Sl. No.

Particulars

Norms

1

Minimum Age at Entry

18 Years

2

Maximum Age at Entry

65 Years

3

Policy Term

5 to 40 years

4

Maximum Maturity Age

70 years

5

Sum Assured

Minimum ₹5,00,000; Maximum ₹25,00,000*

(SA would be allowed only in the multiple of ₹50,000)

*Insurers have the option of offering Sum Assured beyond ₹ 25,00,000 under Saral Jeevan Bima with all other terms and conditions remaining the same.

6

Large Sum Assured rebate

If any, it shall be clearly indicated in F&U

7

Premium Payment Options

i)             Regular Premium;

ii)            Limited Premium Payment Term for 5 years and 10 years;

iii)           Single Premium

8

Mode of Premium Payment

Regular and Limited Premium Payment Options:

-       Yearly; Half Yearly;

-       Monthly (only under ECS / NACH)

Single Premium: In Lump sum.

9

Death Benefit

For Regular & Limited Premium Payment policies: Highest of:

-       10 times of annualized premium;

-       105% of all the premiums paid as on the date of death;

-       Absolute amount assured to be paid on death.

For Single premium policies: Higher of:

-       125% of single premium;

-       absolute amount assured to be paid on death.

10

Maturity Benefit

There shall be no maturity benefit under the policy.

11

Exclusions

Only suicide clause, as per extant regulations.

12

Waiting period

45 days from the date of commencement of risk. In case of revival of Policy, the Waiting Period shall not be applicable.

The following words shall be prominently displayed in BOLD, on the welcome letter of Policy Document as well as on the first page of Sales Literature.

“This Policy will cover death due to accident only during the waiting period of 45 days from the date of commencement of risk.

In case of death of the life assured other than due to accident during the waiting period, an amount equal to 100% of all premiums received excluding taxes, if any, shall be paid and the Sum Assured shall not be paid.”

13

Surrender Value

Surrender Value is not applicable under this Policy.

14

Policy Cancellation Value

Policy Cancellation Value shall be payable:

-       upon the Policyholder applying for the same before the stipulated date of maturity in case of Single Premium Policy;

-       upon the Policyholder applying for the same before the stipulated date of maturity or at the end of revival period if the policy is not revived, in case of Limited Premium Payment Policies.

The amount payable shall be as follows:

For Single Premium: The Policy Cancellation Value acquires immediately after receipt of Single Premium and is calculated as follows:

Single Premium shall be inclusive of extra premium, if any.

Limited Premium Payment Term (LPPT): 5 and 10 years: Policy Cancellation Value acquires if at least two (2) consecutive full years’ premiums are paid and is calculated as follows:

Total Premiums Paid shall be inclusive of extra premiums, if any.

No policy cancellation value shall be payable in respect of regular premium policies.

15

Loan

No loan will be allowed against the policy

16

Optional Riders

Approved Accident Benefit and Permanent Disability Benefit Riders can be attached.

17

Pricing

As per the F&U

18

Underwriting and Medical Requirements

As per the Board Approved Underwriting Policy of the Insurer, subject to above criteria and any statutory requirements.

19

Interest on delayed payment of premiums

The rate of interest on delayed payment of premiums shall be as per the Insurer’s policy for similar products.