What is ABSLI Saral Jeevan Bima?
ABSLI Saral Jeevan Bima is a straightforward term life insurance policy designed to offer financial support to your family in case of your untimely demise during the policy term. It is particularly suited for first-time life insurance buyers who are looking for a simple and affordable way to ensure their family’s financial security.
Key Features:
- Simple and Affordable: Easy to understand and cost-effective, making it accessible for most individuals.
- Flexible Policy Term: Choose from 5 to 40 years for the policy term.
- Flexible Premium Payments: Options include one-time payment, limited period payments, or regular payments throughout the policy term.
- Customizable Benefits: Enhance your coverage with the ABSLI Accidental Death Benefit Rider Plus for an additional cost.
- Short Waiting Period: Only 45 days from the inception of the policy.
- IRDAI Standardized Policy: Ensures regulatory compliance and standardization.
Benefits of ABSLI Saral Jeevan Bima:
- Financial Security: Provides a lump sum payment to your family in the event of your death, ensuring their financial stability.
- Flexible Payments: Choose the payment mode that best suits your financial situation.
- Customizable with Riders: Add extra protection with riders like the Accidental Death Benefit Rider Plus.
- No Waiting Period for Revival: Waiting period does not apply when reviving a lapsed policy.
How ABSLI Saral Jeevan Bima Works:
Example:
Raman, aged 46, purchases the ABSLI Saral Jeevan Bima with a sum assured of ₹5,00,000 and opts for regular payments. His annual premium is ₹15,270. After paying for 2 years, Raman faces a financial crisis and misses payments for 3 years. Once his financial situation improves, he pays all overdue premiums. The policy revival is subject to board approval, but if accepted, coverage will continue.
Eligibility Criteria:
- Entry Age: 18 to 65 years.
- Maximum Maturity Age: 70 years.
- Premium:
- Minimum: ₹5,895 annually, ₹2,977 semi-annually, ₹508 monthly.
- Maximum: No limit, subject to underwriting policies.
- Premium Payment Term (PPT):
- Single Pay
- Limited Pay (5 or 10 years)
- Regular Pay
- Policy Term:
- Minimum: 5 years
- Maximum: 40 years (for Single Pay)
Sum Assured:
- Minimum: ₹5,00,000
- Maximum: ₹25,00,000 (in multiples of ₹50,000)
Grace Period:
- Monthly Premiums: 15 days
- Annual/Semi-annual Premiums: 30 days
Waiting Period:
- 45 days from the start of the policy for death benefits.
What’s Not Covered:
- Suicide Exclusion: If the policyholder commits suicide within 12 months from the start of the policy, coverage ceases, and only the premiums paid are refunded.
- No Maturity Benefit: The policy does not offer any maturity benefits.
- No Survival Benefit: There are no benefits if the policyholder survives the policy term.
- No Surrender Benefit: The policy does not offer any surrender value.
This policy is designed to provide straightforward life coverage without added complexity, ensuring that your family is financially protected in your absence.