The insurance regulator IRDAI has come out with a standard individual term life insurance product, to be known as “Saral Jeevan Bima”. The policy shall be mandatorily offered by all the life insurance companies from January 1, 2021, onwards. In this respect, all life insurers have to file the product with the insurer latest by December 1, 2020, which will be a non-linked non-participating individual pure risk premium life insurance plan.
Key features of the policy will be as under;
As per IRDAI guidelines, in case of death of the life assured other than due to accident during the waiting period, an amount equal to 100 per cent of all premiums received excluding taxes if any, shall be paid and the sum assured shall not be paid.
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