ABSLI Saral Jeevan Bima Yojana


A Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan


Aditya Birla Sun Life Insurance Saral Jeevan Bima is a simple life insurance plan that provides your family a lump-sum to ensure fulfilment of your family’s long term goals and aspirations, in case of your absence.

Key Features

  • Simple & affordable plan to meet Your financial security goals
  • Flexibility to pay premium just once or for a limited period or throughout the Policy Term.
  • Enhance your insurance coverage with Accidental Death Benefit Rider, on payment of additional premium
  • Death benefit

    In case of unfortunate death of the Life Insured during the Waiting Period under an Inforce Policy, We will pay the Death Benefit to the nominee(s)/legal heir(s)/assignee as below:-

    • In case of Accidental Death, Death Benefit will be equal to Sum Assured on Death

    • In case of death due to other than Accident, Death Benefit will be equal to 100% of all Premiums paid excluding taxes, if any.

    In case of unfortunate death of the Life Insured after the expiry of Waiting Period and during the Policy Term, under an Inforce Policy, We will pay the Sum Assured on Death to the nominee(s)/legal heir(s)/assignee as Death Benefit.

    Sum Assured on Death

    For Limited Pay and Regular Pay Policy, 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 Pay Policy, higher of:

    • 125% of single premium

    • Absolute amount assured to be paid on death

    Premiums referred above shall be excluding Underwriting extra premiums, Rider Premiums, if any and taxes.

    Where,

    1) Annualized premium is the total amount of premium payable in a Policy year, excluding taxes, rider premiums, underwriting extra premiums and loadings for modal premiums, if any

    2) Single premium is the single premium payable by the Policyholder, excluding the underwriting extra premiums, if any. Applicable taxes and any applicable rider premiums will be collected additionally.

    3) Absolute amount assured to be paid on death shall be an amount equal to Sum Assured.

    In case of Semi Annual & Monthly Mode, the outstanding instalment premiums from the date of death and till the next Policy anniversary shall be deducted from the death benefit payable.

  • Survival Benefit

    There is no Survival Benefit payable under this Plan.

  • Maturity Benefit

    There is no Maturity Benefit payable under this Plan.

  • Customisable Benefit

    For added protection, You can enhance Your insurance coverage by opting ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02) at a nominal extra cost.

    ABSLI Accidental Death Benefit Rider Plus provides 100% of Rider Sum Assured as an additional lump sum amount in case of death due to accident of Life Insured. Additionally, the rider premiums collected aſter the date of Accident till date of death, shall be refunded with interest, along with death benefit payable.

    Please refer to detailed brochures on rider, consult Your financial advisor or visit Our website for further details.

    For more details on the plan benefits, please refer the product brochure. There are exclusions attached to the rider, please refer rider brochures for more details.

  • Entry Age (age last birthday)

    18 to 65 years of age

  • Maximum Maturity Age (age last birthday)

    70 years

  • Minimum Premium

    Annual: Rs. 5,895

    Semi-Annual: Rs. 2977

    Monthly: Rs. 508

  • Maximum Premium

    No Limit, subject to board approved underwriting policy

  • Premium Paying Term

    Single Pay;

    Limited Pay - 5 and 10 years;

    Regular Pay

  • Policy Term
    Premium Payment Term Minimum Maximum
    Single Pay 5 years 40 years
    Limited Pay PPT + 1
    Regular Pay 5 years

  • Premium Mode

    Annual | Semi-annual | Monthly

  • Sum Assured
    Minimum Maximum
    Rs. 5,00,000 Rs. 25,00,000 (subject to Board Approved Underwriting Policy)

    (Sum Assured allowed in multiple of Rs. 50,000 only)

  • Grace Period

    Grace Period refers to the time granted by Us from the due date for the payment of premium, without any penalty or late fee, during which time Your Policy is considered to be in-force with the risk cover without any interruption, as per the terms and conditions of Your Policy. A period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annually or semi-annually premium payment modes will be allowed. The insurance coverage continues during the grace period, however, if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy. Grace period will also apply to Rider Premiums payable along with the Base Policy premium.

  • Waiting Period

    A waiting period of 45 days is applicable from the date of commencement of risk for Death Benefit payable under this Plan. In case of Revival of Policy, Waiting Period is not applicable.

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FAQs

  • What are the significant features of ABSLI Saral Jeevan Bima?

    • Simple & affordable plan to meet Your financial security goals

    • Flexibility to pay premium just once or for a limited period or throughout the Policy Term.

    • Enhance Your insurance coverage with Accidental Death Benefit Rider, on payment of additional premium

  • What is the Maturity Benefit under this plan?

    • There is no Maturity Benefit payable under this Plan

  • What is the Survival Benefit under this plan?

    • There is no Survival Benefit payable under this Plan

  • What happens if I stop paying my premiums?

    • If you are unable to pay your policy premium by the due date, you will be given a grace period of 15 (Fifteen) days from the due date of the first unpaid Premium for monthly Premium payment mode and 30 (Thirty) days from the due date of the first unpaid Premium for annually or semi-annually premium payment modes, to pay your due premiums, during which your coverage will continue, however, if the Life Insured dies during the grace period, the Company shall be entitled to deduct the unpaid Premium from the Benefits payable under the Policy.

  • How can I revive my Policy?

    You can revive Your Policy within a revival period of five years from the due date of first unpaid premium, subject to following conditions:

    • Paying all outstanding premiums together with interest and/or late fees as declared by Us from time to time;

    • Providing evidence of Life Insured’s insurability satisfactory to Us

    • Revival of the Policy shall take effect only after revival of the Policy is approved by Us basis the Board approved underwriting Policy and communicated to You in writing.

    Once the Policy has been revived, on the effective date of revival, all benefits will be restored to their full value.

    The monthly interest rate charged on unpaid premiums will be declared by ABSLI on June 1st of each calendar year and is determined as (x+1%)/12 rounded to the next 0.1%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2020, is 1% per month compounded annually. Any change in basis of determination of interest rate for revival can be done only after prior approval of the Authority. In case of Limited Pay policies, We will pay the Policy Cancellation Value, if any, if the lapsed Policy is not revived at the end of Revival Period.

  • When will the Policy terminate?

    The Policy will terminate on the earliest of the following events:

    a. The date on which death benefit becomes payable; or

    b. The date on which refund, if applicable, is settled, in case of cancellation of Policy; or

    c. The date of maturity of the Policy; or

    d. On expiry of revival period, if the Policy has not been revived; or

    e. On payment of free look cancellation amount

  • What is the Free-Look period under this plan?

    This is an option to review the Policy following receipt of Policy Document.

    a. You have a free look period of 15 days (30 days in case of electronic policies and policies obtained through distance mode) from the date of receipt of the policy document, to review the terms and conditions of the policy and where if You disagree to any of those terms and conditions, You have the option to return the policy to Us for cancellation, stating the reasons for Your objection, then You shall be entitled to a refund of the premium paid subject only to the deduction of a proportionate risk premium for the period of cover and expenses incurred by Us on medical examination of the proposer and stamp duty charges.

    b. A request received by Us for free look cancellation of the policy shall be processed and premium refunded within 15 days of receipt of the request, as stated vide (a) above.

    c. The Policy shall terminate on payment of this amount and all rights, benefits and interests under this Policy will stand extinguished.

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1Tax benefits are subject to changes in the tax laws. You are advised to consult your tax advisor for the same.

Disclaimer:

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License. This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a Non-Linked Non-Participating Individual Pure Risk Premium Life Insurance Plan. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations etc. For policies issued on minor life, the date of commencement of risk shall be the date of commencement of the policy. Where a policy is issued on a minor life, the policy will vest after attainment of majority of the Life Insured. Where the Life Insured (whether major or minor) and Proposer/Policyholder is different, on the death of the Proposer/Policyholder, his legal heirs, in accordance with the existing succession laws, will be considered as new Proposer/Policyholder. As there is no death benefit payable on the death of the Proposer/Policyholder, the policy status does not change, and the policy continues. This product shall also be available for sales through online channel. Tax benefits are subject to changes in tax laws. For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding the sale. For more details and clarification call your ABSLI Insurance Advisor or visit our website and see how we can help in making your dreams come true. Registered Office: One World Centre, Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. IRDAI Reg No.109. Toll Free No. 1-800-270-7000. Website: www.adityabirlasunlifeinsurance.com. CIN: U99999MH2000PLC128110 UIN: 109N128V01 ADV/3/20-21/2465

BEWARE OF SPURIOUS / FRAUD PHONE CALLS! IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.