HDFC Life Saral Jeevan Bima

HDFC-Life-Saral-Jeevan-Bima

Saral Jeevan Bimma is a type of term insurance that has been designed to simplify the concept of term insurance and let people understand and buy term insurance policies without any difficulty. A standard term insurance product, this policy is being rolled out by insurance companies from January 1, 2021. The sum assured under a Saral Jeevan Bima ranges between Rs 5 lakh and Rs 25 lakh. The objective behind laundering this policy by the Insurance Regulatory and Development Authority of India (IRDAI) was to introduce a standard individual life insurance product with simple features and standard terms and conditions. This enables customers to easily understand the benefits of the product irrespective of the insurance companies you have chosen.

Inclusions, exclusions, and other benefits of this standard plan are the same regardless of the fact from which insurance company you have purchased the product.  However, claim settlement rates, service level and prices may vary from one insurance company to another.

HDFC Life Saral Jeevan Bima Yojana pays out to the dependents of the policyholder the entire sum assured in case of the death of the insured person within the policy term. It offers the benefits of life insurance to people who have not bought term insurance because of restrictions of location, education, income proof, or for people who are first-time buyers of term insurance. The main objective of the HDFC Life Saral Jeevan Bima Policy is to make sure the dependents of the policyholder are appropriately covered if the policyholder meets an unfortunate death. No maturity value or surrender value is available under this plan. Exclusion under the policy includes death due to suicide.

HDFC Life Saral Jeevan Bima

  • Everyone is eligible to buy the HDFC Life Saral Jeevan Bima which is priced as per the extent of risk it covers.
  • The policy can be bought online and up to 20% discounts can be availed on premiums.
  • The minimum sum assured under the policy is Rs 5 lakh, while the maximum is Rs 25 lakh.
  • This standard policy can also be bought in easy monthly installments without paying the entire premiums as a lump sum.

HDFC Life Saral Jeevan Bima policy has the option to provide three premium payment options –

  1. Regular premium
  2. The limited premium payment term for 5 years and 10 years
  3. Single premium

When buying the HDFC Life Saral Jeevan Bima plan, you will have the option to buy an IRDAI approved Accident Benefit and Permanent Disability Benefit rider. These riders are add-on benefits that can be bought separately in addition to the basic benefits as specified under the policy document.

The premium paid against the rider is the extra amount apart from the premium of the base policy. The sum assured of the rider benefit will only be paid out when a specified event for which the add-on is bought occurs during the term of the policy.

Death Benefit Under HDFC Life Saral Jeevan Bima

  • For regular and limited premium payment policies, the death benefit will be the highest of 10 times the annual premium or 1-5% of all premiums that have been paid as on the date of death or a complete amount assured to be paid on death.
  • When it comes to single premium policies, the death benefit will be higher than 125% of a single premium or an absolute amount assured to be paid on death.

As the IRDAI has set 45 days waiting period from the commencement of the policy, HDFC Life Saral Jeevan Bima is no exception. This means that the insurer will only provide coverage for death due to an accident during the waiting period of 45 days. However, the waiting period is not applied in case of policy revival.

Who Can Buy HDFC Life Saral Jeevan Bima plans?

Anyone can buy HDFC Life Saral Jeevan Bima plans without any restrictions on gender, place of residence, occupation and qualification. Even those without a regular income and incomplete income proof are eligible to buy this standard term insurance.

  • The minimum age to buy HDFC Life Saral Jeevan Bima is 18 years
  • The maximum age for the Saral Jeevan Bima plan is 65 years
  • The term of the policy ranges between 5 – 40 years
  • 70 years is the maximum maturity age up to which the policy can be bought

What to Look for When Buying HDFC Life Saral Jeevan Bima

Though terms & conditions, features and benefits of the Saral Jeevan Bima are the same, standardized by the IRDAI, it is important for you to compare the pricing of the policy offered by many different insurance companies along with the claim settlement ratio. Keep in mind that insurance companies cannot be liable for a payout if the policyholder dies within 45 days of the policy purchased except for death in case of an accident.

HDFC Life Saral Jeevan Bima Exclusions

Exclusions for the Single Premium Payment Policy: Your HDFC Life Saral Jeevan Bima Policy will be null and void if the insured person commits suicide within 12 months from the commencement date of the risk. The insurer will not offer a claim except 90% of the single premium paid without any additional sum charged with the policy due to decisions of underwriting and the rider premiums in case of any.

Exclusions for Regular/Limited Premium Payment Policy: When the life assured commits suicide 12 months after the starting date of the policy, the policy will be void. However, it will be active from the revival date. Your insurer will not offer your claim except 80% of the paid premiums that do not include any additional sum charged within the policy due to the decisions of underwriting, taxes and rider premiums in case of any until the date of the demise. This clause will not be applied in the case of the lapsed policy as nothing is payable within such plans.

HDFC Life Saral Jeevan Bima is a simple term insurance plan that has been designed with an aim to offer life insurance to those people who have not yet any term insurance. With the policy, HDFC Life is able to ensure financial security to your family in case of your untimely death.

Get in touch with us for any queries related to HDFC life Saral Jeevan Bima policy.

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