurers to offer a standard pure term plan for customers to be able to make an informed choice regarding their protection needs.

✅ What Is the Survival Benefit Under This Plan?

The Saral Jeevan Bima is a pure life insurance product. Hence, there are no survival benefits offered with this plan.

✅ When Will the Policy Terminate?

Max Life Saral Jeevan Bima will terminate either upon the completion of the predetermined policy period or in case of an eventuality once the death benefit is paid off. Please refer prospectus for more details.

Sources

Sources

https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4264&flag=1 (2020)

ARN: SJB/23092021

Check out the different Online Insurance Plans from Max Life!

Check out the different Online Insurance Plans from Max Life!

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