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FAQ's related to Shriram Life Saral Jeevan Bima
Is there a grace period under the Jeevan Saral plan?
Under the Jeevan Saral plan, there is a grace period of 15 days to pay the premiums after the due date has passed for the monthly premium payment mode and 30 days for half-yearly and annual premium payment modes. The policy will remian active during the grace period.
When will the Saral Jeevan Bima policy lapse?
The Saral Jeevan Bima policy will lapse if you do not pay the premium before the grace period ends.
Will my policy lapse during the grace period for the Shriram Life Saral Jeevan Bima Plan?
No, your policy will not lapse during the grace period for the Shriram Life Saral Jeevan Bima Plan as the coverage will continue. If the insured passes away during the grace period, the full death benefit will be paid after deducting the outstanding premium.
Do I earn a bonus under Saral Jeevan Bima?
You do not earn a bonus under Saral Jeevan Bima because it is a pure term insurance plan with no saving element.
How do I calculate the cancellation value for the Jeevan Saral Bima Yojana plan?
The Jeevan Saral Bima Yojana plan cancellation value can be calculated as follows:
- Single premium plans: 70% x single premium x (unexpired policy tenure/original policy tenure)
- Limited premium plans: 70% x total premium paid x (unexpired policy tenure/original policy tenure)
In the case of limited premium plans, the value is available only if two full years' worth of premiums have been paid.
How much tax do I have to pay for death benefits under the Bima policy?
The death benefit paid under the Bima policy is completely tax-free.
Will Shriram Life pay off any outstanding loans if the insured passes away suddenly during the Saral Jeevan Bima policy tenure?
The Saral Jeevan Bima policy pays a death benefit if the insured passes away during the term. This death benefit can be used to pay off outstanding loans fully or partially.
When is coverage terminated under the Saral Jeevan Bima plan?
Coverage is terminated under the Saral Jeevan Bima plan either on premature demise of the insured or at maturity.