IndiaFirst Life Saral Jeevan Bima Plan

(Non-Linked, Non-Participating, Individual Pure Term Insurance Plan)

Take a step towards securing your family's financial future with IndiaFirst Life Saral Jeevan Bima Plan. This pure term insurance policy is designed to provide lump sum benefit as a safety net for your loved ones in case of unexpected events. Safeguard their dreams by choosing our term plan today!

Life Insurance Cover of up to ₹50 lakhs.
Flexible premium payment options
Up to 40 years of protection for loved ones.
Protection against COVID-19 with lump sum benefit.
Tax benefits

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Overview
Key features
How to Buy
Eligibility Criteria
Customer Feedback
FAQ

Key features of IndiaFirst Life Saraljeevan Bima Plan

Life Insurance Cover of up to ₹50 lakhs:

Ensure you are sufficiently covered as you get coverage of up to ₹50 lakhs

Affordable premiums

Get financial protection for your family with life cover at an affordable cost

Flexible Premium Payment Option

You can enjoy the flexibility to pay your term insurance premiums monthly, half-yearly, yearly or as a one-time payment (single premium)

Long term protection:

Safeguard your loved ones up to a policy term of 40 years

How to buy IndiaFirst Life Saral Jeevan Bima Plan?

Step 1

Enter your details:

Fill in your basic details like name, mobile number, DOB & gender.

Step 2

Choose the life cover option:

Choose from life cover up to ₹50 Lakhs based on your needs.

Step 3

Select Your Policy Term & Premium payment options:

Choose a suitable policy term, payment duration, and frequency to match your preferences.

Step 4

Review Your Personal Quote:

Take a moment to go through the personalized quote generated just for you.

Step 5

Consult with Our Experts:

Connect with our knowledgeable sales representatives, who will guide you on the way forward.

Step 6

Secure Your Plan:

Finalize your application by making the necessary payment. Your journey to a secure financial future begins!

Eligibility Criteria

Age

Sum Assured

Premium (₹)

Premium Paying Term (PPT) options

Policy Term

Premium Payment Frequency

Entry Age (as of last birthday)

Question: Entry Age (as of last birthday)
Sequence
Answer: Minimum: 18 years
Maximum: 65 years
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Age at Maturity (as on last birthday)

Question: Age at Maturity (as on last birthday)
Sequence
Answer: Minimum: 23 years
Maximum: 70 years
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Basic Sum Assured

Question: Basic Sum Assured:
Sequence
Answer: Minimum: ₹5,00,000
Maximum: ₹50,00,000 (Subject to the Board approved underwriting policy (BAUP))
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Yearly

Question: Yearly:
Sequence
Answer: Minimum: ₹1,300
Maximum: ₹3,18,000
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Half Yearly

Question: Half Yearly:
Sequence
Answer: Minimum: ₹665
Maximum: ₹1,62,784
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Monthly

Question: Monthly:
Sequence
Answer: Minimum: ₹113
Maximum: ₹27,666
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Single

Question: Single:
Sequence
Answer: Minimum: ₹5,200
Maximum: ₹10,72,000
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Regular Premium

Question: Regular Premium
Sequence
Answer: Equal to policy term
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Limited Premium

Question: Limited Premium
Sequence
Answer: Minimum: 5 years
Maximum: 10 years
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Single Premium

Question: Single Premium
Sequence
Answer: One-time payment at policy inception
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Regular Premium

Question: Regular Premium
Sequence
Answer: • Minimum: 5 years
• Maximum: 40 years
Tags

Limited Premium

Question: Limited Premium
Sequence
Answer: Minimum Premium Payment Term of 5 years for policy terms of 10 years
Minimum Premium Payment Term of 10 years for policy terms of 15 years
Premium Payment Term & Policy Term should be chosen such that the maximum maturity age criteria of 70 years is met in the limited premium policy.
Tags

Premium Payment Frequency

Question: Premium Payment Frequency
Sequence
Answer: Yearly, Half Yearly, Monthly, Single
Tags

How people have benefitted from IndiaFirst Life

Hassle-free Onboarding Process

From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.

Mohit Agarwal

(Mumbai, 21st March 2024)

How people have benefitted from IndiaFirst Life

Pleasant Online Buying Experience

Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.

Satyam Nagwekar

(Mumbai, 22nd March 2024)

How people have benefitted from IndiaFirst Life

Trusted ally in my financial journey

IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.

Paulomi Banerjee

(Kolkata, 21st March 2024)

How can we help?

View All FAQ

General

Policy Types

Premiums and Payments

Claim and Beneficiary

What is the IndiaFirst Life Saral Jeevan Bima Plan?

Answer: IndiaFirst Life Saral Jeevan Bima Plan is a non – linked, non - participating, individual pure term insurance policy is all about securing your family's financial well-being in case of unexpected events. If something happens to the you covered by under Jeevan Saral bima, your loved ones will receive a lump sum benefit, providing them with the financial support they need.

Is there a waiting period in this policy?

Answer

There is waiting period of 45 days from the date of commencement of risk except for death due to accident. In case of death of life assured due to accident during the waiting period, death benefit as mentioned will be paid.

In case of death of life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums excluding taxes, if any will be paid as death benefit and policy terminates.

What happens in case of demise of the life assured in this policy?

Answer

i) On death of the Life Assured during the Waiting Period and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:

(1) In case of Accidental Death, for regular premium or limited premium payment policy, equal to Sum Assured on Death which is the highest of:

(a) 10 times the Annualized Premium, or

(b) 105% of all premiums paid as on the date of death, or

(2) In case of Accidental Death, for single premium policy, equal to Sum Assured on Death which is the higher of:

(a) 125% of Single premium or

(b) Absolute amount assured to be paid on death which is chosen by the policy holder at the inception of the policy

(3) In case of death due to other than accident, the Death Benefit is equal to 100% of all Premiums paid excluding taxes, if any.

ii) On death of the Life Assured after the expiry of Waiting Period but before the stipulated date of maturity and provided the Policy is in force, the Death Benefit amount payable as a lump sum is:

(1) For Regular premium or Limited premium payment policy,“ Sum Assured on Death ”which is the highest of:

(a) 10 times of annualized premium; or

(b) 105% of all the premiums paid as on the date of death; or

(2) For Single premium policy, “Sum Assured on Death” which is the higher of:

(a) 125% of Single Premium or

(b) Absolute amount assured to be paid on death which is chosen by the policy holder at the inception of the policy Premiums referred shall not include any extra amount chargeable under the policy due to underwriting decision and rider premium(s), if any.

Absolute amount assured to be paid on death shall be an amount equal to Basic Sum Assured.

Can I get a loan in this policy?

Answer: No, loan is not allowed in this policy

What are your options to revive the policy

Answer

The revival period is 5 years from the date of first unpaid premium or before expiry of policy term whichever is earlier under the regular/ limited premium policies.

You may revive the policy by paying all the arrears premium without any interest within five years from the due date of first unpaid premium or before expiry of policy term whichever is earlier subject to production of satisfactory evidence of health, if required as per the board approved underwriting policy.

The insurance company will always have the right to refuse such requests for revival as per the Board approved underwriting policy. The cost of underwriting / medicals, if any, will be borne by you.

Note: Any change in basis of calculation of revival interest rate is subject to prior approval from IRDAI. The waiting period shall not be applicable on revival of policy. Waiting period is not applicable on revival of the policy.

Can you return your policy (free look period)?

Answer: You can return your policy within the Free Look period; In case you do not agree to any of the policy terms and conditions, you have the option of returning the policy to the insurer for cancellation, stating the reasons for your objection within 30 days from the date of receipt of the policy.

Can you cancel your policy?

Answer

Yes, you have the flexibility to cancel your policy. Following benefit shall be payable upon policy cancellation:

Regular Premium	No policy cancellation value is payable
Limited Premium	Policy cancellation value acquires if one full year premiums is paid under limited premium policy and before the stipulated date of maturity or at the end of revival period if the policy is not revived. This will be calculated as below. 70% X Total Premiums Paid** X (UnexpiredTerm) / (Original Policy Term)
Single Premium	Policy cancellation value acquires immediately for single premium policy after the single premium is paid (inclusive of extra premium, if any) and before the stipulated date of maturity. This will be calculated as below. 70% X Single Premium Paid X ((Unexpired Term) / (Original Policy Term))

Regular Premium

No policy cancellation value is payable

Limited Premium

Policy cancellation value acquires if one full year premiums is paid under limited premium policy and before the stipulated date of maturity or at the end of revival period if the policy is not revived. This will be calculated as below.

70% X Total Premiums Paid** X (UnexpiredTerm) / (Original Policy Term)

Single Premium

Policy cancellation value acquires immediately for single premium policy after the single premium is paid (inclusive of extra premium, if any) and before the stipulated date of maturity. This will be calculated as below.

70% X Single Premium Paid X ((Unexpired Term) / (Original Policy Term))

**For the calculation of policy cancellation value the Total premiums paid shall be inclusive of extra premiums, if any.

Single Premium is inclusive of extra premium, if any

What is maturity benefit in this policy

Answer: There is no maturity benefit applicable in this policy as this is a pure protection policy.

What are the tax# benefits in this policy

Answer: Tax# benefits may be available on premiums paid and benefits receivable as per prevailing Income Tax# Laws. These are subject to change from time to time as per the Government Tax laws. Please consult your tax# consultant before purchasing this policy.

What happens in case you miss paying your premiums?

Answer: In case of Regular Premium and Limited Premium payment policies, if the premium for first two consecutive full years has not been paid in respect of this policy and any subsequent premium be not duly paid, all the benefits shall cease after the expiry of grace period from the date of first unpaid premium and nothing shall be payable, and the premiums paid till then are also not refundable, as the case maybe. After payment of two consecutive full years’ premiums, the policy cancellation value as mentioned in Section 12 will be payable. It is advisable to check your premium amounts for the desired policy with an online term insurance calculator you can decide on the details that don’t burn a hole in your pockets, and you are able to maintain your policy with ease.

Is there a grace period for missed premiums

Answer

We provide you with a grace period in case of regular and limited premium payment policies only. A grace period of 30 days where the mode of premium payment is yearly or half yearly and 15 days in case of monthly, is allowed for the payment of each renewal Premium. If the premium is not paid before the expiry of the days of grace, the Policy lapses.

If the death of the Life Assured occurs within the grace period but before the payment of the premium then due, the policy will still be valid and the benefits shall be paid after deductions of the said unpaid premium as also the balance premium(s), if any, falling due from the date of death and before the next policy anniversary.

All your policy benefits continue during this grace period and the policy will be considered to be in-force.

What is the suicide exclusion in this policy?

Answer

a) For regular/limited pay policies:

If the Life Assured, under the Jeevan Saral Bima, commits suicide within 12 months from the commencement of risk or revival date, and the policy is in force, it will be void. In such cases, the company will not process any claim except for refunding 80% of the premiums paid till the date of death (excluding extra charges due to underwriting decisions, taxes, and rider premiums, if any). This clause doesn't apply to lapsed policies, as no payouts are made for them.

b) For single premium policies:

This Jeevan Bima policy becomes void if the Life Assured commits suicide within 12 months from the commencement of risk. In such cases, the company won't entertain any claims except for a refund of 90% of the Single Premium paid, excluding any extra charges due to underwriting decisions and rider premiums, if any.

What are the premium amounts in the policy?

Answer

We have provided below some sample annual premium amounts (regular premium) for a policy term of 25 years and Sum Assured of INR 10,00,000 for your ready reference –

Age/ Policy Term	Annual Premium
25	3,160
30	4,040
35	5,750
40	8,460
45	12,620

What happens in case of submission of information which is false or incorrect

Answer

Fraud/ Misstatement would be dealt with in accordance with provisions of Section 45 of the Insurance Act 1938, as amended from time to time.

Section 45 of the Insurance Act 1938, as amended from time to time states

1) No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e., from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.

2) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.

3) Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.

4) A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.

5) Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the Life Insured was incorrectly stated in the proposal.

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