Saral Jeevan Bima is a type of pure term life insurance policy that provides financial coverage to the policyholder’s family in case of the policyholder’s unfortunate death. The primary objective of Saral Jeevan Bima plan is to offer protection to the policyholder’s family in times of distress. With several insurance providers offering a variety of Saral Jeevan Bima plans, it is essential to know how to choose the right plan that suits your requirements. This article outlines the various factors that you need to consider while choosing a Saral Jeevan Bima plan.
Understanding Saral Jeevan Bima Plan
- What is Saral Jeevan Bima Plan?
Saral Jeevan Bima Plan is a term insurance policy that offers financial coverage to the policyholder’s family in case of the policyholder’s unfortunate death during the policy term. The policy term for Saral Jeevan Bima ranges from 5 to 40 years, depending on the insurance provider.
- Why do you need Saral Jeevan Bima Plan?
Saral Jeevan Bima Plan is necessary to ensure that your family’s financial future is secured even in your absence. The term plan provides a death benefit that is paid out to the nominee in case of the policyholder’s death during the policy term.
Factors to Consider While Choosing a Saral Jeevan Bima Plan
- Sum Assured
The sum assured is the amount of money that the nominee will receive in case of the policyholder’s death during the policy term. It is essential to choose the sum assured based on your family’s financial needs, such as household expenses, children’s education, and any outstanding debts.
- Policy Term
The policy term is the duration for which the policy remains active. It is advisable to choose a policy term that covers the period until your retirement or until your children’s education is complete.
- Premium Amount
The premium amount is the amount that you pay to the insurance provider to keep the policy active. It is essential to choose a premium amount that is affordable and does not strain your finances.
- Riders
Riders are additional benefits that you can add to your Saral Jeevan Bima policy to enhance your coverage. Riders such as accidental death benefit, critical illness benefit, and waiver of premium can provide additional financial protection to your family in times of need.
- Claim Settlement Ratio
Claim settlement ratio is the ratio of claims settled by the insurance provider to the total claims received. It is advisable to choose an insurance provider with a high claim settlement ratio as it indicates the provider’s reliability and credibility.
- Company Reputation
The insurance provider’s reputation in the market is also an essential factor to consider while choosing a Saral Jeevan Bima plan. You can check the insurance provider’s reviews and ratings online and choose a provider with a good reputation.
Conclusion
Choosing the right Saral Jeevan Bima plan is essential to ensure that your family’s financial future is secured even in your absence. It is advisable to consider factors such as sum assured, policy term, premium amount, riders, claim settlement ratio, and company reputation while choosing a plan. By carefully evaluating these factors, you can select a plan that meets your family’s financial needs.
FAQs
- What is the minimum and maximum policy term for Saral Jeevan Bima Plan?
The policy term for Saral Jeevan Bima Plan ranges from 5 to 40 years, depending on the insurance provider.
- Can I increase the sum assured for my Saral Jeevan Bima plan after purchasing it?
No, the sum assured for Saral Jeevan Bima Plan cannot be increased after purchasing it. However, you can purchase an additional policy to increase your coverage.
- Is it necessary to undergo a medical examination to purchase a Saral Jeevan Bima plan?
It depends on the insurance provider and the sum assured. If the sum assured is high, the insurance provider may require a medical examination to assess the policyholder’s health condition.
- Can I surrender my Saral Jeevan Bima policy before the policy term ends?
No, Saral Jeevan Bima policy cannot be surrendered before the policy term ends. However, some insurance providers may offer a surrender value after a specific period.
- How do I choose the right insurance provider for Saral Jeevan Bima plan?
You can choose the right insurance provider by considering factors such as claim settlement ratio, company reputation, and customer reviews and ratings.