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‘Simple life insurance’ policy is starting from January 1, know 5 important things related to it

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Simple life insurance policy will be available from January 1

Insurance regulatory body IRDAI has asked all insurance companies to launch ‘Saral Life Insurance Policy’ from 1 January. Under which, from the new year the customer will get a chance to buy a term plan at a lower premium. Let’s know all the important things related to this …

  • News18
  • Last Updated:December 30, 2020, 7:11 AM IST

new Delhi. For those who are thinking of taking life insurance, it is good news. Buying a term life insurance policy from the new year is going to be very easy. Insurance regulatory body IRDAI has asked all insurance companies to launch simple life insurance from January 1 next year. This will be a standard term insurance. This will help customers to take decisions based on the information already provided by the companies. So let’s know everything about it …

1. What is simple life insurance?
Simple life insurance will be a full term life insurance product. Which people between 18 and 65 years will be able to buy. According to the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), the duration of these policies will be from 4 years to 40 years. According to the guidelines, you can buy a policy ranging from 5 lakh to 25 lakh in simple life insurance.

2. All companies will have the same terms and conditionsThe terms and conditions of all insurance companies will be the same, in which even the sum assured and the premium will be the same. The advantage of this will be that the possibility of dispute will be very less during the time of claim. While choosing the customer plan, compare the prices of this plan and the claim settlement ratio of different insurance companies.

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Also read: Rules of this insurance policy going to change IRDA, millions will benefit, changes made in KYC rules too

3. 45 days old policy will also get full cover
If the policyholder dies within 45 days after the policy is issued, the payment will not be made in any other situation except death in accident. Under Saral Life Insurance, customers will not get any maturity benefit and surrender value also.

4. No claim will be found in case of suicide
After the death of the policy holder during the policy term, his nominee will get a claim equal to the sum assured. No claim will be received under this policy in case of suicide.

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5. Payment in three ways
There are three ways to pay for insurance. Single premium is an option to pay limited premium payment or regular life long monthly premium for a period of 5-10. Any person will be able to purchase this policy and there will be no obligation or limitation related to gender, place of residence, educational qualification and occupation etc.


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