What is Saral Jeevan Bima Yojana 2021 in Hindi ?| सरल जीवन बीमा योजना | IRDAI circular for New TERM Plan


Watch the details of the plan via the video below.

About the Plan

Saral Jeevan Bima Yojana or सरल जीवन बीमा is brainchild of IRDAI who vide its circular dated 15th October 2020 has asked all Life Insurance companies to mandatorily introduce a Simple and Standard Term Insurance Plan as part of their offerings. This is a Simple. Standard, Individual Term Insurance plan which aims at providing normal Insurance cover to the insured.

Given the history of many disputes and confusions arising due to many different plans being offered leading to confusion of customers.

The Standard Term Life Insurance Product:

1)    The standard individual term life insurance product will be called, “Saral Jeevan Bima” and have the Insurer’s name shall be prefixed to the product name. e.g. PNB Metlife Saral Jeevan Bima

2)    “Saral Jeevan Bima” will be a non linked non-participating individual pure risk premium life insurance plan.

3) This plan will provide for payment of Sum Assured in lump sum to the nominee in case of the Life Assured’s unfortunate death during the term of the policy.

4)    Apart from the benefits and riders stated in the Annexure, no other riders / benefits / options / variants shall be offered. There shall be no exclusions under the product other than the suicide exclusion.

5)    The product shall be offered to individuals without restrictions on gender, place of residence, travel, occupation or educational qualifications.

Circular of IRDAI can be seen by visiting the link – https://www.irdai.gov.in/ADMINCMS/cms/whatsNew_Layout.aspx?page=PageNo4353&flag=1

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