The Saral Jeevan Bima Yojana 2024 helps people who wish to take life insurance coverage at a lower cost. It provides a loan amount of a maximum ₹ 2500000. Read to know more!
Saral Jeevan Bima Yojana 2024
The Saral Jeevan Bima Yojana 2024, like the name suggests, is launched to make your life easier. A lot of them opt for life insurance schemes as an option for tax savings and security. Hence, the Indian government took the initiative to provide life insurance coverage at a lower cost. Between ₹500000 and ₹2500000 will be covered under Saral Jeevan Bima Yojana 2022. Under the Saral Jeevan Bima Yojana, various premium varieties would be available. The beneficiary may purchase life insurance based on his financial situation. The minimum and maximum ages for purchasing a life insurance policy are 18 and 65 respectively. Under this plan, a person must not be older than 70 years old. Under Saral Jeevan Bima Yojana 2024, there will be three premium payment options: regular premium, limited premium payment term for 5 years and 10 years, and single premium. A 45-day waiting period is there after the yojana scheme is activated.
Saral Jeevan Bima Yojana Will Start From 1 April 2021
The Saral Jeevan Bima scheme started on 1 April 2021. With its start, people under the ages of 18 to 65 now benefit from life insurance with simple terms and conditions. As you are all aware, the Insurance Regulatory and Development Authority of India launched the Saral Jeevan Bima Yojana. To receive the benefits of this plan, the beneficiary can pay the premium monthly, quarterly, for six months, or for a year. The bare minimum premium is ₹1000. The Saral Jeevan Bima Yojana policy can be cancelled within six months of purchase by the beneficiary as well. The fact that this plan will offer a 100% return on the purchase price is one of its unique features. The beneficiary of this programme will receive this incentive.
Key Highlights Of Saral Jeevan Bima Yojana 2024
| Scheme Name | Saral Jeevan Bima Yojana |
| Launched By | Insurance Regulatory and Development Authority of India |
| Beneficiary | Citizens of India |
| Purpose | Providing simple insurance coverage |
Saral Jeevan Bima Yojana January Update
As new year updates, the plan has a reduced premium available. so that today even those with minimal wages can purchase life insurance. The terms and conditions of all insurance firms will be the same under the Saral Jeevan Bima Yojana, as well as the sum assured and premium amount. The policy period for Saral Jeevan Bima Yojana will range from 4 to 40 years. which will offer protection for people ages 5 to 25. This programme is open to citizens between the ages of 18 and 65.
No payment will be made if the policyholder passes away within 45 days of obtaining the policy, with the exception of accidental death. The claim amount will be distributed to the policyholder’s nominee after his passing. The Saral Jeevan Bima Yojana has the unique feature of allowing the beneficiary to purchase life insurance in accordance with his income. To get the benefits, there are no restrictions on a person’s gender, place of residence, travel, job, or level of education.
Saral Jeevan Bima Yojana Launched
All insurance firms have introduced the Saral Jeevan Bima Yojana. The Indian Insurance Regulatory and Development Authority has published guidelines for this programme. This policy’s maturity age is 70 years. This plan will have a minimum period of five years and a maximum length of forty years.
Under the Saral Jeevan Bima Yojana, applications may also be made online to ensure that the system continues to be transparent. You will also receive a 20 percent discount if you purchase Saral Jeevan Bima insurance online.
The customer should check the company’s solvency ratio and claim settlement ratio before purchasing Saral Jeevan Bima insurance from any provider.
Saral Jeevan Bima Yojana Project
The Indian Insurance Regulatory and Development Authority has requested the introduction of a life insurance programme. In accordance with this plan, insurance companies are free to choose their own premium amount. The launch of the Saral Jeevan Bima Yojana 2024 was motivated by the low interest among policyholders in life insurance policies. The goal of this programme is to have as many people as possible covered by the insurance. Under this system, the beneficiary will receive life insurance. If the beneficiary dies, the amount will be transferred to the nominee.
LIC Jeevan Saral Plan Rules
Except for the fact that suicides are not covered under this loan scheme, there are no particular rules or regulations mentioned. The Saral Jeevan Bima Yojana is unique especially for its simple rules and regulations compared to any other scheme.
Objective of Saral Jeevan Bima Yojana
The main objective of the scheme is to make the loan available to as many people as possible. Also, useful for everyone who wants to take up life insurance at a lower cost with easy-to-understand, minimal rules. After the death of the beneficiary, the whole amount will also be transferred to the nominee so the financial status will not be affected.
Benefits Under LIC Jeevan Saral Plan
Benefit After Death
The nominee will get the following if the policyholder dies during the policy term:
- Sum Assured, which is equal to 250 times the monthly premium
- Payment of additional premium paid on top of the initial year’s payment
- Any rider or additional premiums
1. Addition of Loyalty (If Any)
Maturity Benefit: When the policy reaches maturity, the policyholder receives,
Maturity Sum Assured + Loyalty Additions (based on entrance age and policy term of the policyholder) (if any)
2. Income Tax Advantage
Section 80C of the Internal Revenue Code exempts up to ₹150000 in annual life insurance premium payments. In accordance with section 10(10D) of the Income Tax, both death benefit and maturity benefit are tax-free.
Benefits and Features of Saral Jeevan Bima Yojana 2024
- Under this plan, the beneficiary receives life insurance
- The nominee receives the life insurance benefit once the beneficiary passes away
- This plan offers coverage ranging from ₹500000 to ₹2500000.
- The insurance business has been given the freedom to select the premium amount under the Saral Jeevan Bima Yojana.
- According to this plan, the beneficiary might purchase life insurance based on his financial situation.
- The minimum and maximum age requirements to purchase this plan are 18 and 65, respectively.
- Under this plan, maturity age will be permitted up to a maximum of 70 years.
- Under the Saral Jeevan Bima Yojana, a 45-day waiting period has been established.
- Only accidental deaths will be covered by the policy during this 45-day waiting period.
Eligibility and Required Documents for Saral Jeevan Bima Yojana
- The candidate must be an Indian permanent resident in order to submit an application under this programme.
- The age requirement to participate in the Saral Jeevan Bima Yojana is 18 years old at the minimum and the maximum limit is 65 years old.
- Residence Permit
- Aadhar Card
- A passport photograph
- Mobile number
Process to Apply Online Under Saral Jeevan Bima Yojana
- First, you must visit the insurance provider’s official website.
- You have to click the insurance programme on the home page.
- Following that, you must click on the Saral Jeevan Bima Yojana link.
- Select the Apply Now option and the application form will now appear.
- You must carefully complete the application form’s information requests.
- You must now upload all of the necessary paperwork and then need to press the submit button.
- You will be able to apply for this programme in this manner.
Process of Applying Offline Under Saral Jeevan Bima Yojana 2024
- In order to purchase Saral Bima Yojana, you must first visit the insurance company’s office.
- Take the Saral Bima Yojana application now, if you haven’t already.
- This application form must be thoroughly completed.
- You must then include any necessary supporting documentation.
- This application must now be delivered to the insurance company’s office.
- You can then submit an application for this programme in this manner.
Duration of Saral Jeevan Bima Policy
The Saral Jeevan Bima Yojana is available to those between the ages of 18 and 65, and the duration of the coverage can range from four to forty years. No payment will be made if the policyholder passes away within 45 days of obtaining the policy, with the exception of accidental death. Suicide will not be covered under Saral Jeevan Bima Yojana’s claims. There are no restrictions on this policy’s purchase based on a person’s gender, place of residence, level of education, or religion.
Conclusion
The government of India started Saral Jeevan Bima Yojana to encourage people to take a life insurance policy which provides them loans at a lower cost and very minimal rules to abide by. It is always good to ask legal experts when it comes to government policies. When it comes to the application and procedure, we at Vakilsearch can give you expert advice which will make it easier for you.
FAQs on Saral Jeevan Bima Yojana 2024
When was Saral Jeevan Bima Yojana launched?
It was launched on 1 April 2021.
Why was the scheme launched?
The scheme was launched to make life insurance available to the maximum number of people in India at a low cost and with simple guidelines.
What are the requirements for the Saral LIC Jeevan scheme?
The requirements are address proof, identity proof, a passport-size photograph and mobile number.
Should I submit my income proof to get a loan under Saral Jeevan Bima Yojana?
No! People with any income or even without income can apply.
Is Saral Jeevan Bima Yojana can be used for tax deduction?
Yes! It can be used under Sec 80C.
