simple life insurance
Simple Life Insurance Plan: I nsurance Regulatory and Development Authority of India
Insurance Regulatory and Development Authority of India (IRDAI) has prepared ‘Saral Life Insurance Scheme’ to provide term insurance facility to more and more people of the country. Term insurance plans of different companies have different conditions, in such a situation, IRDA has prepared this plan. All the companies have to keep the same terms and conditions. Although companies have been allowed to fix the premium according to their own, but the chances are very low in view of the competition in the market.
In view of the differences in the policies of various health insurance companies covering the corona virus during the Kovid-19 epidemic, insurance regulator IRDAI formulated the ‘Corona Kavach’ policy. This is a standard policy to provide insurance cover in the event of Corona virus infection. Encouraged by this, IRDA decided to make ‘Saral Jeevan Bima’ a standard policy for term plans also.
Simple life insurance policy can be taken by anyone between 18 and 65 years of age. It is mandatory for that person to be a permanent resident of India. Any person can buy this insurance by getting the Aadhar card, passport size photograph, residence certificate etc. verified. There is no provision of any gender, place of residence, travel, occupation or educational qualification to purchase a simple life insurance plan.
A simple life insurance policy can be taken for a maximum of 70 years of age. The policy period will end when the person completes 70 years. A person can buy this policy for a minimum of four years to a maximum of 40 years.
A 45-day waiting period has been kept under the policy. If the insured dies due to accident within 45 days from the date of issue of the policy, the claim amount will be given to the nominee.
Under this policy, customers can avail insurance ranging from a minimum of Rs five lakh to a maximum of Rs 25,00,000. The insurance amount will be in multiples of Rs 50,000. Like, after five lakh rupees, customers can get insurance of five and a half lakh rupees, then six lakh rupees. They cannot take insurance of Rs 5,75,000.
Under the simple life insurance scheme, customers will get three options of premium payment. Customers can choose between limited premium payment term and single premium payment option for 5 years and 10 years in addition to regular premium till the policy period lasts.
This insurance policy can also be purchased online directly from the website of the company concerned. For this, you have to keep your documents ready in digital format, so that they can be uploaded according to the need. On applying for simple life insurance in digital way, the customer will also get a rebate of up to 20 percent.
While purchasing a simple life insurance policy, customers should pay attention to the claim settlement ratio of the company concerned. The claim settlement ratio shows the history of settlement of policy claims of an insurance company.