ICICI Prudential · Term · Level Term
Saral Jeevan Bima
A standardized, no-frills term life plan (a regulator-mandated common format across insurers) offering simple death-benefit protection at accessible sum assured levels.
Product data last fetched 26 August 2026. Features, premiums and availability may change — verify against the official brochure/policy wording before deciding.
The truth card
PurposeProtection
CategoryLevel Term
InsurerICICI Prudential
Life CoverNot available in the current product data
PremiumNot available in the current product data
Policy TermNot available in the current product data
Premium-Paying TermNot available in the current product data
GuaranteeNot available in the current product data
Market ExposureNot applicable — non-linked
LiquidityNot available in the current product data
Lock-inNot available in the current product data
ChargesNot available in the current product data
Maturity BenefitNot available in the current product data
Death BenefitNot available in the current product data
SurrenderNot available in the current product data
Paid-upNot available in the current product data
Tax NotesDepends on policy structure, premium amount, issue date and applicable tax law — see our tax notes
XIRRNot available in the current product data
What this product is
A standardized, no-frills term life plan (a regulator-mandated common format across insurers) offering simple death-benefit protection at accessible sum assured levels.
You might need this if…
- You might need this if you want a simple, easy-to-compare term plan — Saral Jeevan Bima has the same standardized structure across all insurers in India, making comparison easy.
- You might need this if you're looking for basic protection at a modest sum assured (₹5 lakh to ₹1.5 crore) without extra riders or complexity.
- You might need this if you're newer to insurance and want a plan with minimal jargon and standardized terms.
- You might need this if you're a woman and want to benefit from the 15% premium discount available on this plan.
How it actually works
- Premium options: single premium, regular pay, or limited pay (5 or 10 years); payment modes include yearly, half-yearly, and monthly via ECS/NACH.
- Entry age 18-65 (POSP/offline) or 18-60 (online); maximum maturity age is 65 (POSP) or 70 (online); policy term 5-40 years.
- Sum assured ranges from ₹5 lakh to ₹1.5 crore, in multiples of ₹50,000.
- There's a 45-day waiting period at the start — during this window, only accidental death is covered at full value; non-accidental death within this period only refunds 100% of premiums paid.
- Salaried customers get discounts of 12.5% (Regular Pay) or 15% (Limited Pay) for sum assured ≥₹50 lakh; women get a further 15% discount.
- There is no maturity, surrender, or paid-up benefit — it's pure term protection, and policy loans are not offered.
Worked example
Shekhar, a 32-year-old marketing consultant, buys ₹25 lakh cover for a 30-year term, paying about ₹9,477/year (₹2,84,310 total over the term). If he dies accidentally during the term, his family receives the full ₹25 lakh.
Worth knowing before you decide
- The 45-day waiting period significantly limits non-accidental death coverage right after the policy starts.
- This plan offers no maturity, surrender, or loan benefits — nothing is returned if you outlive the term.
- Suicide within the first 12 months limits payout to 80% of premiums paid.
- Maximum sum assured is capped at ₹1.5 crore, which may be insufficient cover for higher-income earners who may need to combine it with another plan.
Official source
⌟ Official product brochure
Learn about this category
Read the full term insurance explainer → · See all protection products →