SBI Life Saral Jeevan Bima Term Plan

SBI Life Saral Jeevan Bima Term Plan

SBI Life Saral Jeevan Bima is a standard term plan with simple terms and conditions. It is an individual non-linked, non-participating pure protection plan specially designed for first-time life insurance policy buyers. In case you are looking for an easy-to-understand term plan with assured financial assistance for your family in your absence.

SBI Life Saral Jeevan Bima Term Plan Features

  • Saral Jeevan Bima features standard terms and conditions for every individual.
  • It is easy to understand ensures complete protection for your family at reasonable premiums.
  • The plan offers the convenience to pay the premium once, regularly, or for a limited (5/10 years) period.
  • The minimum entry age is Rs 18 years, and the maximum is 65 years.
  • The maximum maturity age is 70 years.
  • The minimum sum assured is Rs 5 lakhs, and the maximum is Rs 25 lakhs.
  • This plan does not offer any maturity benefit, survival benefit, or rider benefits.
  • It is eligible for tax benefits as per the prevailing norms under the Income Tax Act 1961.

What will my family receive if I am not around anymore?

In case of the insured’s death within the policy term, the nominee of the policy will receive the sum assured in a lump sum, which shall be: 

For Regular & Limited Premium payment policies, the highest of

  • 10 times the Annualized premium
  • 105% of all premiums paid as on the date of death
  • Absolute amount assured+ to be paid on death

For Single premium policies, it is Higher of

  • 125% of Single premium
  • Absolute amount assured+ to be paid on death

In case of the insured’s death due to anything other than an accident, during the waiting period, the policy nominee will receive the sum assured equal to 100% of all the premiums paid, excluding taxes, if any.

Why should you choose the SBI – Saral Jeevan Bima Term Plan?

  • To avail the benefit of standard terms and conditions without any hassles.
  • To ensure the financial security of your family in your absence through affordable premiums.
  • To opt for the ideal policy term and premium payment options as per your convenience and financial capability.

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