What is the Saral Jeevan Bima Policy?

This term plan called the Saral Jeevan Bima is on the lines of the standard health insurance policy – the Arogya Sanjeevani Policy. It shares similar features across all insurers and aims to make low-cost term insurance a widespread reality.

In the past few years, there has been an increasing need for simple and affordable life insurance plans, especially for the average working Indian. Despite the plethora of affordable life insurance plans, including term insurance, a need for a standardized and low-cost term insurance plan was felt. Hearing the unanimous pleas of Indian citizens, the government, through the Insurance Regulatory and Development Authority of India (IRDAI), passed a directive stating that all insurance companies must offer a standard and cheap term plan. This term plan called the Saral Jeevan Bima is on the lines of the standard health insurance policy – the Arogya Sanjeevani Policy. It shares similar features across all insurers and aims to make low-cost term insurance a widespread reality. But wait – what does a term policy entail? Find out below: