Aviva Saral Jeevan Bima: Features, Cover & Eligibility

Choosing a term insurance plan can be challenging, especially when comparing similar products from different insurers. IRDAI introduced the Saral Jeevan Bima framework to standardize key aspects of basic term insurance, making these plans easier to understand and compare.

This guide examines Aviva Saral Jeevan Bima, covering its eligibility, premium rates, death benefit, waiting period, and other important policy terms. It also looks at the insurer's performance metrics and the plan's key limitations.

What Is Aviva Saral Jeevan Bima?

Saral Jeevan Bima is a standardized pure-term life insurance product introduced by IRDAI to make basic life insurance easier to understand and compare. The product follows common rules for key aspects such as the sum assured, policy term, waiting period, and death benefit. IRDAI mandated life insurers to offer this standardized product, with the core features remaining consistent across insurers.

Aviva Saral Jeevan Bima (UIN: 122N135V01) is Aviva Life Insurance's version of this standardized product. It is an individual, non-linked, non-participating pure-risk term insurance plan that provides financial protection to the policyholder's nominee during the policy term.

The policyholder pays premiums to keep the cover active. If the policyholder passes away during the policy term, the nominee receives the applicable death benefit. Since it is a pure-term plan, there is no investment component or maturity payout if the policyholder survives the policy term.

For a broader comparison of the standardized product across insurers, read our guide to Saral Jeevan Bima Yojana.

Aviva Saral Jeevan Bima: IRDAI Standard Rules, Eligibility, and Key Features

IRDAI Standard Rules

The key provisions include:

• Sum Assured: ₹5 lakh to ₹25 lakh, in multiples of ₹50,000.
• Policy Term: 5 to 40 years.
• Waiting Period: 45 days from the commencement of risk. Accidental death during this period is covered, while death from other causes results in a refund of premiums paid, excluding taxes.
• Death Benefit: For regular or limited pay, the death benefit is the highest of the sum assured, 10 times the annualized premium, or 105% of premiums paid. For single pay, it is the higher of the sum assured or 125% of the single premium.
• Maturity Benefit: There is no maturity benefit if the policyholder survives the policy term.

Eligibility

The plan is available to individuals who meet the specified age and payment requirements:

• Entry Age: 18 to 65 years based on the policyholder's last birthday.
• Maximum Maturity Age: 70 years.
• Premium Payment Options: Single pay, limited pay for 5 or 10 years, or regular pay.
• Premium Payment Frequency: Depending on the chosen payment option, premiums can be paid yearly, half-yearly, or monthly.
• Grace Period: 15 days for monthly premiums and 30 days for yearly or half-yearly premiums.

Key Features

• Plan Type: Individual, non-linked, non-participating, pure-risk life insurance plan.
• Policy Loan: No policy loan is available under the plan.
• Revival: A lapsed policy can be revived within five years from the first unpaid premium, subject to the applicable policy terms.
• Surrender or Cancellation Value: Regular pay policies do not offer a surrender value. Eligible single pay and limited pay policies may receive a cancellation value as per the policy terms.
• Suicide Exclusion: If the policyholder dies by suicide within 12 months of policy commencement or revival, the applicable benefit is subject to the policy's suicide exclusion terms.

Aviva Saral Jeevan Bima Sample Premium Comparison by Age and Cover

This illustration assumes a salaried, non-smoking male from Delhi (pincode: 110010) seeking level term cover until age 65. First-year discounts are excluded. Actual premiums may vary based on age, medical profile, underwriting, and other factors. For a rough estimate, you can use the Aviva calculator.

Key Insights: Pricing comparison shows that Aviva Saral Jeevan Bima is significantly more expensive than Aviva’s flagship 3D Term Plan Platinum despite offering a much lower ₹25 lakh cover.

Note: The table figures represent the insurer's overall performance. The data is sourced from Aviva Life public disclosures and IRDAI annual reports. You can explore the Ditto Data Lab for more insurer metrics.

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Conclusion

Multiple premium payment options and coverage of up to ₹25 lakh make Aviva Saral Jeevan Bima a straightforward term insurance product. However, its higher pricing, limited sum assured, no rider options, and lack of modern features make the plan fairly basic.

Since Saral Jeevan Bima is an IRDAI-mandated standard product, insurers have limited flexibility to differentiate it. Therefore, the more relevant factors when evaluating Aviva’s offering are its premium, underwriting, and insurer-level performance.

If you prefer Aviva and are eligible for its flagship 3D Term Plan Platinum, you can consider that option instead. Alternatively, compare flagship term plans from larger, established insurers. 

Aviva’s claim settlement ratio is above the industry mean, but its smaller business scale and higher complaint levels than the industry benchmark are worth considering alongside its claims performance.

Therefore, if you want stronger overall insurer fundamentals, consider the best term insurance plans from established insurers like Axis Max Life and HDFC Life.