Saral Jeevan Beema for Bharat: Irdai introduces standard life product

All insurers to offer the product from January 1, 2020

The Insurance Regulatory and Development Authority of India (Irdai) has come out with a standard, individual term life insurance product called Saral Jeevan Bima. This will be mandatorily offered by all life insurance companies from January 1, 2021, onwards. Insurers have to file the product with the regulator latest by December 1.
 
The Saral Jeevan Bima product to be offered by all life insurance companies will be a non-linked non-participating individual pure-risk premium life insurance plan. It will pay the sum assured in lump sum to the nominee in case of the life assured’s death during the policy term.