What is the entry age for Saral Jeevan Bima?

The insurer lists an entry age of 18 to 65 years and maximum maturity age of 70 years, subject to the current policy rules.

What death benefit does Saral Jeevan Bima pay?

For regular and limited pay policies, the death benefit is the highest of 10 times the annualised premium, 105% of premiums paid and the sum assured. For single pay policies it is the higher of 125% of the single premium and the sum assured.

Can I cancel Saral Jeevan Bima after buying it?

You can cancel within the 30-day free-look period and receive the premium paid, less proportionate risk premium and applicable charges. There is no surrender value and no loan facility under this plan.

Bandhan Life Saral Jeevan Bima – Features, Waiting Period and Eligibility

Saral Jeevan Bima Overview

Bandhan Life Saral Jeevan Bima is a standardised, non-linked, non-participating individual pure-risk life insurance plan. It is designed to provide a death benefit to the nominee during the policy term, subject to the policy conditions. The insurer lists a sum-assured range of ₹5 lakh to ₹25 lakh in multiples of ₹50,000 and policy terms from 5 to 40 years, subject to current product rules. The official product information describes a 45-day waiting period from policy issuance. During this period, accidental death and non-accidental death are treated differently; for non-accidental death, the stated benefit is a refund of 100% of premiums paid, subject to the contract. Check the current policy document for exact benefit calculations, exclusions, eligibility and premium-payment options.

Official product information lists a 45-day waiting period; non-accidental death during this period has a restricted benefit under policy terms.

Expert Review of Saral Jeevan Bima

Saral Jeevan Bima is intended as a simpler standardised term plan with defined cover limits. Its 45-day waiting-period provision is particularly important: the benefit during the period differs according to whether death is accidental or non-accidental. The insurer lists entry ages of 18 to 65 years and a maximum maturity age of 70 years. Confirm these limits and the benefit wording against the latest policy document before purchase.

Pros

Standardised product with defined cover and policy-term ranges.
Optional accidental-death rider may be available subject to terms.
Flexible payment: single pay, regular pay or 5-pay and 10-pay limited pay, with yearly, half-yearly or monthly frequency.

Cons

Sum assured is limited to the product range stated in the current brochure.
The 45-day waiting-period provision treats accidental and non-accidental death differently.
No maturity benefit, no surrender value and no loan facility.

About Bandhan Life (Insurer Profile)

Bandhan Life

Key Insights

Founded

2008

Bandhan Life was established 18 years ago and has built strong credibility over time, backed by its long-standing presence in the market.

Claims Experience

98.2% CSR, calculated as a 3-year average

Bandhan Life settles 98.2% of all claims it receives, demonstrating strong credibility.

Contact Details

1800 209 9090

Headquarters: A - 201, 2nd Floor, Leela Business Park, Andheri-Kurla Road, Andheri (East), Mumbai - 400059, Maharashtra, India

Saral Jeevan Bima Features and Benefits

Death benefit

The nominee may receive the death benefit specified in the policy for a covered death.

Waiting-period provisions and all policy terms apply.

Waiting-period benefit

During the first 45 days after policy issuance, accidental and non-accidental death are treated differently under the product terms.

Read the policy contract for exact payout calculation.

Premium payment options

Single pay, regular pay (equal to policy term) or limited pay of 5 or 10 years. Premiums can be paid yearly, half-yearly or monthly; monthly mode needs ECS/NACH.

Age and policy term

Entry age is 18 to 65 years, policy term 5 to 40 years and maximum maturity age 70 years. Sum assured is offered in multiples of ₹50,000.

Low starting premium

The insurer lists a minimum yearly instalment of ₹1,874 (excluding taxes) for a ₹5 lakh sum assured, based on an 18-year-old female life.

Policy cancellation value

Under single pay, you get 70% of the single premium (in proportion to the unexpired policy term) if you cancel. Under limited pay (5 or 10 years), the same 70% of premiums paid applies once at least two consecutive full years of premiums are paid.

No cancellation value is payable under regular pay, and there is no surrender value or loan under any option.

Revival of lapsed policy

A lapsed regular or limited pay policy can be revived within five consecutive complete years from the first unpaid premium, subject to underwriting. Outstanding premiums are paid without interest, and the 45-day waiting period does not apply again on revival.

Add-ons of Saral Jeevan Bima

Bandhan Life AD Rider (accidental death)

If the life assured dies because of an accident during the rider term, an amount equal to the rider sum assured is paid in addition to the base death benefit. Death must occur within 90 days of the accident. The rider sum assured starts at ₹25,000 and can be at most equal to the base sum assured.

Extra premium and rider exclusions apply. The rider can be revived only along with the base policy.

Waiting Periods in Saral Jeevan Bima

45-day waiting period from policy issuance. During this period, accidental and non-accidental death benefits differ; check the policy wording for exact benefits.

What Saral Jeevan Bima Does Not Cover (Exclusions)

Conditions or treatments that the policy clearly says it will not cover.

Death by suicide within 12 months of commencement of risk or revival: the policy is void and the nominee receives at least 80% of total premiums paid (regular and limited pay) or 90% of the single premium (single pay), not the sum assured.
Waiting period: for non-accidental death within the first 45 days from commencement of risk, only 100% of premiums received (excluding taxes) is paid, not the sum assured. Accidental death is covered from day one, and the waiting period does not apply on revival.
Fraud or non-disclosure: the insurer can question a policy on grounds of fraud within 3 years of issuance, commencement of risk or revival (Section 45 of the Insurance Act), so health, lifestyle and income details must be disclosed accurately.
If premiums remain unpaid after the grace period (30 days, or 15 days for monthly mode), the policy lapses and cover ends. Nothing is payable on a lapsed regular pay policy that is not revived within 5 years.
AD Rider (if opted): the accidental death benefit is not payable if death is linked to suicide or self-inflicted injury, a criminal or illegal act, or intoxicating liquor, drugs or poison taken without a doctor's prescription.
AD Rider (if opted): not payable for death linked to war, terrorism or military operations, flying other than as a fare-paying passenger, professional sports or adventurous pursuits, or inhaling gas or fumes outside the course of duty.

Disclaimer: For illustration purposes only - exact terms are in the policy wording.

Specific Illness Waiting Period in Saral Jeevan Bima

This is a life insurance plan, not a critical-illness policy. Any illness-related claim is governed by the death-benefit terms and applicable policy conditions.

Insurer

Bandhan Life plans and claim process

Saral Jeevan Bima FAQs

What is Bandhan Life Saral Jeevan Bima?

It is a standardised, non-linked, non-participating individual pure-risk life insurance plan. Its benefits are subject to the policy wording.

What sum assured and policy term are available?

The insurer lists ₹5 lakh to ₹25 lakh in multiples of ₹50,000 and a policy term of 5 to 40 years, subject to current product rules.

What is the waiting period in Saral Jeevan Bima?

The insurer describes a 45-day waiting period from policy issuance. Accidental and non-accidental death are treated differently during this period; check the policy document for exact benefits.

Disclaimer: Premium amounts are indicative and may vary based on age, health, and plan selected. Claim settlement ratios are from IRDAI Annual Reports. Finzony is not an insurance broker or agent. Verify all details on the official Bandhan Life website before purchasing.