Saral Jeevan Bima plans not only help improve insurance penetration but also its availability on digital platforms will help in advocating online buying of insurance.
The plan comes with hassle-free processing with minimum financial and medical requirements.
Aegon Life Insurance has announced the launch of its latest life insurance product – Aegon Life Saral Jeevan Bima that allows flexibility to the customers to adapt the policy basis their needs. With this online policy, one can enjoy the benefits of hassle-free processing with minimum financial and medical requirements.
Aegon Life Saral Jeevan Bima is a simple insurance policy that will pay the nominee a fixed amount after the policyholder’s death during the policy term. It can be bought by any individual aged between 18 to 65 years with a sum assured of Rs. 5 lakhs to Rs. 25 lakhs and cover period ranging between 5 years to 40 years.
One can make premium payment either as a Single Pay or go for Regular Pay Equal to policy term or opt for a Limited Pay of 5 years and 10 years. The buyer may avail benefits of Aegon Life AD Rider with this policy. In case of the death of the Life Assured due to an Accident during the Rider Term, an amount equal to the Rider Sum Assured is payable. This amount will be in addition to the death benefit under the Base Policy.
Aegon Life Saral Jeevan Bima is a standardised simple term insurance plan as per the IRDAI’s mandate to all insurers to launch a standard term insurance plan. The Insurance Regulatory and Development Authority of India (IRDAI) felt it necessary to introduce a standard, individual term life insurance product, with simple features and standard terms and conditions. Such a standard product will make it easier for the customers to make an informed choice, enhance the trust between the insurers and the insured, and reduce mis-selling as well as potential disputes at the time of a claim settlement.
Term insurance plans are the purest form of insurance and anyone with financial dependents should buy them. Such plans suit especially those who are looking to buy protection covers for the first time.
Satishwar Balakrishnan, MD & CEO Aegon Life Insurance said, “The introduction of Saral Jeevan is a significant move by the IRDAI with standard coverage with affordable premiums. This will not only help improve insurance penetration, but its availability on digital platforms will help in advocating online insurance buying as simple, transparent, and hassle-free.”