Max Life Saral Jeevan Bima – A standard term insurance plan that offers simplified financial protection

By: |
March 10, 2021 5:57 PM

The Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of Rs 5 lakhs and a maximum sum assured of up to Rs 25 lakhs for a policy term ranging between 5 - 40 years.

Term Insurance plan, insurance plan, term insurance, mic, my insurance club, Saral Jeevan Bima, term insurance, life insurance, IRDAI, COVID-19 pandemic, saral jeevan bima yojana, saral jeevan bima yojana LICThe term life insurance policy is designed to offer financial protection to customers alongside simple, easy to understand policy features.

Max Life Insurance today announced the launch of their ‘Max Life Saral Jeevan Bima’, a standard term life insurance plan. The term life insurance policy is designed to offer financial protection to customers alongside simple, easy to understand policy features. The same is a non-linked, non-participating, individual pure-risk premium life insurance plan.

The policy is available to customers in the age group of 18 to 65 years. The Max Life’s Saral Jeevan Bima plan offers a minimum sum assured of Rs 5 lakhs and a maximum sum assured of up to Rs 25 lakhs for a policy term ranging between 5 – 40 years. The policy also offers customers the flexibility to choose between premium payment term options of regular pay, single pay and limited pay (with 5 and 10-year pay options); and multiple premium payment mode options i.e. annual, semi-annual or monthly payment.

According to the findings of Max Life’s recent survey ‘India Protection Quotient 3.0’ in association with KANTAR, it was revealed that 33 per cent of non-term plan owners across urban India were unaware of term plan availability and believed high premiums have to be paid for it, which served as a barrier in their term plan purchase. The company says the new ‘Max Life Saral Jeevan Bima’ will offer simplified financial protection to customers.

Prashant Tripathy, MD and CEO Max Life Insurance says, “In today’s day and age, where there are plenty of term insurance plans and policies to choose from, it is also important to provide a simple product that allows an average customer to make an informed choice. In line with the IRDAI’s Guidelines on Standard Individual Term Life Insurance Product; and as a commitment to increase the penetration of life insurance in the country, ‘Max Life Saral Jeevan Bima’ seeks to address key financial protection requirements of customers in a simple and standard manner.”

He further adds, “We hope that this standard product will help Indians, especially first-time buyers, to protect their loved ones by encouraging them to invest in a term insurance policy.”

Do you know What is ? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Charges collected on digital transactions in zero-balance accounts have been refunded: SBI clarifies
2Changing nominee in NPS account? Here are the new nomination rules you should be aware of
3NPS, APY subscriber base rises by 23% to over 4.24 crore: PFRDA