SBI Life Saral Jeevan Bima Plan
SBI Life Saral Jeevan Bima Plan is a simple term insurance plan which offers the best form of life insurance protection at low costs.
| Plan Name | SBI Life Saral Jeevan Bima |
| Policy Type | Term Insurance |
| UIN | 111N128V01 |
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Key Features
In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the policy within the freelook period as defined here:
- Within 15 days in case the policy is not purchased electronically or through distance marketing
- Within 30 days in case the policy is purchased electronically or through distance marketing
Benefits
In case of death of the policyholder during the policy term, the Sum Assured on Death will be paid to the nominee. The Sum Assured on Death on all these options is defined as:
For Regular and Limited Payment Options, higher of -
- 10 times of Annualised Premium
- Cover amount
- 105% of the Total Premiums Paid as on date of death
For Single Pay Option, higher of -
- Cover amount
- 1.25 times the Single Premium
This plan has a waiting period of 45 days from the date of acceptance of risk. In case of death of the policyholder during the 45 day waiting period, the total premiums paid will be returned to the nominee. However, if the death is due to an accident, the total Sum Assured on Death is paid to the nominee.
Eligibility
| Parameter | Minimum | Maximum |
| Entry Age | 18 years | 65 years |
| Age at Maturity | 23 years | 70 years |
| Sum Assured | 5 lakhs | 25 lakhs |
| Policy Term | Regular & Single Pay - 5 years Limited Pay 5 - 10 years Limited Pay 15 - 20 years |
40 years |
| Premium Amount | Single - Rs. 5,480 Annual - Rs. 1,415 Half yearly - Rs. 721.65 Monthly - Rs. 120.28 |
Single - Rs. 4,15,475 Annual - Rs. 1,01,025 Half yearly - Rs. 51,522.75 Monthly - Rs. 8,587.13 |
| Premium Payment Term | Regular Pay - Same as policy term Limited Pay - 5 or 10 year |
|
| Premium Payment Mode | Single, Monthly, Quarterly, Half-yearly, Annually | |
As you can observe, you have a Limited Pay Option, where you can pay only for 5 or 10 years and enjoy policy terms of 10 or 15 years.
Surrender Value
There is no surrender value in this plan.
In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.
Exclusions
In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows:
- For Regular/Limited premium plans - 80% of the premiums paid will be refunded
- For Single premium plans - 90% of the premium paid will be refunded
This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.
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