If you are a permanent resident of India then you can apply for the Saral Jeevan Bima Yojana and you will be able to get proper opportunities for a Life Insurance Scheme even if you are suffering from the covid-19 because this scheme has a special protection plan for all of the victims of covid-19. You can check out the details related to Saral Jeevan Bima Yojana from the article provided below and we will also share with you all the details related to the premium chart and the interest rate calculator present under the scheme so that you can calculate the interest that you will be provided and the benefits that you will be provided through the development of this prestigious scheme.
What is Saral Jeevan Bima Yojana
Saral Jeevan Bima Yojana was created to provide proper opportunities for life insurance to people who have recently started their career and want to get up your protection policy so that they can continue their life without having to worry about their loved ones if anything from within happens to them. The residents will be able to apply for the policy if they want to be a part of a prestigious Insurance Scheme and at the age of 18 years, the insurance plans are available according to the payment option that the candidates opt for. This payment protection Scheme is also available for COVID-19 patients and people who have suffered death from the COVID-19 pandemic. You can fill out the application form for this Life Insurance Scheme by visiting the official website or by visiting your nearest Insurance company.
Also Check: Jeevan Jyoti Bima Yojana
Features Of Saral Jeevan Bima Yojana
You have to keep these features in check when you are filling out the application form:-
- The application is available for any person who is looking for a pure protection policy and there is no limitation based on occupation, academic qualifications, gender, or residential place.
- The people who have just started their careers can apply for this scheme and get a life cover of up to Rs 25 lakh.
- The people will be able to get proper opportunities in order to help their families after their dismissal
- The premium can pay in three methods that are early half yearly or monthly and you can also opt for a single premium payment option in a lump sum amount.
- Policy cancellation can come into consideration by following the following pointers-
- When the life assured applies for the same before the date of maturity in the case of a Single Premium Policy.
- When the life assured applies for the same before the date of maturity or at the end of the revival period in case the policy has not been revived, in case of a limited premium payment policy.
Benefits Of Saral Jeevan Bima Yojana
The following benefits will be provided to all of the candidates who are applying for the Saral Jeevan Bima Yojana:-
- The candidates will be provided an insurance plan in consideration of the COVID-19 situation and there are also protection plans that cover death due to covid-19.
- The standard plan offers some assurance to the nominee in the event of death of the life assured and the nominate will be able to get financial monetary funds to help them with the challenges.
- There is a waiting period of 45 days from the days of commitment of the risk and the waiting period is not applicable if the policy is revived.
- There are proper tax deductions that are applicable under the Income Tax Act 1961.
Terms and Conditions
The applicant must follow the following terms and conditions to apply for the Saral Jeevan Bima Policy:-
- Grace Period: Under Saral Jeevan Bima policy grace period is only applicable for regular and limited pay policies. A grace period of 30 days for yearly and half-yearly premium payments and 15 days grace period from the date of the first unpaid premium shall be provided for the Saral Jeevan Bima policy. In case the life assured is not able to pay the premium within the grace period, the policy shall lapse. The policy remains in force during the grace period.
- Free-Look Period: A free-look period of 15 days from the date of receipt of the policy documents shall be provided to the policyholder, in case he/she is not satisfied with the terms and conditions of the Saral Jeevan Bima policy. The policyholder must provide a written request to cancel/return the policy within the free-look period, the policyholder shall be provided with a refund of premiums paid after deducting the proportionate risk premium for the coverage period, stamp duty charges, and expenses incurred by the life insurance company for the medical examination of the life assured.
- Revival of Lapsed Policy: Revival of the lapsed Saral Jeevan Bima policy should be done within 5 years from the date of the first unpaid premium. The policy can be revived at any time during the revival period but before the maturity of the policy. In case the policyholder fails to revive the policy within the provided revival period the policy shall be immediately terminated.
- Surrender: Surrender value is not applicable under Saral Jeevan Bima policy.
- Policy Loan: The policy loan facility is not available under the Saral Jeevan Bima policy.
- Policy Termination: The policy shall terminate by the earliest in case any of the following conditions occur –
- Death benefit payout
- Refund of premium paid in case of policy cancellation
- Maturity date
- Expired revival period
- Payment of free-look cancellation period
- Nomination and Assignment: Under Saral Jeevan Bima’s policy, nomination and assignment are allowed under Sections 38 and 39 of the Insurance Act, 1938 as amended from time to time. The notice of appointing an assignee or changing a nominee should be submitted to the insurance provider.
- Suicide Exclusion: In case the life assured passes away due to committing suicide the policy shall be considered void. Following are suicide exclusions under regular/limited and single-pay policies:
- For Regular/Limited Pay Policy: In case of unforeseen demise of the life assured caused by committing suicide within the first 12 months from the date of policy commencement, 80% of the total premiums paid till the date of death of the life assured, shall be provided to the nominee.
- For Single Pay Policy: In case the life assured passes away by committing suicide within the first 12 months from the date of policy commencement, 90% of the total premium paid till the date of death of the life assured, will be provided to the nominee.
- Issuance of Duplicate Policy Documents: The policyholder can request duplicate policy documents in case the documents have been misplaced or destroyed. The policyholder must provide policy preparation charges and stamp charges which change from time to time.
The applicant must follow the following eligibility criteria to apply for the Saral Jeevan Bima policy:-
- The applicant must be above the age of 18 years.
- The applicant must be below the age of 65 years.
- The policy term is between 5 to 40 years.
- The maximum maturity age is 70 years
- The minimum sum assured is 5 lakh.
- The maximum sum assured is 25 lakh.
- You can pay the premium yearly, half-yearly, or monthly.
- The waiting period inside the scheme is 45 days.
The following documents are required to apply for the scheme:-
- For Application
- Duly Filled and Signed Proposal Form
- KYC Documents of the Applicant (Aadhaar Card, PAN card, Voter ID Card, Passport, etc.)
- Address Proof of the Applicant ( Recent Electricity Bills, Water Bills, Gas Bills, etc.)
- Recent Salary Slips
- Passport Size Photographs
- Recent Medical Examinations/Records
- For Claiming
- Original Policy Documents
- Duly Filled and Signed Claim Forms
- NEFT Mandate from the Claimant
- Claimant’s Photo ID Proof
- Claimant’s Bank Details
- Proof of Title
- Proof of Death
- Medical Treatment Reports prior to the demise (if any)
- Attending Physician’s Statement
- Treating Doctor’s Statement
- Original Death Certificate
- Recent Medical Records
- Copy of FIR (In case of accidental death)
- Copy of Post Mortem Report (In case of accidental death)
Saral Jeevan Bima Yojana Application Procedure Online
If you want to apply for the application online then you will have to follow the simple procedure given below:-
- The candidates will first have to visit the official website of the insurance company of their choice and then they have to buy the application form for the Saral Jeeva Bima plan.
- You have to click on the option called Life Insurance Plan present on the homepage and then you have to click on the option called Saral Jeevan Bima
- A new page with the application form will open on your screen and you will have to register yourself by entering the important details.
- You have to upload all of the documents and then you can successfully submit the application form in order to be a part of the saral Jeevan Bima Yojana.
Application Procedure Offline
If you want to fill out the application form offline then you will have to follow the simple procedure:-
- You will first have to visit the nearest branch of the insurance company of your choice.
- The candidates will have to buy the application form for Saral Jeevan Bima Yojana.
- You have to fill out the application form with the required details and attach all of the required documents.
- The candidates will have to submit the application form to the person in charge at the insurance company branch office.
- You will be provided an acknowledgment number which you have to keep safe for future use.