ABSLI Saral Jeevan Bima

Yes, you get tax benefits3 with Saral Jeevan Bima under Section 80 C of Income Tax Act, 1961

No, not necessarily. There is no requirement of income proof to buy a Saral Jeevan Bima. Any individual, irrespective of their gender, age, and those with or without income proof can buy the Saral Jeevan Bima.

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.

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 0.5%, where x is the base rate of the State Bank of India. The current applicable interest rate, as declared on June 1st, 2024 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.

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.

You have a free look period of 30 days from the date of receipt of the Policy, to review the terms and conditions of the Policy, in case You disagree with the terms & conditions of Your Policy, you have the option to return the original policy document to us for cancellation. We will refund the premium paid post receipt of written notice of cancellation (along with reasons thereof) together with the original Policy document from Your end. We may reduce the amount of the refund by proportionate risk premium for the period of cover and expenses incurred by us on medical examination, if any and stamp duty charges while issuing Your Policy in accordance with IRDAI (Protection of Policyholders’ Interests, Operations and Allied Matters of Insurers) Regulations, 2024