A term insurance is required for your family. It assumes great importance in case of untimely demise. It is a type of life insurance that provides coverage for a specific period of time or years, i.e., a term. This type of life insurance provides a financial benefit to the nominee in case of the unfortunate demise of the insured during the policy term.
Anyone with financial dependents should buy a Term Insurance policy. This includes married couples, parents, business people and self-employed, SIP investors, young professionals with dependent parents, and in some cases, even retirees.
Saral Jeewan Bima Yojana
Saral Jeewan Bima Yojana was launched in January 2021. Under this scheme, every individual is entitled to get a term insurance of upto Rs 25 lakhs.
Saral Jeevan Bima is a standard term plan as per guidelines of Insurance Regulatory & Development Authority of India (IRDAI). The plan aims to simplify the approach to buying term life insurance with same offerings and same policy terms & conditions across all the insurer
It is s a non-linked, non-participating, pure-risk term insurance plan. This plan provides a nominee with a fixed amount after the death of the policyholder during the policy term. A plan with simple features and standard terms & conditions, Saral Jeevan Bima does not come with riders/benefits/variants other than those mentioned in its annexure. It must be noted that the terms and conditions of Saral Jeevan Bima are the same for all insurance providers. Here you don’t need to produce documents as required by other life insurance plans. A non graduate or even an illiterate can buy a term insurance form an insurance company.