All insurance companies are going to offer ‘Saral Life Insurance Policy‘ from 1 January. There will be an opportunity to buy term plans at a lower premium. To make term life insurance an affordable option for all, insurance companies are going to offer simple life insurance policy on the instructions of Insurance Regulatory and Development Authority of India (IRDA).
For this reason, people from the lower income group will benefit the most. The terms and conditions of all insurance companies will be the same for this policy. The special thing is that the sum-assured amount and the premium will also be same. Due to this, the possibility of dispute will be greatly reduced at the time of claim.
While choosing the plan, the customer must compare the prices of this plan from different insurance companies and the claim settlement ratio. Earlier on the instructions of IRDA, all the insurance companies had introduced a standard health insurance policy called Arogya Sanjeevan.
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The full cover will be available on the 45-day-old policy itself.
Santosh Aggarwal, Chief Business Officer, PolicyBazaar.com, says that Saral Life Insurance will be a ‘non-linked’ and ‘pure risk term life insurance plan’. In this, in case of death of the policyholder during the policy period, their dependents will be paid the entire sum assured.
However, in the event of death of the policyholder in 45 days after the issue of the policy, payment will not be made in any other situation other than accidental death. Under this policy, customers will not get any maturity benefit and surrender value.
According to the rules of the sum-assured IRDA of maximum Rs 25 lakh , the minimum age for this policy should be 18 years and maximum age 65 years. Also, the duration of the policy will be 5 to 40 years, which can be purchased for a maximum maturity age of 70 years. There will be a minimum sum assured of Rs 5 lakh and maximum of Rs 25 lakh.
Mukti
Aggarwal will meet the conditions, anyone can buy this term plan. For this, there will be no obligation on terms related to gender, place of residence, educational qualification and occupation etc. In the term plan that the insurance companies have been selling till now, the policy taker should have at least 12th pass.
Apart from this, if the income of the customer is less than three lakh rupees or the earning is in cash and there is no proof of any kind then companies do not provide term plans.
Riders can also buy separately
With this plan, customers can also purchase Accredited Accident Benefit and Permanent Disability Benefit Rider from IRDA. These riders offer benefits in addition to the existing benefits of the policy, which the customer must purchase separately.
Its premium will also be different from the premium of the base policy, which will be paid for the additional cover / benefit offered by the chosen rider. The sum assured of this rider will be paid only in the event of the incident for which it has been purchased.
