Saral Jeevan Bima Yojana:- Saral Jeevan Bima Yojana 2024 has been introduced by the Insurance Regulatory and Development Authority of India (LIC). which will provide the applicant with a simulated life insurance policy to safeguard future cases. The policy term under Saral Jeevan Bima Yojana 2024 would range from 4 to 40 years. We will provide you with all the information you need to know about the Saral Jeevan Bima Scheme in this article. Continue reading this post through to the end if you wish to apply for the LIC plan. Where and how to apply for both offline and online are described in the article. What is the intention? Details regarding the available benefits, among other things, will be provided.
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Saral Jeevan Bima Yojana 2024
The age range for applicants to the Saral Jeevan Bima Yojana is 18 to 65. The insurance firm has maintained the policy’s maturity age at 70 years. Three sections make up the policy: Single Premium, Limited Premium Payment Period (which will last for five to ten years), and Regular Premium. The applicant’s 45-day waiting period will begin on the date that he purchases the policy. If the applicant passes away within 45 days, his designated nominee will get the insurance coverage. The program’s duration has been set at four to forty years.
On April 1, 2021, Saral Jeevan Bima Yojana Will Begin.
On April 1, 2021, the Saral Jeevan Bima programme was launched. Since its inception, life insurance with straightforward terms and conditions has been beneficial to those between the ages of 18 and 65. The Saral Jeevan Bima Yojana was introduced by the Insurance Regulatory and Development Authority of India, as everyone knows. The recipient may choose to pay the premium on a monthly, quarterly, six-month, or annual basis to avail of benefits under this plan. A minimum premium of ₹1000 is required. The beneficiary of the policy may also cancel it within six months after purchase. One of this plan’s special advantages is that it will provide a 100% return on the purchase price. This will be given to the scheme beneficiary incentive.
Key Highlights Of Saral Jeevan Bima Yojana 2024
| Name of the scheme | Saral Jeevan Bima Yojana |
| Year | 2024 |
| Who launched | Insurance Regulatory and Development Authority of India |
| Beneficiary | Citizens of india |
| Objective | Providing simple insurance cover. |
| Category | Central government schemes |
| Official website | https://www.irdai.gov.in/ |
Also Read:- Sovereign Gold Bond Scheme
Objective
The goal of the Saral Jeevan Bima Yojana is to make the benefits of the program available to all citizens, regardless of their financial level. The plan lays out terms and circumstances, according to which the insurance company would collect the premiums and provide the beneficiary with the benefit when the premium period has passed. The sum assured will be paid to the insured person’s family in the event of an early death, protecting them from further financial hardship and preventing them from experiencing any difficulties.
January Update for the Saral Jeevan Bima Yojana
There is a lower premium available for the plan as of the new year upgrades. such that life insurance is now affordable for even individuals with low incomes. The Saral Jeevan Bima Yojana would have uniform terms and conditions for all insurance companies, along with identical sum assured and premium amounts. People between the ages of five and twenty-five would be protected under the, which has a policy period of four to forty years. Citizens who are between the ages of 18 and 65 are eligible for this initiative.
Except in cases of accidental death, no payment will be provided if the policyholder dies within 45 days after acquiring the insurance. Following his death, the policyholder’s nominee will get the claim money. One special characteristic of the Saral Jeevan Bima Yojana is that it lets the beneficiary buy life insurance based on his salary. Benefit eligibility is unrestricted by a person’s gender, place of residence, mode of transportation, employment status, or educational attainment.
Benefits Under LIC Jeevan Saral Plan
Benefit After Death
If the policyholder passes away within the policy term, the nominee will get the following:
- Sum Assured, which is 250 times the premium each month
- Extra premium payment made in addition to the first year’s payment
- Any additional fees or riders
Addition of Loyalty (If Any)
- Benefit of Maturity: Upon policy maturity, the policyholder is entitled to receive,
- Maturity Sum Assured plus Loyalty Additions, if applicable, (depending on the policyholder’s entrance age and policy term)
Income Tax Advantage
- The Internal Revenue Code exempts life insurance premium payments up to ₹150000 per year under Section 80C. The income tax section 10(10D) states that the death benefit and the maturity benefit are both tax-free.
Benefits and features of Saral Jeevan Bima Yojana
Read the following points attentively to learn about the advantages of the Saral Jeevan Bima Yojana.
- The insurance firm will grant the applicant a 20% discount if he purchases insurance online.
- The applicant’s insurance cover amount has been limited under the plan to between Rs 5 lakh and Rs 25 lakh.
- Under the plan, the insurance provider offers coverage based on the applicant’s yearly salary.
- Candidates can easily apply for the scheme online using a computer or a mobile device.
- This claim amount will not be given to anyone who commits suicide while participating in the Saral Bima Yojana.
- As per the plan, the nominee will receive the insurance cover amount upon the death of the insured.
- To purchase, there are no restrictions on location, gender, business, or educational background.
- The beneficiaries may purchase an insurance plan per their circumstances.
- The insurance firm has maintained the policy’s maturity age at 70 years.
- The insurance business introduced the Saral Jeevan Bima Yojana on April 1, 2021.
Eligibility Criteria
| Eligibility Criteria for Saral Jeevan Bima | |
| Minimum Age Entry | 18 Years |
| Maximum Age Entry | 65 Years |
| Policy Term | 5 – 40 Years |
| Maximum Maturity Age | 70 Years |
| Minimum Sum Assured | Rs. 5 Lakh |
| Maximum Sum Assured | Rs. 25 Lakh |
| Annualized Premium | According to the sum assured selected |
| Premium Payment Modes | Yearly, Half-Yearly or Monthly (only under ECS / NACH). |
| Waiting Period | 45 Days |
Required Documents
For the applicant to complete the plan application and receive the benefits, he must have all necessary documentation. The following documents are needed for the scheme:
- Aadhar card
- Voter id card
- Passport size photo
- Registered mobile number
- Basic address proof
- Driving license
Also Read:- Vishwakarma Shram Samman Yojana
Procedure for Online Applications for the Saral Jeevan Bima Yojana
- You must first go to the official website of the insurance company.
- On the main page, you must select the insurance scheme.
- You then need to select the Saral Jeevan Bima Yojana link.
- The application form will now show up if you select the Apply Now option.
- The information asked on the application form must be filled out completely.
- At this point, you have to upload all required documents and click the submit button.
- This is how you will be able to apply for the program.
How can I apply for the Saral Jeevan Bima Yojana offline?
- The insurance company must be consulted initially by the applicant.
- Following that, you’ll also need to bring the required paperwork.
- Here, you must obtain the application form from the official.
- You now need to fill out the application form with the requested information.
- After that, you’ll need to attach the required files that the form requests.
- Once all the information has been entered, review the form again, and make any necessary corrections.
- Following this, you press the form’s submit button.
- Once you click, the application procedure will be finished and you will be eligible to receive the scheme’s benefits.
Saral Jeevan Bima Policy Duration
People between the ages of 18 and 65 can apply for the Saral Jeevan Bima Yojana, and the coverage can last anywhere from four to forty years. Except in cases of accidental death, no payment will be provided if the policyholder dies within 45 days after acquiring the insurance. The claims made would not cover suicide. The purchase of this coverage is unrestricted by a person’s gender, place of residence, educational attainment, or religion.
Conclusion
The Indian government launched the to encourage people to buy life insurance plans, which provide less expensive loans and generally fewer limitations. When in doubt about government policy, it is wise to consult legal specialists. Regarding the application and process.
Also Read:- SC OBC Free Coaching Scheme
FAQ’s
Q.) What is the Yojana Saral Jeevan?
Ans. The Saral Bima Yojana is a type of insurance policy that the government offers to its residents in exchange for their acceptance of the policy from the insurance provider. The government has established a set of straightforward guidelines that allow residents to purchase insurance policies based on their individual needs.
Q.) Who initiated the Saral Jeevan Bima Yojana and when did it begin?
Ans. Launched on January 1, 2021, the Insurance Regulatory and Development Authority of India introduced the Saral Jeevan Bima Yojana.
Q.) How can one apply for the Saral Jeevan Bima Yojana?
Ans. Both offline and online applications are accepted for the Saral Jeevan Beema Yojana. Should you desire to apply for the plan in an offline manner, you will need to visit the insurance company, complete the application, and submit it. If you would prefer to apply online, you must visit the insurance company’s official website.
Q.) Why was the scheme launched?
Ans. The goal of the initiative was to provide affordable life insurance with straightforward rules to as many individuals in India as possible.
Q.) What requirements must one meet to apply for the Saral LIC Jeevan program?
Ans. The requirements are address proof, identity proof, a passport-size photograph, and a mobile number.
Q.) Can anyone from any state apply for this program?
Ans. Yes, residents of all states are eligible to enroll for and get benefits from the Saral Jeevan Bima Yojana.
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