HDFC Life Saral Jeevan Bima is a non linked, non participating, individual pure risk premium life insurance plan from HDFC Life. It protects your loved ones in your absence.
| Plan Name | HDFC Life Saral Jeevan Bima Plan |
| UIN No. | 101N140V01 |
| Plan Type | Term Plan |
List of Topic Covered
Key Features of HDFC Life Saral Jeevan Bima Plan
- Provides financial protection to policyholders’ families in their absence.
- 3 Premium payment options to choose from i.e. single, limited and regular.
- Flexible premium payment terms available.
- Riders benefits are available.
- Tax benefits are available under this plan.
Eligibility Conditions in HDFC Life Saral Jeevan Bima Plan
| Eligibility Criteria | Minimum | Maximum |
| Entry Age | 18 yrs | 65 yrs |
| Maturity Age | 23 yrs | 70 yrs |
| Policy Term | Single Pay, Regular Pay – 5 yrs Limited (5 Pay) – 6 yrs Limited (10 Pay) – 11 yrs | 40 yrs |
| Sum Assured | ₹ 5,00,000 | No limit |
Premium Payment Frequency : Single, annual, half-yearly, and monthly frequencies are available under this product.
Minimum Premiums under various Premium Payment Terms & Premium Frequencies are as mentioned below :
| Premium Payment Term | Premium Frequency | Minimum Premium Per Installment |
| Single Pay (SP) | Single Pay | ₹ 18,079 |
| 5 Pay | Annual | ₹ 205 |
| Limited Pay (LP) / Regular Pay (RP) | Half-yearly | ₹ 105 |
| Limited Pay (LP) / Regular Pay (RP) | Quarterly | ₹ 53 |
| Limited Pay (LP) / Regular Pay (RP) | Monthly | ₹ 18 |
HDFC Life Saral Jeevan Bima Plan Benefits
Death Benefit:
This product has a waiting period of 45 days from the date of commencement of risk.
1) Death during waiting period
If death happens during the waiting period, then the nominee gets a lump sum benefit which shall be highest of,
- For Regular / Limited Premium – In case of accidental death, nominee gets a lump sum benefit which shall be highest of,
- 10 times the Annualized Premium, or
- 105% of all premiums paid as on the date of death, or
- Absolute amount assured to be paid on death.
- For Single Premium – In case of accidental death, nominee gets a lump sum benefit equal to sum assured which is the higher of,
- 125% of single premium or
- Absolute amount assured to be paid on death.
- In case of death other than accident – death benefit equals to 100% of all premiums paid excluding taxes if any shall be paid to the nominee.
1) Death after waiting period
If death happens after the waiting period, then the nominee gets a lump sum benefit which shall be highest of,
- For Regular / Limited Premium – Nominee gets a sum assured on death which shall be highest of,
- 10 times the Annualized Premium, or
- 105% of all premiums paid as on the date of death, or
- Absolute amount assured to be paid on death.
- For Single Premium – sum assured on death which shall be higher of,
- 125% of single premium or
- Absolute amount assured to be paid on death.
Absolute amount assured to be paid on death shall be equal to the basic sum assured.
Maturity Benefit:
As this is a pure term insurance plan so there is no maturity benefit available.
Rider Benefit:
HDFC Life Protect Plus Rider (101B016V01) – Personal accident cover and accidental benefit covered in this policy.
Other Benefits in HDFC Life Saral Jeevan Bima
Policy Exclusion:
If death happens due to suicide within 12 months from the date of commencement of risk or from the date of survival of the policy. The nominee or beneficiary will be entitled to receive 80% of the total premiums paid or surrender value applicable as on date of death.
Tax Benefits:
Premiums paid are exempted under section 80C of the income tax act of 1961.
Free-Look Period
If the policyholder is not satisfied with the policy, he/she has an option to return the policy within 15 days from the date of receipt. Policyholder has to mention the reason for the same. There is a 30 days of free look period if the policy is purchased through distance marketing or online.
Policy Loan
No policy loans are available under HDFC life Saral Jeevan Bima.
Grace Period
If by any chance you forgot to pay your premium, you need not have to worry about it. You get a grace period as follows,
- 30 Days – For yearly and half yearly mode of payment
- 15 Days – For monthly mode of payment
Revival
Lapsed policies can be revived within 5 years from the due date of first unpaid premium. For revival, you will need to pay all the outstanding premiums interest and taxes on the outstanding premiums.