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All you need to know about the Standardised Term Insurance Plan

Since the start of 2020, due to the effect of Covid-19, most individuals have understood the term insurance meaning and the importance of the policy. As a result, the search for the best possible term insurance plan has increased. As the world still grapples with the effects of the pandemic, the insurance industry in India also witnessed the launch of new products and processes. The IRDAI ensured that people can easily understand the terms of any insurance policy by making it as simple as possible.

The IRDAI is the Insurance Regulatory & Development Authority of India. It is the organisation that deals with all things insurance in the country. They came up with a standardised term insurance policy known as the ‘Saral Jeevan Bima’. The objective of this policy is to provide a wider variety of insurance coverage to all kinds of prospective buyers.

What is Saral Jeevan Bima?

The Saral Jeevan Bima Yojana is a unique and standard insurance policy that will help first-time buyers secure a better deal. For individuals who are between the age of 18 and 65 years, this term insurance plan can be very helpful. It provides a secure and predictable future for them. The maximum maturity age for this type of insurance plan is 70 years. This means that once an individual reaches this age, the plan will be automatically terminated. The maximum sum assured lies between ₹ 5 lakh to ₹ 25 lakh. And, the term of the policy is usually between 5 years and 40 years. To know the ideal term and coverage for you, you can use a term insurance premium calculator.

Advantages of getting a standardised term insurance policy

Here are few advantages you can have by choosing a standardised term insurance plan like Saral Jeevan Bima plan:

Digitally available

The Saral Jeevan Bima plan is a term plan that can be easily accessed on all digital platforms. This ensures that there’s less chance of confusion and ambiguity. With the help of online purchasing, customers can get a discount of up to 20% on the Saral Jeevan Bima policy. This discount is solely available to customers who buy the policy online. Moreover, you don’t have to go through the hassle of finding reliable agent and following up with them for every little thing.

Covers more people

When you usually try to buy a regular term insurance plan, the fundamental factor that decides the coverage and the premium you need to pay it is your annual income. However, a standardised plan aims to provide affordable coverage for everybody. Saral Jeevan Bima Yojana allows you to opt for a sum assured that fits your coverage needs. This means it does not consider your annual income as the main factor in deciding the coverage you can buy. The plan is a perfect fit for people who belong to a flexible income group or have troubles with income evidence. They can buy the Saral Jeevan Bima plan online to have as much sum assured as they want without burdening their pocket. Using a term insurance premium calculator will tell exactly the amount to be paid as premium. As long as they pay the premium, they can have all the coverage they want within the policy’s coverage limit. The policy also helps individuals from low-income groups that have never been under the coverage of any insurance policy.

Standardised benefits

There is an overabundance of term insurance options in the market. All of these have a different set of benefits that are included in its coverage. Similarly, there are some types of coverage that are not included in some policies. When you try to buy a regular term insurance policy, you often end up having to compromise one benefit for another. This is because one policy usually does not have all the benefits you want. In this situation, the only option you have is to buy add-ons, but they increase your premium by a lot. The Saral Jeevan Bima policy is a standard product, which means that it has all the coverage bits you need and every other policy purchased by another person is the exact same.

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