Saral Jeevan Beema for Bharat: Irdai introduces standard life product

 


The insurance regulatory and development authority of India (Irdai) has come out with a standard individual term life insurance product, to be known as “Saral Jeevan Bima”, which will be mandatorily offered by all the life insurance companies from January 1, 2021 onwards.

The insurers have to file the product with the insurer latest by December 1, 2020.

The Saral Jeevan Bima product to be offered by all the life insurance companies will be non-linked non-participating individual pure risk premium life insurance plan. It will pay the sum assured in lump sum to the nominee in case of the life assured’s death during the policy term. Under the standard term product, there will be no exclusions, other than suicides. And, the product will be offered to individuals without restrictions on gender, place of residence, travel, occupation or educational qualifications.

The minimum sum assured under the product will be Rs 5 lakh, and the maximum can go upto Rs 25 lakh. However, the insurer will have the option of providing sum assured beyond Rs 25 lakh. While the minimum age of entry is 18 years, the maximum entry age has been capped at 65 and the maximum maturity age will be 70 years. The policy term will extend from 5 to 40 years.

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