ABSLI Saral Jeevan Bima
Pocket-Friendly Term Insurance for everyone.
Pocket-Friendly Term Insurance for everyone.
Flexible Premium Payment
Covers Covid-19 death claims
Get ₹25 lakh life cover @ just ₹2,490/month3
What is ABSLI Saral Jeevan Bima?
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Simple and affordable plan to meet your financial security goals
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Flexibility to choose the policy term from 5-40 years
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Flexible premium payment: one time, for a limited period, or throughout the policy term, you can choose how you want to pay the premium as per your convenience.
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Customizable benefit with ABSLI Accidental Death Benefit Rider Plus at a nominal extra cost.
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Short waiting period of just 45 days from inception.
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Standardised individual term life insurance policy by IRDAI.
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Flexibility to choose sum assured as per your protection needs.
Benefits of ABSLI Saral Jeevan Bima
ABSLI Saral Jeevan Bima is a plan that assures the financial security of the family in absence of the life insured. It helps the family to maintain the lifestyle in case of your absence.
Death Benefit
In case of the unfortunate death of the life insured during the policy term, this policy pays a death benefit to the nominee. The benefit amount depends on the waiting period and type of the policy (single pay/ limited pay/ regular pay). Please read the policy brochure for more details.
Customizable Benefit
You can increase the scope of protection by adding a rider to your policy at a nominal cost. You can customize this policy with ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02). This pays 100% rider sum assured if the life insured dies due to an accident. Please read the policy brochure for more details.
Income Tax Benefit
You can avail of the income tax benefit² upon the premium paid towards ABSLI Saral Jeevan Bima under section 80C. The tax benefits are subject to changes in tax laws. Please consult your financial advisor for more details.
Revival of Policy
Not capable of paying your premium? Never mind! You can revive your policy within a revival period of 5 years. The revival period starts from the due date of the first unpaid premium. Please read the policy brochure to understand the terms and conditions of this benefit.
Cancellation Benefit
Thinking to cancel the policy during the policy term? If yes, you can get a cancellation value depending on the Single Pay/ Limited Pay plan type. There is no policy cancellation benefit for the Regular Pay option. Read the policy brochure for more details.
Get More Safety With Rider Cover
Riders enhance the scope of base policy at nominal additional cost. Please refer to the rider brochure for a detailed understanding.
ABSLI Accidental Death Benefit Rider Plus
UIN: 109B023V02
Get additional protection for accident leading to death at a nominal cost.
Download Brochure
How does ABSLI Saral Jeevan Bima work?
Learn with an example.
- Raman, aged 46 years, bought the ABSLI Saral Jeevan Bima for the financial safety of the family. The policy sum assured was Rs.5,00,000 and the premium payment was for regular pay.
- The annual premium to be paid under the regular pay was Rs.15,270 exclusive of tax.
- After paying the premium for 2 years, Raman could not continue to pay the premium due to a financial crisis.
- As soon as he recovered financially within 3 years. Raman decided to continue the policy 3 years after the first unpaid premium. He paid all the outstanding premiums.
- As per the policy guidelines for Revival of Policy, Raman’s life insurance policy will revive only if the board approves of it. Considering the evidence that Raman submitted in favor of the failure of non-payment, the board approved to accept the policy in continuance.
- Naman aged 50 years, bought ABSLI Saral Jeevan Bima policy for a policy term of 20 years. He chose the sum assured of Rs.25,00,000/-.
- Naman decided to pay the premium in 5 limited pay installments. The premium which Naman had to pay was Rs.1,63,650/- for limited period of 5 payments exclusive of taxes.
- After two years of policy purchase, Naman passed away due to sudden illness during the policy term.
- Naman’s daughter Riddhi was the declared nominee under the policy. After successfully filing the claim, Riddhi was eligible to receive the highest of “10 times of annualized premium”, “105% of all the premiums paid as on the date of the death”, or “absolute amount assured to be paid on death”.
- In this case, the highest amount is the absolute sum assured on death. So, she will receive Rs.25,00,000/- as the claim settlement.
- Aman, age 45 purchased the ABSLI Saral Jeevan Bima for the policy term of 25 years.
- He purchased the policy for a sum assured of Rs.15,00,000. He chose the single-pay plan that attracted a premium of Rs.5,41,901/-.
- After 23 days of the policy purchase; unfortunately, Aman died in a severe car accident.
- In this case, Aman’s son Rohan (declared nominee) will get a death benefit equal to the sum assured of Rs.15,00,000/-. The death benefit received under this policy is the total sum assured if the policyholder passes away due to an accident during the waiting period of 45 days from the inception of the policy.
Want to build financial security for your family?
Buy ABSLI Saral Jeevan Bima Now
- Entry Age (age last birthday)
18 to 65 years of age - Maximum Maturity Age (age last birthday)
70 years - Minimum Premium
Annual: Rs. 5,895
Semi-Annual: Rs. 2977
Monthly: Rs. 508 - Maximum Premium
No Limit, subject to board approved underwriting policy - Premium Paying Term
Single Pay;
Limited Pay - 5 and 10 years;
Regular Pay - Policy Term
Premium Payment Term
Minimum
Maximum
Single Pay
5 years
40 years
Limited Pay
PPT + 1
Regular Pay
5 years
- Premium Mode
Annual | Semi-annual | Monthly - Sum Assured
Minimum
Maximum
Rs. 5,00,000
Rs. 25,00,000 (subject to Board Approved Underwriting Policy)
(Sum Assured allowed in multiple of Rs. 50,000 only)
- Grace Period
Grace Period refers to the time granted by Us from the due date for the payment of premium, without any penalty or late fee, during which time Your Policy is considered to be in-force with the risk cover without any interruption, as per the terms and conditions of Your Policy. A period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annually or semi-annually premium payment modes will be allowed. The insurance coverage continues during the grace period, however, if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy. Grace period will also apply to Rider Premiums payable along with the Base Policy premium. - Waiting Period
A waiting period of 45 days is applicable from the date of commencement of risk for Death Benefit payable under this Plan. In the case of Revival of Policy, Waiting Period is not applicable.[1]
What's not covered in ABSLI Saral Jeevan Bima?
ABSLI Saral Jeevan Bima does not cover you for these things:
If the policyholder commits suicide within 12 months from the date of the commencement of the policy, the cover will cease immediately. The nominee will receive all the premiums paid till date as compensation.
The policy does not offer any maturity benefit.
The policy does not offer any survival benefit.
This policy does not offer any surrender benefit.
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
ABSLI Saral Jeevan Bima FAQs
We are constantly trying to simplify ABSLI Saral Jeevan Bima!
ABSLI Saral Jeevan Bima is a Term Insurance Plan. It is an affordable plan to ensure that the policyholder’s family do not fall short of money in case of the untimely demise of the life insured.
The minimum entry age to buy a term plan is 18 years and the maximum entry age is 65 years. The best age to buy a term plan is as early as possible. Because it saves you a lot of premium money. Also, when you are young you are less prone to diseases which again supports buying a policy.
These are the significant features of ABSLI Saral Jeevan Bima:
- Simple & affordable plan to meet Your financial security goals.
- Flexibility to pay premium just once or for a limited period or throughout the Policy Term.
- Enhance Your insurance coverage with Accidental Death Benefit Rider, on payment of additional premium.
There is no maturity benefit under this plan.
There is no Survival Benefit payable under this plan. Term plan does not provide any survival benefit under the ABSLI Saral Jeevan Bima Plan.
Yes, you get tax benefits² with Saral Jeevan Bima under Section 80C of Income Tax Act, 1961.
No, not necessarily. There is no requirement of income proof to buy a Saral Jeevan Bima. Any individual, irrespective of their gender, age, and those with or without income proof can buy the Saral Jeevan Bima.
If you are unable to pay your policy premium by the due date, you will be given a grace period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annually or semi-annually premium payment modes, to pay your due premiums, during which your coverage will continue, however, if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.
You can revive Your Policy within a revival period of five years from the due date of first unpaid premium, subject to following conditions:
The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.1%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2020, is 1% per month compounded annually. Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority. In case of Limited Pay policies, We will pay the Policy Cancellation Value, if any, if the lapsed Policy is not revived at the end of Revival Period.
- Paying all outstanding premiums together with interest and/or late fees as declared by Us from time to time;
- Providing evidence of Life Insured’s insurability satisfactory to us
- Revival of the Policy shall take effect only after revival of the Policy is approved by Us basis the Board approved underwriting Policy and communicated to You in writing.
The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.1%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2020, is 1% per month compounded annually. Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority. In case of Limited Pay policies, We will pay the Policy Cancellation Value, if any, if the lapsed Policy is not revived at the end of Revival Period.
The Policy will terminate on the earliest of the following events:
- The date on which death benefit becomes payable; or
- The date on which refund, if applicable, is settled, in case of cancellation of Policy; or
- The date of maturity of the Policy; or
- On expiry of revival period, if the Policy has not been revived; or
- On payment of free look cancellation amount.
This is an option to review the Policy following receipt of Policy Document.
- You have a free look period of 15 days (30 days in case of electronic policies and policies obtained through distance mode) from the date of receipt of the policy document, to review the terms and conditions of the policy and where if You disagree to any of those terms and conditions, You have the option to return the policy to Us for cancellation, stating the reasons for Your objection, then You shall be entitled to a refund of the premium paid subject only to the deduction of a proportionate risk premium for the period of cover and expenses incurred by Us on medical examination of the proposer and stamp duty charges.
- A request received by us for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request, as stated vide (a) above.
- The Policy shall terminate on payment of this amount and all rights, benefits and interests under this Policy will stand extinguished.
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Disclaimer
¹ Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of policy contract and extant regulatory framework.
² Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³ABSLI Saral Jeevan Bima scenario: Male, Entry age: 30. Policy term: 40 years. sum assured: ₹25,00,000. Regular premium payment, Premium: ₹2490.47/month (excluding GST).
ABSLI Saral Jeevan Bima is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. This product shall also be available for sales through online channel. Tax benefits are subject to changes in tax laws. UIN: 109N128V01 ADV/6/22-23/470.
