IndiaFirst Life Saral Jeevan Bima Plan

IndiaFirst Life Saral Jeevan Bima Plan

Presenting a standardised and simple, pure protection term plan that adds financial security and peace of mind to your life—the IndiaFirst Saral Jeevan Bima Plan. Designed to protect your loved ones in case of any unfortunate event/s, the Saral Jeevan Bima Yojana is a venture supported by the Insurance Regulatory and Development Authority of India (IRDAI). The 'Saral' plans endorsed by the IRDAI are simple insurance products that serve the needs of the masses.

The IndiaFirst Saral Jeevan Plan is built along the same straightforward lines. As a pure protection term plan, this Jeevan Saral policy aims to offer you the peace of mind of knowing that your family members will have the financial security to bank on when you are not around to fulfil your responsibilities as a financial contributor to the household.

With the IndiaFirst Saral Bima Yojana, you can pay a nominal amount to enjoy the rich features and benefits of the plan in case of any untoward eventuality.

What is IndiaFirst Life Saral Jeevan Bima Plan?

If you are looking for a fuss-free term insurance plan in India, there are many options to choose from. Depending on the insurance service provider, you will have access to many features, benefits, flexible facilities, and maturity options.

However, the policyholder must wade through all of these details, terms and conditions, and exclusions to understand the policy benefits before purchasing it. With the wide variety of choice available to you, it is understandable to be confused.

To ensure that everyone has access to insurance coverage, the IRDAI introduced the Saral Bima Yojana and the Saral Pension Yojana. As per the IRDAI guidelines, the Saral policies must be made available to the people by insurers from the 1st of January 2021 onwards. Endorsed by the IRDAI, the IndiaFirst Saral Jeevan Bima Plan is the saral jeevan bima policy offered by IndiaFirst Life Insurance.

The IndiaFirst Life Saral Jeevan Bima Plan is a non-linked, non-participating, individual pure term insurance policy aimed at ensuring your family members' financial well-being in case of any untoward event/s. With this saral jeevan bima policy, you can get financial protection for your family by signing up for a life cover at an affordable cost. The Jeevan Saral Plan offers you benefits, facilities, and life cover for up to 40 years in one policy.

Besides the jeevan saral benefits offered by the policy, you also have the reputation of IndiaFirst Life Insurance to bank on. So, pay premiums as per your convenience, and rest assured that your life cover will stand your family members in good stead in case of your untimely death

What are the Key Features of IndiaFirst Life Saral Jeevan Bima Plan?

To introduce the term insurance and pension plan to the Indian market, the IRDAI used the word 'saral' to describe the plan and its benefits. 'Saral' means straightforward, and the Saral Bima plans are designed to fulfil this criterion. If you are hoping to buy a pure protection term plan, it is essential to understand the insurance industry jargon before making your choice.

Let's break down what the IndiaFirst Saral Jeevan Bima Yojana offers you:

Non-linked jeevan saral policy benefits:

The IndiaFirst Life Saral Jeevan Bima Plan is a non-linked plan that is not connected to the ups and downs of the capital market. This makes the jeevan saral plan the perfect plan for risk-averse investors. With a term plan, your goal is not to make money or enhance your savings. The Saral Jeevan Bima policy allows you to pay a nominal amount in exchange for life coverage during the policy's tenure. As a jeevan saral policy is not connected to the market, it does not increase or decrease in value based on the volatile movements of the Indian capital market—what you see is what you get.

Non-participating jeevan saral benefits:

In a participating plan, the insurance service provider may announce specific bonuses or additional income options based on how well the insurer has fared during the period covered by the plan. The IndiaFirst Life Saral Jeevan Bima Plan is a non-participating without-profit plan that offers you jeevan saral policy benefits guaranteed at the start of the jeevan saral yojana plan.

Individual pure protection saral jeevan bima plan:

You may buy insurance products to meet several needs. For instance, if you are looking for a money-back plan that returns a part of your savings every few years, a cash-back endowment policy is likely to be the best fit for you. Similarly, if you want a retirement plan, many insurance instruments can offer you the chance to create a retirement corpus while you enjoy life cover when the plan is in force.

A pure term plan such as the IndiaFirst Life Saral Jeevan Bima Plan is designed with one primary purpose in mind—to provide people from all economic backgrounds, caste, creed, gender, and station in life with a pure protection life insurance plan.

With this Jeevan Saral Yojana, you pay a fixed premium at monthly, half-yearly, or single premium frequency for a fixed premium paying term. In exchange, IndiaFirst Life Insurance offers you comprehensive life cover during the fixed policy term.

Features of the IndiaFirst Life Saral Jeevan Bima Plan

• Get financial protection for your family with life cover at an affordable cost
• Safeguard your loved ones for up to 40 years using the saral jeevan bima policy
• Ensure that you are sufficiently covered with the maximum sum assured of up to Rs. 50 lakhs
• Pay premiums as per your convenience in a single payment, for a limited duration or in a regular monthly or half-yearly manner
• Secure your loved ones against COVID-19 with the lumpsum jeevan saral death benefit in case of death due to COVID-19
• Utilise the tax benefits and exclusions available on the premiums paid and the benefits received as per the prevailing tax laws in the country
• Get an understanding of sample premium rates, jeevan saral policy benefits, and what happens at maturity of jeevan saral plans before you purchase the Saral Jeevan Bima Policy from IndiaFirst Life Insurance

What are the eligibility criteria for IndiaFirst Life Saral Jeevan Bima Plan?

To keep the Saral Jeevan Bima Plan simple and straightforward, a clearly defined list of criteria needs to be met before you purchase the IndiaFirst Life Saral Jeevan Bima Plan.

• The minimum age for applying is 18 years, and the maximum age for applying is 65 years.
• The minimum age at the end of the plan is 23 years, and the maximum age at the end of the IndiaFirst Life Saral Jeevan Bima Plan is 70 years.
• Under the IndiaFirst Life Saral Jeevan Bima Plan, the minimum sum assured is fixed at Rs. 5,00,000 while the maximum sum assured could go as high as Rs. 50,00,000.
• The minimum premium amount to be paid under the IndiaFirst Life Saral Jeevan Bima Plan is Rs. 1,300 yearly, Rs. 665 half-yearly, or Rs. 113 monthly. You can also opt for the IndiaFirst Life Saral Jeevan Bima Plan as a single-premium policy which requires a one-time payment of a minimum of Rs. 5,200.
• The maximum premium amount that can be paid under the IndiaFirst Life Saral Jeevan Bima Plan is Rs. 3,18,000 yearly, Rs. 1,62,784 half-yearly, and Rs. 27,666 monthly. You can also opt for the IndiaFirst Life Saral Jeevan Bima Plan as a single-premium saral jeevan bima policy which allows for a maximum one-time payment of Rs. 10,72,000.

What is the need for the IndiaFirst Life Saral Jeevan Bima Plan?

The IndiaFirst Life Saral Jeevan Bima Plan is a simple term insurance plan that will pay the nominee listed by you a fixed lumpsum amount after the policyholder's demise. Let's look at a few instances where the IndiaFirst Life Saral Jeevan Bima Plan would be required and how this saral bima plan could help you.

For a working woman

It is easy to underestimate your worth to your family as a woman. But, besides taking care of household management, a working woman also offers a tangible financial contribution to her family's income every month. The IndiaFirst Life Saral Jeevan Bima Plan is a term plan that helps protect your loved ones financially even you are not around.

For a farmer

In case of an unfortunate event such as losing the breadwinner of the family, your loved ones will end up suffering two types of grief, namely, the loss of you and the loss of your financial contribution. By safeguarding your family's future with an affordable life cover, you can ensure that a tidy sum of money is paid out as the Jeevan Saral death benefit to help your loved ones in a difficult time.

For a salaried employee

Once you start working as a salaried employee, your family members begin to bank on a fixed amount of money being contributed to the household management funds. But, in case of your untimely death, your loved ones stand to lose those fixed wages. With the IndiaFirst Life Saral Jeevan Bima Plan, you can secure your family's financial future with a practical and straightforward life cover option.

For a business owner

As a business owner, you know how essential it is to plan your finances in advance. With the IndiaFirst Life Saral Jeevan Bima Plan, you can rest assured that your hard-earned money is being used to protect your family when they need it the most. Buy the IndiaFirst Life Saral Jeevan Bima Plan to safeguard your family's financial future today. While the remaining terms and conditions remain the same with the IndiaFirst Life Saral Jeevan Bima Plan, the maximum sum assured that you could avail of is capped at Rs. 50,00,000 instead of the IRDAI-endorsed Rs. 25,00,000 limits, so you can make better provisions for your family members.

For a first-time insurance buyer

Choosing between life insurance products and insurers is not an easy task. Your choice becomes easy with the standardised nature of the Jeevan Saral policy benefits because all insurers offer the same jeevan saral benefits. The standardised wordings in the IndiaFirst Life Saral Jeevan Bima Plan make it easy to understand, so you can make an informed choice while buying the Saral Jeevan Bima policy.

For any potential policyholder

The IndiaFirst Life Saral Jeevan Bima Plan is offered to all individuals regardless of their gender, occupation, residential state, educational qualifications, or job position. The premium rate for the IndiaFirst Life Saral Jeevan Bima Plan will be determined based on factors such as your income, gender, and age. However, the policy terms and conditions remain standardised across insurers

What are the Benefits of IndiaFirst Life Saral Jeevan Bima Plan?

The IndiaFirst Life Saral Jeevan Bima Plan offers a host of benefits to the policyholder. These are a few of the Jeevan Saral policy benefits you can reap after buying this saral jeevan plan.

Get financial security for your family

If there is one thing certain in life, it is that everything is uncertain. Therefore, uncertainties form a large part of life, and they need to be planned for. While it is sure that everyone will die someday, you do not know when such a tragedy could strike your family. With the IndiaFirst Life Saral Jeevan Bima Plan, you can get financial security and freedom for your loved ones in case of your unforeseen demise.

Jeevan Saral death benefit

Death of policyholder within the 45-day waiting period

• In the case of death by accident for regular/limited premium payment policy, the sum assured higher of 10x the annualised premium, 105% of all premiums paid till the date of death, or pre-selected absolute amount assured to be paid on death is paid to the nominee.
• In the case of death for reasons other than accident, an amount equal to 100% of all premiums excluding taxes, if any, will be paid as the death benefit before terminating the policy.

Death after waiting period but before the maturity of the jeevan saral plan

• In the case of regular/limited premium plan, the jeevan saral death benefit amount payable as a lump sum is the highest of 10x the annualised premium, 105% of all premiums paid till the date of death, or pre-selected absolute amount assured to be paid on death is paid to the nominee.
• In the case of single premium jeevan saral death benefit, the highest of 125% of single premium or pre-selected absolute amount assured to be paid on death is paid to the nominee.

There is no maturity benefit at the jeevan saral maturity date as this is a pure protection term plan.

IndiaFirst Life Saral Jeevan Bima Plan tax benefits

Depending on the prevailing tax norms in the country, tax benefits may be available on premiums paid and benefits receivable. These are subject to change from time to time as per the tax laws decreed by the government.

Choice of policy term under the saral jeevan plan

Under the IndiaFirst Life Saral Jeevan Bima Plan, you can choose a policy term between 5 to 40 years with the corresponding PPT or premium payment term.

• For regular premiums jeevan saral yojana, the PPT is equal to the policy term.
• For limited premiums, the PPT could be 5 years with a minimum policy term of 10 years or 10 years with a minimum policy term of 15 years.
• For single premium, a one-time payment is to be made at policy inception.

Non-restrictive simple process

With the IndiaFirst Life Saral Jeevan Bima Plan, you can buy this straightforward jeevan saral plan with no restrictions on educational qualifications, occupation, place of living, or gender.