The amount of cover under Saral Jeevan Bima Yojana 2021 will range from ₹ 500000 to ₹ 2500000. There will be different types of premiums under Saral Jeevan Bima Yojana. The beneficiary can buy life insurance according to his financial condition. The minimum age for taking life insurance plan is 18 years and the maximum age is 65 years. The maximum maturity age allowed under this scheme is 70 years. There will be three premium payment options under Saral Jeevan Bima Yojana 2021 which will be regular premium, limited premium payment term for 5 years and 10 years and single premium. There will also be a waiting period of 45 days from the commencement of the policy. In these 45 days the policy will cover death due to accident only. The term of this policy will be 4 to 40 years.
Saral Jeevan Bima Yojana has been launched by the Insurance Regulatory and Development Authority of India. Under this scheme, life insurance will be provided to the beneficiaries with simple terms and conditions. The beneficiary has to pay the premium within monthly, quarterly, 6 months, 1 year to avail this scheme. The minimum premium amount is ₹1000. Surrender can also be done by the beneficiary within 6 months of purchasing the policy of Saral Jeevan Bima Yojana. A special feature of this scheme is that 100% return will be provided on the purchase price under this scheme. This reward will be given to the beneficiary of this scheme.
If the beneficiary of the scheme is not alive then his/her spouse will be given this amount. 100% of the purchase price will be returned to the beneficiary’s heirs after the death of the beneficiary and the beneficiary’s spouse. Saral Jeevan Bima Yojana has started from 1st April 2021. If you also want to apply under this scheme, then you can contact the insurance company.