Saral Jeevan Bima

Securing Tomorrow Made Simple

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Make life coverage simple with a clear-cut plan 

Know about SBI Life - Saral Jeevan Bima

UIN: 111N128V02 | Product Code: 2Q

Affordable Term Plan

Convenient Premium Options**

Benefits* Under Income Tax Act, 1961

Know Your Life Insurance Plan

Features

Consistent Care: SBI Life - Saral Jeevan Bima delivers reliable and straightforward life coverage throughout your policy term. This ensures your loved ones continue to receive financial support, when they need it the most, enabling stability even with changing circumstances. The coverage allows your family to maintain everyday commitments with clarity and assurance.
 
Clear Terms and Conditions: SBI Life - Saral Jeevan Bima is a standard term plan with an affordable premium. Our product is designed with transparency, ensuring that the coverage details are straightforward to help you make an informed decision. With no hidden clauses, the plan provides direct protection that keeps your family’s security at the forefront.
 
Flexible Premiums: SBI Life – Saral Jeevan Bima aligns your financial planning and gives you the choice of how you pay, whether as a single payment, regularly throughout the policy term, or over a limited period of 5 or 10 years. This means you can plan according to what works for your earning pattern and commitments. Flexible premium options allow coverage to remain aligned with your financial planning over time. This allows you to focus on following your aspirations, knowing financial security is structured and in place.
 
Tax Benefits: SBI Life - Saral Jeevan Bima provides tax benefits as per prevailing norms under Income Tax Act, 1961

Advantages

Simplicity: The SBI Life - Saral Jeevan Bima is a standard term product With easy to understand terms and conditions.
 
Affordability:Offering a balance of life cover and affordable premium, SBI Life - Saral Jeevan Bima plan ensures that securing what you are building for your family is within your budget. You can proceed with assurance, having made a sound, affordable choice that delivers the security they need.
 
Security: The SBI Life - Saral Jeevan Bima plan provides dependable financial reassurance. This allows you to pursue your goals while ensuring your family receives financial support when circumstances arise, enabling them to maintain their path forward with stability.
 
Flexibility: : Designed to fit seamlessly into your life, the plan allows you to choose payment option and policy term. You can opt for policy term ranging from 5 years to 40 years and to pay premium as a one-time payment, regular contributions throughout the policy term, or payments spread over five or ten years. With SBI Life - Saral Jeevan Bima, your life cover provides financial security to your family through every chapter of life.

Plan Benefits

Death Benefit:

On death of the life assured during the policy term after the expiry of the waiting period or due to accident during the waiting period,the nominee/beneficiary will receive the Sum assured on death, in lumpsum which is:

For Regular & Limited Premium payment policies, it is Highest of

A. 10 times the Annualized1 premium

B. 105% of all premiums paid as on the date of death

C. Absolute amount assured+ to be paid on death

For Single premium policies, it is Higher of

A. 125% of Single premium

B. Absolute amount assured+ to be paid on death

On death of the life assured due to other than accident, during the waiting period, the nominee/beneficiary will receive the Death Benefit, which is equal to 100% of all the premiums paid, excluding taxes, if any.

The premiums referred above shall not include any extra amount chargeable under the policy due to underwriting decision, if any.
 
Survival Benefit: This plan provides no survival benefit.
 
Maturity Benefit: This plan provides no maturity benefit.
 
Rider Benefits: No rider benefits are available under this product.

1Annualized Premium is the total amount of premium payable in a policy year, excluding taxes, underwriting extra premiums and loadings for modal premiums, if any.

 

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

 

Downloads

For more details on risk factors, terms and conditions of the SBI Life - Saral Jeevan Bima, read the following documents carefully.

• Product Brochure/Prospectus

• Product Guide

• Policy Document


 

Who Can Buy?

Age^ at Entry Minimum: 18 years Maximum: For POSPs and Common Public Service Centre - Special Purpose Vehicle (CPSC-SPV): 60 years For other channels:65 years
Maximum Age at Maturity For POSPs and CPSC-SPV: 65 years For other Channels: 70 years
Policy Term 5 to 40 years The combination of Premium payment term and Policy term are as follows:
Premium Payment Term Regular Premium Limited Premium: 5 years Limited Premium: 10 years Single Premium
Policy Term (years) 5 to 40 10 to 40 15 to 40 5 to 40
Basic Sum Assured (in multiples of ₹50,000) Minimum: ₹5,00,000 Maximum: ₹25,00,000
The maximum Basic Sum assured allowed shall be as per the Board approved underwriting policy. Underwriting shall be as per the “Board approved underwriting policy”
Premium Payment Options Regular Premium, Limited Premium (5 and 10 years), Single Premium
Premium Frequency Yearly, Half-yearly, Monthly^^ & Single Premium
Premium Frequency Loading Half-Yearly: 51.00% of yearly premium Monthly: 8.50% of yearly premium
&&Premium Amount Minimum: Maximum:
Single - ₹ 5,480 Single - ₹ 415,475
Yearly - ₹ 1,415 Yearly - ₹ 101,025
Half-Yearly - ₹ 721.65 Half-Yearly - ₹ 51,522.75
Monthly - ₹ 120.28 Monthly - ₹ 8,587.13
The maximum premium shall be subject to board approved underwriting policy

^ All the references to age are age as on last birthday.

&&Premium shown above are excluding applicable taxes and underwriting extra. Taxes will be applicable as per the prevalent tax laws

Calculate Your Premium

Every chapter of your life comes with its own responsibilities. The right life insurance plan grows with you, supporting your goals and the ones you care about.

Based on your age, coverage, premium payment term and policy duration, discover a premium that fits your life.

Calculate Premium

Frequently Asked Questions

The SBI Life - Saral Jeevan Bima policy is available to any individual aged between 18 to 65 years of age while meeting the other the eligibility requirements. It is designed to provide life insurance coverage, making essential support accessible to a wide range of people. This policy provides clear and dependable coverage, allowing you to take your first step towards securing your family's tomorrow with confidence. To check your eligibility for SBI Life - Saral Jeevan Bima, use our eligibility calculator here here

The SBI Life - Saral Jeevan Bima policy is available to individuals between the ages of 18 and 65. For POSPs and Common Public Service Centre – Special Purpose Vehicle (CPSC-SPV), the age limit is 60 years, while for other channels, the age limit extends to 65 years. This makes the policy suitable for both young adults starting their journey and those later in life who wish to secure financial protection for their loved ones, ensuring security is accessible at every stage.

A medical test may not be required if you're applying for a low sum assured plan. However, if you have a pre-existing medical condition or are applying for a higher sum assured, a medical examination may be required to assess your health status. This will be decided as per board-approved underwriting policy. This process ensures you receive coverage tailored to your situation, allowing you to secure protection that fits your needs.

To purchase the SBI Life - Saral Jeevan Bima policy, you will generally need to provide proof of identity (such as Aadhaar card, passport, or voter ID), proof of age (birth certificate or passport), proof of address (utility bills or Aadhar card), a recent photograph, and bank details for premium payment (if applicable). These documents help ensure the accuracy of the policy and verify your identity. With these requirements in place, you can proceed with securing your family's coverage.

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For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

*Tax Benefits:

 

Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details. For further details, click here.

**Once, regularly or for a limited (5/10 years) period

*You may be eligible for Income Tax benefits as per the applicable income tax laws in India, which are subject to change from time to time. You are advised to consult your tax advisor on applicable tax benefits under the policy.
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