On January 1, 2021, the insurance companies started offering Saral Life Insurance (Standard Term Insurance Policy) on the instructions of the insurance regulator IRDA. The most important thing about this policy is that you can buy a term plan even at a low premium. According to insurance experts, this is a pure-risk life insurance policy that will pay the insured a lump sum amount in case of accidental death. The policy is also available with two riders such as accident benefits and permanent disability benefits.
10 Key Features of Standard Term Plan
1. Maximum and minimum age
A simple life insurance policy can be purchased by a maximum of 65 years and a minimum of 18 years.
2. Policy Term
The policy can be purchased for 5 years to 40 years.
3. Maximum maturity age
The maximum maturity age in this policy is 70 years.
4. Cover amount
The insurance companies will give a cover amount of Rs 5 lakh to Rs 25 lakh under this policy. If the company wishes, it can provide a cover of more than this amount.
5. Premium payment option
The insured can pay the regular premium. Apart from this, one can opt for five or 10 years option or single premium option.
6. Payment of premium
The insured can pay the premium on an annual, month or half-yearly basis. With this one can also opt for single premium.
7. Death benefit
The insured will get 10 times the annual premium in the Regalur and limited premium payment. At the same time, 105% of all premium paid in limited premium will be given. 125% amount will be paid in single premium.
8. Waiting period
The waiting period under this policy is 45 days. At the same time, there will be no claim in case of suicide under this policy. After the death of the policyholder during the policy term, his nominee will be paid an amount equal to 100% of all the premiums received excluding taxes.
No loan will be available against the policy.
10. Maturity Benefit
No maturity benefit will be given under the policy.