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

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.