Saral Jeevan Bima HDFC Life | Required Documents | Benefit

HDFC Life Insurance Company Limited (d/b/a HDFC Life) is a long term life insurance provider headquartered in Mumbai, providing individual and group insurance services and was incorporated on 14 August 2000. The company is a joint venture between Housing Development Finance Corporation Limited (HDFC), one of India’s leading housing finance institutions, and Abrdn, a global investment company. This company provides many types of investment plans, one of them is HDFC Life Saral Jeevan Bima plan which provides a good security to the family. In this article, we will tell you about “Saral Jeevan Bima HDFC Life” in detail.

What Is Saral Jeevan Bima HDFC Life?

HDFC Life Saral Jeevan Bima is a non-linked non participating individual pure risk premium life insurance plan that offers you comprehensive protection at an affordable price and helps you protect your loved ones from the uncertainties that life can throw at you . This term life insurance policy covers your life till the age of 70 years with multiple premium paying options.

Saral Jeevan Bima HDFC Life

Why Do You Need Saral Jeevan Bima HDFC Life?

  • Ensure financial stability for your loved ones.
  • Maintain the standard of living of your family even in your absence.
  • Provide security to your loved ones at an affordable cost.
  • Ensure extra safety by connecting riders.

HDFC Life Saral Life Insurance Eligibility Criteria.

The table below shows the HDFC Life Saral Jeevan Bima eligibility criteria:

Criterion Minimum Maximum
Entry Age 18 years 65 years
Maturity Age 23 years 70 years
Policy Term 5 years 40 years
Sum Assured (The sum assured would be permitted in the multiples of Rs 50,000) Rs 5,00,000 Yet to be Decided
Premium Payment Term Regular Premium Single-Premium Limited Premium Payment for 5-years and 10-years

HDFC Life Saral Life Insurance Benefits.

Further, let us understand HDFC Life Saral Life Insurance benefits:-

Death Benefit

When the Life Assured dies in an unfortunate event within the policy term, the Sum Assured on Death is paid to the nominee of the policy.

For Regular and Limited premium paying policies: This will be the highest of the following:

AP. 10 times of
105 percent of the total premiums paid on the date of death
Full sum assured will be paid on death.

Now, the entire sum assured will be paid equal to the sum assured. Annual premium shall be the premium amount that is payable in a year, excluding rider premium, taxes, loading for modal premium and in any case additional premium. And the total premium paid shall be the sum of all premiums received and shall not include any additional premium, rider premium and taxes.

Policy Cancellation Value

Policy cancellation value will be payable subject to the following conditions:

When the policyholder applies for it before the prescribed maturity date in case of a single premium policy
When the policyholder applies for the same before the stipulated maturity date or at the end of the revival period and when the policy is not revived in case of limited premium paying policies

For Single Premium: The policy cancellation value is arrived at immediately after receipt of the single premium and will be calculated as follows:

= (70% X Single Premium Paid X Policy Term Not Expired) / Policy Term Basic
Single premium will include additional premium in any case

Limited Premium Payment: For 5 years and 10 years, the policy cancellation value will be received if the premium amount for at least two consecutive full years has been paid and then it is calculated as follows:

= (70% X Single Premium Paid X Policy Term Not Expired) / Policy Term Basic
The total premium paid shall in any case include the additional premium

Regular Premium Paying Term: There will be no policy cancellation value payable in respect of Regular Premium policies.

Maturity Benefit, Surrender Value and Pay-up will not be applicable under HDFC Life Saral Jeevan Bima Yojana.

Waiting Period

This will be forty five days from the date of commencement of risk, if the policy is revived, the waiting period will not be applicable.

Death Due To Accident Within Waiting Period

HDFC Saral Jeevan policy will cover death due to accident within a waiting period of 45 days from the date of commencement of risk. In case of accidental death, death benefit as defined under section 1 will be paid.

Death Due To Other Than Accident Within The Waiting Period

If the Life Assured dies due to any cause other than an accident within the waiting period, in any case an amount equal to 100% of all premiums received excluding taxes shall be paid and Sum Assured shall not be paid.

Death Within The Policy Term

The death benefit as defined under section 1 will be paid. It is applicable after completion of waiting period. HDFC Life Saral Jeevan Bima Eligibility Criteria.
The table below shows the HDFC Life Saral Life Insurance eligibility criteria:Ensure financial stability for your loved ones.

Documents Required For HDFC Life Saral Life Insurance.

Documents required for the company while buying:-

Natural Death / Disaster / Natural Disaster

  • Death Claim Form
  • Death Certificate Issued By Govt. /relevant Authority
  • Identity And Residence Certificate Of Claimant
  • Original Policy Document (In Case Of DEMAT, Original Policy Document Is Not Required)
  • NEFT Account Details
  • Medical Records At The Time Of Death And Past Illnesses
  • Maturity, Money Back & Pension – Annuity Claim Document List
  • Un-Natural Death (Accidental Death / Murder / Suicide)

Death Claim Form

  • Death Certificate Issued By Govt. /relevant Authority
  • Identity And Residence Certificate Of Claimant
  • Original Policy Document (In Case Of DEMAT, Original Policy Document Is Not Required)
  • NEFT Account Details
  • FIR, Police Inquiry Report And Panchnama
  • Post Mortem Report
  • Maturity, Money Back & Pension – Annuity Claim Document List
  • Additional Documentation May Be Requested On A Case-to-case Basis

Critical Illness Claim

  • Critical Illness Claim Form
  • Medical Records (present And Past) Viz. Hospital Records, Reports Of Clinical Trials.
  • Identity And Residence Certificate Of Claimant
  • Original Policy Document (In Case Of DEMAT, Original Policy Document Is Not Required)
  • NEFT Account Details
  • Maturity, Money Back & Pension – Annuity Claim Document List

How To Buy HDFC Life Saral Life Insurance?

First of all, while buying a term plan online, first calculate the premium according to your desired sum insured and term on the online term insurance calculator, then you can take the plan by contacting an agent of the company.

Buy Plan Online:- Click Here

HDFC Life Saral Jeevan Bima Premium Calculator:- Click Here

READ MORE: HDFC Life Sanchay Plus Plan

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