Saral Jeevan Birla Sun Life Plan
Aditya Birla SunLife Insurance
Our Verdict
ABSLI Saral Jeevan Bima is ideal for individuals seeking simple, budget-friendly term insurance. It offers flexible terms and essential riders, but lacks maturity benefits, making it purely a risk-cover plan.
About the Plan
ABSLI Saral Jeevan Bima Term Insurance Plan is a simple, affordable, and straightforward life insurance policy designed to provide financial protection to your family in case of an unfortunate event. Offering a lump sum payout, it ensures that your loved ones are financially secure even in your absence. The plan offers flexible coverage options with a policy term ranging from 5 to 40 years, making it ideal for individuals looking for basic life insurance coverage without complicated terms. It’s available with both regular and limited premium payment options.
About the Plan
Eligibility
• Entry Age :
18 to 65 years
• Maximum Maturity Age :
75 years
• Policy Term :
20 to 55 years
• Minimum Sum Assured :
₹25,00,000
• Premium Payment Term :
Regular Pay or Limited Pay (10 or 15 years)
• Premium Payment Frequency :
Yearly, Half-Yearly, or Monthly
• Citizenship :
Indian residents and NRIs (subject to underwriting)
Eligibility
Features of the Product
Inflation Protection Coverage
The sum assured remains fixed throughout the policy term without automatic increases to adjust for inflation.
Premium Payment Customizations
The ABSLI Saral Jeevan Bima Term Insurance Plan offers premium payment customizations with options for Regular Pay (throughout the policy term) or Limited Pay (for 10 or 15 years). Premiums can be paid yearly, half-yearly, or monthly as per the policyholder’s preference.
Exclusions
Death due to suicide within 12 months of policy inception or revival; the nominee will receive 80% of premiums paid.
Death or disability resulting from participation in hazardous activities like adventure sports or racing.
Death due to involvement in illegal activities or criminal acts.
Death caused by war, terrorism, or civil unrest.
Pre-existing medical conditions not disclosed at the time of policy issuance.
Death due to substance abuse, including alcohol or drugs unless prescribed by a doctor.
Exclusions
Accidental Death Benefit Rider - Provides an additional lump sum payout if the policyholder’s death occurs due to an accident, ensuring extra financial security for the family.
Accidental Total and Permanent Disability Rider - Pays a lump sum benefit if the policyholder suffers from a total and permanent disability due to an accident, helping cover medical costs and loss of income.
Waiver of Premium Rider - In case of total and permanent disability or a critical illness diagnosis, all future premiums are waived while the policy remains active, ensuring continued coverage without financial burden.
Critical Illness Rider - Provides a lump sum payout if the policyholder is diagnosed with a specified critical illness like cancer, heart disease, or stroke, helping manage medical expenses.
Add-ons
If you are a woman
Female policyholders may be eligible for preferential premium rates depending on the insurer’s underwriting policy. Additionally, they can enhance their coverage with optional critical illness riders, which may cover female-specific illnesses like breast and cervical cancer
Note :
Suicide Clause : The ABSLI Saral Jeevan Bima Term Insurance Plan includes a suicide clause stating that if the policyholder dies by suicide within 12 months of policy inception, the nominee receives 80% of premiums paid.
Free look up period: The ABSLI Saral Jeevan Bima Term Insurance Plan offers a free look-up period of 15 days (30 days for policies purchased online or through distance mode). During this period, policyholders can review the terms and cancel the policy if unsatisfied
Grace Period: The ABSLI Saral Jeevan Bima Term Insurance Plan offers a grace period of 30 days for yearly and half-yearly premium payments and 15 days for monthly premium payments. During this period, the policyholder can pay the missed premium without policy lapse.
Still Confused ?
Why OneAssure?
We guide your loved ones every step of the way to ensure they receive the full benefit of their coverage.
About the Company
ABSLI is a joint venture between Aditya Birla Capital and Canada based ‘Sun life financial Inc.’. Aditya Birla is the holding company of Aditya Birla group's financial services businesses, through its subsidiaries ABCL provides a comprehensive layout of financial solutions including loans, insurance, payments to cater the customers throughout their lifecycle.
Sun Life Financial Inc., commonly known as Sun Life, is a leading international financial services organization headquartered in Toronto, Canada. Established in 1865, the company offers a diverse range of products and services, including life insurance, health insurance, investment management, and retirement planning.
Aditya Birla Sun Life Insurance (ABSLI) offers a wide range of insurance plans designed to meet diverse financial goals, including protection, savings, wealth creation, retirement planning, and child education.