‘Saral Jeevan Bima’ from 1st Jan 2021—By IRDAI

Published on October 16, 2020
Current Context: The guidelines for ‘Saral Jeevan Bima’ are released by IRDAI (Insurance Regulatory and Development Authority of India).
‘Saral Jeevan Bima’ from 1st Jan 2021—By IRDAI
  • IRDAI has made mandatory of offering this insurance policy by all life insurance companies from 1st Jan 2021. 
  • The Saral Jeevan Bima’ will be non-linked non-participating individual pure risk premium life insurance plan and has no maturity benefit.
  • The insurance plan offers optional accident benefit and permanent disability rider. The sum assured will be paid to the nominee in case of death of holder of the policy. 
  • The minimum amount for ‘Saral Jeevan Bima’ is Rs 5 lakh and maximum amount is upto Rs 25 lakhs. Policy term is from 5 to 40 years.
  • The policy offers three premium payment options: Regular Premium, Limited premium payment term for 5 years, 10 years and Single Premium.
  • Static Part: 
    • HQ of IRDAI: Hyderabad, Telangana
    • Chairman of IRDAI: Subhash Chandra Khuntia

Question: 

Q.1 From when IRDAI has made mandatory to all insurance companies to offer ‘Saral Jeevan Bima’?
a. 1st April 2021
b. 1st Dec 2020
c. 1st Jan 2021
d. 26th Jan 2021

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