What is ABSLI Saral Jeevan Bima?
ABSLI Saral Jeevan Bima is a straightforward term life insurance policy that provides financial support to your family in the unfortunate event of your demise during the policy term. If you are purchasing life insurance for the first time and your goal is to secure financial protection for your family with a simple insurance plan, ABSLI Saral Jeevan Bima is an excellent choice. Its simplicity and affordability make it accessible and convenient for everyone.
Key Features
- Simple and Affordable: A straightforward plan that meets your financial security goals.
- Flexible Policy Term: You can choose the policy term ranging from 5 to 40 years.
- Flexible Premium Payment Options: Pay the premium in a way that suits you—whether it’s a one-time payment, for a limited period, or throughout the policy term.
- Customizable Benefits: Enhance your coverage with the ABSLI Accidental Death Benefit Rider Plus at a nominal extra cost.
- Short Waiting Period: Just 45 days waiting period from the policy’s inception.
- Standardized Policy: This is a standardized individual term life insurance policy by IRDAI.
- Flexible Sum Assured: Choose the sum assured based on your protection needs.
Benefits of ABSLI Saral Jeevan Bima
ABSLI Saral Jeevan Bima ensures the financial security of your family in your absence, helping them maintain their lifestyle even when you are not around.
Get More Safety with Rider Cover
You can enhance the scope of your base policy with riders at a nominal additional cost. Refer to the rider brochure for detailed information.
How does ABSLI Saral Jeevan Bima work?
Example Scenarios:
- Use Case 1: Raman, aged 46 years, purchases ABSLI Saral Jeevan Bima to ensure the financial safety of his family. He chooses a sum assured of ₹5,00,000 with regular premium payments. The annual premium was ₹15,270, excluding tax. However, after paying the premium for 2 years, Raman faced a financial crisis and was unable to continue paying. Three years later, after recovering financially, he decided to continue the policy. He paid all the outstanding premiums. According to the policy’s revival guidelines, Raman’s life insurance policy will only be revived if approved by the board. Given the evidence Raman provided for the lapse in payment, the board approved the policy’s continuation.
Eligibility Criteria for ABSLI Saral Jeevan Bima
- Entry Age (last birthday): 18 to 65 years.
- Maximum Maturity Age (last birthday): 70 years.
- Minimum Premium:
- Annual: ₹5,895
- Semi-Annual: ₹2,977
- Monthly: ₹508
- Maximum Premium: No limit, subject to board-approved underwriting policy.
- Premium Paying Term:
- Single Pay
- Limited Pay (5 and 10 years)
- Regular Pay
- Policy Term:
- Single Pay: 5 years (minimum) to 40 years (maximum).
- Limited Pay: PPT + 1.
- Regular Pay: 5 years (minimum).
- Premium Mode: Annual, Semi-Annual, or Monthly.
- Sum Assured:
- Minimum: ₹5,00,000
- Maximum: ₹25,00,000 (subject to Board Approved Underwriting Policy).
- Sum Assured allowed in multiples of ₹50,000 only.
Grace Period
The grace period is the time granted from the premium due date, without any penalty or late fee, during which your policy remains in force with uninterrupted risk cover. The grace period is 15 days for monthly premium payments and 30 days for annual or semi-annual premium payments. Insurance coverage continues during the grace period. However, if the Life Insured dies during this period, the Company will deduct the unpaid premium from the benefits payable under the policy. The grace period also applies to rider premiums payable with the base policy premium.
Waiting Period
A 45-day waiting period applies from the date of commencement of risk for the Death Benefit payable under this plan. In the case of policy revival, the waiting period does not apply.
What’s not Covered under ABSLI Saral Jeevan Bima?
- Suicide Exclusion: If the policyholder commits suicide within 12 months from the policy commencement date, the coverage ceases immediately. The nominee will receive all the premiums paid to date as compensation.
- No Maturity Benefit: The policy does not offer any maturity benefit.
- No Survival Benefit: The policy does not offer any survival benefit.
- No Surrender Benefit: This policy does not provide any surrender benefit.
How to Initiate a Claim?
ABSLI Saral Jeevan Bima offers a simple, online claim process in three quick steps:
- Fill in basic details.
- Intimate the claim.
- Submit required documents.
ABSLI Saral Jeevan Bima FAQs
We continually strive to simplify ABSLI Saral Jeevan Bima.