Bajaj Life Saral Jeevan Bima: Key Features & Review

Overview

Bajaj Life Insurance Saral Jeevan Bima is a non-linked, non-participating pure term insurance plan offered under the Insurance Regulatory and Development Authority of India (IRDAI) standardized Saral Jeevan Bima initiative. Under this framework, all life insurers in India must offer the product with a uniform structure and policy wording.

The plan provides a lump-sum death benefit to the nominee if the policyholder passes away during the policy term, with no maturity or survival benefits. It is available for individuals aged 18 to 65 years, with coverage between ₹5 lakh and ₹25 lakh and policy terms ranging from 5 to 40 years. Buyers can choose single, limited, or regular premium payment options.

This guide explains the plan’s features, eligibility, pricing, exclusions, and ideal buyer profile.

Flagship term plans from insurers usually come with strict underwriting requirements. Insurers assess factors such as income proof, occupation type, medical history, and educational qualifications before approving coverage. While this works smoothly for salaried professionals with stable documentation, many buyers struggle to qualify, especially self-employed individuals with irregular income, workers in high-risk or informal occupations, or applicants facing documentation gaps.

Bajaj Life Insurance Saral Jeevan Bima is designed to address this gap. It is an Insurance Regulatory and Development Authority of India (IRDAI) standardized pure term insurance plan created to make life cover more accessible to individuals who may not qualify for conventional term plans. The policy offers life cover of up to ₹25 lakh with a simple structure, with no investment component, no maturity benefit, and no complex customization.

What is Bajaj Life Saral Jeevan Bima?

Bajaj Life Insurance, formerly known as Bajaj Allianz Life Insurance, is a private life insurer and a subsidiary of Bajaj Finserv Limited. Built on the Bajaj Group’s long-standing financial services legacy, the insurer focuses on providing practical life insurance solutions designed to support customers’ long-term financial goals. Since it is a pure protection plan, it does not offer maturity benefits, bonuses, or market-linked returns.

Since Saral Jeevan Bima follows a standardized product structure, core benefits and eligibility are broadly similar across insurers, while pricing and underwriting experience may differ. The key differences usually come down to premium pricing, service quality, and claim settlement performance.

Key Features and Benefits of Bajaj Life Saral Jeevan Bima

1) Waiting Period: The policy comes with a mandatory 45-day waiting period from the risk commencement date:

2) Death Benefit: If the policyholder passes away during the policy term, the nominee receives a lump-sum payout.

Accidental Death During the Waiting Period: Full sum assured is payable.
Non-accidental Death During the Waiting period: Only the premiums paid, excluding taxes, are refunded.
After Completion Of 45 Days: After completion of the 45-day waiting period, death due to any reason is covered, subject to policy terms and the suicide exclusion.

3) Policy Structure and Limitations

Premium payment options include single pay, limited pay (5 or 10 years), and regular pay.
Premiums can be paid yearly, half-yearly, or monthly through ECS (Electronic Clearing Service) or NACH (National Automated Clearing House) auto-debit facilities.
The plan does not offer any maturity or survival benefit if the policyholder outlives the policy term.
No riders are available under the plan, meaning buyers cannot add benefits such as critical illness or accidental disability cover.

4) Premium Rebates and Discounts: Bajaj Life Insurance Saral Jeevan Bima offers premium rebates for certain customer categories and purchase channels:

Higher sum assured amounts may qualify for additional discounts based on the insurer’s pricing structure and applicable terms.
Policies purchased through online, direct, or web aggregator channels receive a 2% premium rebate.
Staff members are eligible for premium rebates ranging from 5% to 10%, subject to policy conditions.
Female policyholders receive lower premiums, calculated using rates applicable to males who are 3 years younger.

CTA

Eligibility Criteria and Coverage Details

Parameter	Details
Entry Age	18 to 65 years
Minimum Maturity Age	23 years
Maximum Maturity Age	70 years
Minimum Sum Assured	₹5 lakh
Maximum Sum Assured	₹25 lakh
Policy Term	5 to 40 years
Premium Payment Options	Single Pay, Limited Pay (5 or 10 years), or Regular Pay

Here are some additional operational details and policy conditions of Bajaj Life Insurance Saral Jeevan Bima:

The sum assured is available only in multiples of ₹50,000.
The plan can be purchased online.
The grace period is 30 days for yearly and half-yearly payment modes and 15 days for monthly payments.
The free look period is 30 days from the date of receiving the policy document.
A lapsed policy can be revived within 5 years from the first unpaid premium date by paying pending premiums along with applicable interest. The current revival interest rate is 9% per annum, compounded half-yearly.
Policy loans are not available under this plan.
Regular premium policies do not have a surrender value.
Single premium and limited pay policies may receive a policy cancellation value, subject to specified conditions.

Sample Premium Table: Bajaj Life Saral Jeevan Bima

Life Assured Age at Entry	Policy Term	Premium Paying Term	Sum Assured	Annual Premium
30 years (Male)	30 years	30 years	₹25 lakh	₹8,321
35 years (Male)	30 years	30 years	₹25 lakh	₹11,848
40 years (Male)	30 years	30 years	₹25 lakh	₹17,525

Note: Premiums are illustrative and sourced from the official Bajaj Life Insurance Saral Jeevan Bima brochure. Actual premiums may vary depending on underwriting, taxes, payment mode, and applicable rebates.

How to Apply for Bajaj Life Saral Jeevan Bima Online

You can apply for Bajaj Life Insurance Saral Jeevan Bima directly through the insurer’s official website or via online insurance aggregators. Some web aggregators may also offer a small premium rebate, subject to applicable terms and insurer guidelines.

Online Application Process

1) Visit the Official Website: Go to the official Bajaj Life Insurance website and access the term insurance section.

2) Enter Basic Details: Fill in details such as your name, mobile number, date of birth, smoking status, occupation, and pin code.

3) Select the Plan: Choose Saral Jeevan Bima and customize the coverage amount, policy term, and premium payment option based on your requirements.

4) Upload Documents and Make Payment: Verify your information, upload KYC documents, and pay the premium online using the available digital payment methods.

Once the application, medical underwriting (if done) and verification process are completed, the policy is issued electronically.

Why Choose Ditto for Term Insurance?

At Ditto, we’ve assisted over 8,00,000 customers with choosing the right insurance policy. Why customers like Aaron below love us:

No-Spam & No Salesmen
Rated 4.9/5 on Google Reviews by 15,000+ happy customers
Backed by Zerodha
Dedicated Claim Support Team
100% Free Consultation

You can book a FREE consultation. Slots are running out, so make sure you book a call now or chat over WhatsApp with our advisors.

Ditto's Take

Bajaj Life Insurance Saral Jeevan Bima is a basic IRDAI-standardized term insurance plan designed to make life cover accessible to buyers who may not qualify for comprehensive term plans. Its biggest strengths are simplicity, easier accessibility, a fixed policy structure, and availability across all insurers. Bajaj Life also performs well on key insurer reliability metrics such as claim settlement, solvency, and complaint handling.

However, the plan comes with important limitations. The maximum coverage is capped at ₹25 lakh, there are no riders, no customisation options, and no advanced benefits available under flagship term plans. For many earning individuals, the cover amount may not be sufficient to support long-term family needs such as loans, household expenses, and child education.

If you face income proof issues, occupational restrictions, or underwriting challenges, Saral Jeevan Bima can serve as a practical fallback option. However, buyers who qualify for comprehensive plans like Bajaj Life eTouch II or iSecure II should usually prefer those plans because they offer higher coverage, more features, and better long-term value.

Frequently Asked Questions

Can NRIs buy Bajaj Life Saral Jeevan Bima?

NRIs may be able to apply for Bajaj Life Insurance Saral Jeevan Bima, subject to the insurer’s underwriting guidelines, country-specific serviceability, documentation, and payment rules. The insurer may request documents such as passport copies, overseas address proof, income proof, and medical records, depending on the applicant’s country of residence. Premiums are generally payable through NRE or NRO accounts. However, if an NRI qualifies for comprehensive plans like Bajaj Life eTouch II, that is usually the better option because it offers dedicated NRI servicing processes, higher coverage, and more comprehensive features than Saral Jeevan Bima.

Is a medical test mandatory for Bajaj Life Saral Jeevan Bima?

Medical tests, if any, depend on Bajaj Life Insurance’s underwriting assessment, including factors such as age, health disclosures, occupation, lifestyle habits, and chosen coverage amount. Since the maximum sum assured is limited to ₹25 lakh, some applicants may qualify for simplified underwriting without extensive medical examinations. However, Bajaj Life may still request tests such as blood work, ECGs, or other evaluations if required. For resident Indian applicants, insurers arrange and pay for the required medical tests. NRI or overseas medical rules may differ. Applicants should disclose all health conditions honestly, as non-disclosure can create claim settlement complications later.

Can I increase the sum assured later under Saral Jeevan Bima?

No, Bajaj Life Insurance Saral Jeevan Bima does not offer an option to increase the sum assured after policy issuance. The coverage amount selected at the time of purchase remains fixed throughout the policy term. If your income, liabilities, or family responsibilities increase later, you would need to buy an additional term insurance policy separately. This is one of the major limitations of Saral Jeevan Bima compared to comprehensive term plans, which may offer life-stage benefits or increasing-cover options. Buyers expecting higher future insurance needs should ideally explore comprehensive term insurance plans first.

Does Bajaj Life Saral Jeevan Bima offer monthly income payout options?

No, Bajaj Life Insurance Saral Jeevan Bima only provides the death benefit as a lump-sum payout to the nominee. The plan does not offer monthly income, staggered payout, or instalment settlement options. Once the claim is approved, the full sum assured is paid directly to the nominee in one payment. This structure is standard across all Saral Jeevan Bima policies because the product is regulated and standardized by IRDAI. Buyers looking for monthly income benefits after death may need to consider comprehensive term plans or separate income-oriented financial products, depending on their family’s financial planning needs.

Can housewives apply for Bajaj Life Saral Jeevan Bima?

Housewives may apply, subject to Bajaj Life’s underwriting rules, financial justification, spouse/family income assessment, medicals, and documentation. Insurers usually evaluate the earning member’s income, family financial stability, and the justification for the requested coverage amount before approving the policy. Since Saral Jeevan Bima is designed to improve accessibility, underwriting restrictions are generally simpler than those of comprehensive term plans. However, the insurer may still limit the maximum coverage offered depending on financial dependency and documentation available. Applicants should ensure all details regarding income and occupation are disclosed accurately during the application process.

Can I cancel the policy after purchase?

Yes, Bajaj Life Insurance Saral Jeevan Bima comes with a 30-day free look period from the date of receiving the policy document. During this period, if you disagree with any policy terms or conditions, you can return the policy and request cancellation. The insurer refunds the premium paid after deducting the proportionate risk premium, stamp duty charges, and medical examination expenses, if applicable. The free look period applies to both electronic and physical policies. Cancellation after the free look period is also possible, but regular premium policies generally do not receive any refund or surrender value. Single premium and limited pay policies may receive a policy cancellation value under specified conditions.

Is the premium fixed throughout the policy term?

Yes, the premium under Bajaj Life Insurance Saral Jeevan Bima remains fixed throughout the chosen premium payment term once the policy is issued. The insurer cannot revise the premium later based on changes in health condition, age, or market factors. This helps buyers maintain predictable long-term insurance costs. The premium remains fixed as per the policy terms once the policy is issued.

Can I buy multiple Saral Jeevan Bima policies from different insurers?

Yes, you can technically purchase multiple Saral Jeevan Bima policies from different insurers. However, insurers assess your total existing life insurance coverage, income, and financial profile during underwriting before approving additional policies. Since Saral Jeevan Bima is intended mainly for basic protection, excessive coverage relative to income may raise underwriting concerns. Applicants are also required to disclose all existing insurance policies honestly while applying. In practice, buyers who qualify for multiple policies are often better served by comprehensive term plans that offer higher coverage and more features than purchasing several low-cover Saral Jeevan Bima policies separately.

Does Bajaj Life Saral Jeevan Bima cover death due to COVID-19 or other illnesses?

Yes, after the mandatory 45-day waiting period ends, Bajaj Life Insurance Saral Jeevan Bima covers death due to illnesses, including COVID-19, cancer, heart disease, and other natural causes, subject to policy terms. During the first 45 days, only accidental death is fully covered, while non-accidental death results in a refund of premiums paid, excluding taxes. The standard suicide exclusion also applies during the first 12 months from policy commencement or revival. Apart from these conditions, the plan functions like a regular term insurance policy and provides life cover against natural and medical causes of death.

Last updated on: 23 May, 2026