LIC · Term · Pure Term
Saral Jeevan Bima
A simple, standardised term plan design mandated by IRDAI, sold identically across all Indian insurers, meant to make comparing basic term covers easy.
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
CategoryPure Term
InsurerLIC
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 simple, standardised term plan design mandated by IRDAI, sold identically across all Indian insurers, meant to make comparing basic term covers easy.
You might need this if…
- You want a term plan that's easy to compare across insurers, since Saral Jeevan Bima has the same standard structure and terms at every insurance company by regulatory design.
- You're looking for a smaller, entry-level term cover (₹5 lakh to ₹25 lakh) rather than a multi-crore policy.
- You want flexibility in how you pay — single premium, regular premium, or a limited 5- or 10-year premium term.
- You want a simple, no-jargon term product without riders or add-ons to evaluate.
How it actually works
- Sum assured ranges from ₹5 lakh to ₹25 lakh; entry age 18–65, maximum maturity age 70, policy term 5–40 years.
- Premium can be paid as Single, Regular, or Limited (5 or 10 years); modes include yearly, half-yearly, or monthly with small mode-based loadings (2% half-yearly, 3% monthly).
- During the first 45 days after buying, only accidental deaths get the full death benefit; non-accidental deaths in that window are refunded 100% of premiums paid instead.
- After the 45-day waiting period, the death benefit is the highest of 10× annualised premium, 105% of premiums paid, or the chosen sum assured amount.
- Buying online earns a rebate of roughly 2%–7% depending on the policy term, on top of any high sum assured rebate.
- No riders are offered under this standardised product.
Worked example
For a ₹10 lakh cover over 25 years, a 30-year-old pays roughly ₹4,670 a year (or about ₹52,260 as a single premium) buying offline; buying the same cover online costs a little less, around ₹4,336 a year.
The tiers
| Age | Channel | Annual Premium (₹10L, 25-yr term) | Single Premium |
|---|
| 25 | Offline | ₹3,850 | ₹41,610 |
| 25 | Online | ₹3,574 | ₹40,776 |
| 30 | Offline | ₹4,670 | ₹52,260 |
| 30 | Online | ₹4,336 | ₹51,213 |
| 40 | Offline | ₹8,340 | ₹98,630 |
Worth knowing before you decide
- There is no maturity benefit, no surrender value, and no policy loan facility — this is a pure protection plan only.
- Suicide within 12 months of starting the policy is excluded from the full death benefit; only premiums are refunded in that case.
- A grace period of 30 days (yearly/half-yearly) or 15 days (monthly) applies before a missed-premium policy lapses; lapsed policies can be revived within 5 years.
Official source
⌟ Official product brochure
Learn about this category
Read the full term insurance explainer → · See all protection products →