Low-Cost Life Insurance Plan – Saral Jeevan Bima Yojana Explained

Saral Jeevan Bima Yojana is a type of insurance plan which releases the claim amount in the event of the unfortunate death of the policyholder. The released claim is then provided to the family members of the policyholder. It is an extremely beneficial scheme that does not only give financial aid but also a sense of security and safety.

Read the article to learn more about the insurance plan, ranging from its meaning and features to eligibility and process of buying.

What Is The Saral Jeevan Bima Yojana?

Saral Jeevan Bima Yojana is an insurance policy following which the family members of the policyholder are provided with the claim amount in case of the policyholder’s fortunate death. This insurance policy is extremely inclusive and affordable, especially for all those whose annual income falls between the range of 1 lakh to 5 lakh.

What Are The Features & Benefits Of Saral Bima Yojana?

There are several features and benefits of the Saral Bima Yojana that attract people. Some of its major features & benefits are laid down below:

• The insurance policy is specifically designed for the family members of the policyholder so that they can be safe in case of the policyholder’s unfortunate death.

• The Jeevan Bima Policy provides a term coverage of up to 70 years of age of the policyholder.

• There are various modes of premium payments, such as one-time, annual, half-yearly, or monthly. All of them are created to provide as much ease and convenience to the policyholders as possible.

• In the event of a death of the policyholder, claims are released based on the mode of premium they opted for.

How To Buy The Bima?

One can complete the Saral Jeevan Bima Yojana online apply by following some steps mentioned below in detail for one’s reference:

Step 1: Please visit the Saral Jeevan Bima website.
Step 2: Fill all the details true to your knowledge such as your name, date of birth, health related habits, etc.
Step 3: After filling information, a list of Safal Jeevan Bima plans will appear on the screen.
Step 4: Select your preferred plan and make the payment.

Terms & Conditions

The terms and conditions of the Saral Bima Yojana are written below in points for one’s better understanding:

• A grace period of 30 days from the due date of the premium is given to people after which, the policy will dissolve.

• Revival of void policies should be done within 5 years from the date of first unpaid premium. Please note that you apply for revival only if the policy’s maturity is far.

• Policyholders interested in buying the policy are given a free-look period of 15 days wherein cancellations after payment are also allowed but only with justified reasons.

• In case a policyholder commits suicide within a year of buying the bima, 90% of the total premium will be returned.

Conclusion

The Saral Jeevan Bima Yojana is an extremely affordable and flexible insurance policy that people can take for protecting their family's future after their demise. Do apply to be a part of the scheme if you’re looking for a convenient insurance policy.

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