Summary of HDFC LIfe Saral Jeevan Bima Plan
HDFC Life Saral Jeevan Bima Plan is a simple and affordable term insurance plan. It is a standardised variant which provides a large life cover and also the option of additional protection through riders.
| Plan Name | HDFC Life Saral Jeevan Bima |
|---|---|
| Policy Type | Term Insurance |
| UIN | 101N140V01 |
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Key Features of HDFC LIfe Saral Jeevan Bima Policy
- Simple and easy to understand term insurance plan
- Affordable premiums
- 2 Rider options to provide a complete cover
- Premiums can be paid monthly, quarterly, half-yearly or annually
- Tax Benefits on Premiums paid and Death Benefit
Benefits of HDFC Life Saral Jeevan Bima Policy
The purpose of this plan is to offer large life insurance protection at affordable premiums so that the nominee will receive a large sum in case something happens to the policyholder.
Waiting Period – It is important to understand that this plan has a waiting period of 45 days. The complete benefits only start after the waiting period of 45 days.
Death Benefit – In the unfortunate event of the policyholder’s death, the nominee will receive the highest of the following:
For Regular Premiums (monthly, quarterly, half yearly and yearly), it is HIGHER of:
- Sum Assured or the cover amount
- 105% of all premiums paid
- 10 times the Annualised Premium
For Single Premium, it is HIGHER of:
- Sum Assured or the cover amount
- 125% of Single Premium
In case of death of the policyholder during the waiting period, the following benefits are payable.
- Accidental Death – In case of death due to an accident in the waiting period, the complete benefits as mentioned above are payable
- Death other than due to Accident – In this case, there is a difference – only premiums paid till now (excluding taxes) will be paid to the nominee.
The Death Benefit received by the nominee is tax free.
Optional Rider Benefits
You can avail the following 2 riders by paying extra premiums.
- HDFC Life Protect Plus Rider – Details
- HDFC Life Income Benefit on Accidental Disability Rider – Details
Eligibility Parameters for the HDFC Life Saral Jeevan Bima Plan
| Parameter | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 years | 65 years |
| Max Age at Maturity | 70 years | 70 years |
| Sum Assured | 5 lakhs | No limit |
| Premium Payment Term | Single Pay Regular Pay – Same as policy term Limited Pay – 5 & 10 pay |
Single Pay Regular Pay – Same as policy term Limited Pay – 5 & 10 pay |
| Policy Term | Single & Regular Pay – 5 years Limited 5 Pay – 6 years Limited 10 Pay – 11 years |
40 years |
| Premium Payment Mode | Monthly, Quarterly, Half-yearly, Annually & Single | Monthly, Quarterly, Half-yearly, Annually & Single |
Other Features of Tata AIA Life Saral Jeevan Bima Policy
Free Look Period – In case you are not satisfied with the policy after receiving the policy documents, you can cancel the policy and get a refund. The can cancel the policy within the free look period as defined here:
- Within 15 days in case the policy is not purchased electronically or through distance marketing
- Within 30 days in case the policy is purchased electronically or through distance marketing
Grace Period – In case you forget to pay your premiums on time, you will have a grace period during which the premiums can be paid and your policy will not lapse.
- Grace period is 30 days for half-yearly and yearly modes of payment
- Grace period is 15 days for monthly mode of premium payment
Policy cancellation – In case you cancel the policy, you will get some amount of refund as follows:
- Single premium mode – 70% x Premiums paid x Balance term / Total term
- Limited pay modes – 70% x Premiums paid x Balance term / Total term
- Regular premium modes – Nothing is payable
Revival – In case you have missed the premiums and the policy has lapsed, you can revive the policy within 5 years from the last unpaid due date, but before the policy term expiry. You will have to pay all unpaid premiums without any interest.
Suicide Exclusion – In case of death of the polilcyholder due to suicide with 12 months of commencement of risk, the sum assured will not be paid to the nominee. Only a part of the premiums paid will be refunded as follows:
- For regular premium plans – 80% of the premiums paid will be refunded
- For single premium plans – 90% of the premiums paid will be refunded
This pretty much explains the working of this plan. In case you have any questions on this plan, please drop a comment and we will get back to you.
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