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Life insurance companies to offer 'Saral Jeevan Bima' from Jan 1
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SME Times News Bureau | 16 Oct, 2020
The Insurance Regulatory and Development Authority of India (Irdai) has
directed all life insurance companies to offer a standard term insurance
plan – Saral Jeevan Bima – from January 1 next year. "Customers
who cannot devote adequate time and energy to make informed choices
find it difficult to select the right product. Also, products may not be
available for the intended sum assured. So we felt the need to
introduce a standard, individual term life insurance product, with
simple features and standard conditions," Irdai said.
"A standard
product will make it easier for the customers to make an informed
choice, enhance the trust between the insurers and the insured, and
reduce mis-selling as well as potential disputes at the time of a claim
settlement," the regulator added. The Saral Jeevan Bima will be a
pure term life insurance product that can be purchased by people in the
age group of 18 to 65 years and will have a policy term of 4 to 40
years. The standard term life insurance will mandatorily offer a sum
assured between Rs 5 lakh and Rs 25 lakh. The Irdai, however, allows the
life insurance companies to offer a higher sum assured as well without
changing any conditions. The Saral Jeevan Bima will have no
maturity benefit and will have a 45-day waiting period. On exclusions in
the policy, the guidelines said "only suicide clause, as per extant
regulations". It further said the product should be offered to
individuals without restrictions on gender, place of residence, travel,
occupation or educational qualifications. The regulator feels such a standard product will reduce instances of mis-selling and disputes at the time of claim settlement. In
its circular, the Irdai asked all the life insurance companies to file
the product with the Irdai latest by December 31 this year. "However,
insurers may file the product earlier and offer the same on approval
even before January 1, 2021," the insurance regulator said.
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