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June 14, 2026
The Dispatch

Definition

Saral Jeevan Bima

Saral Jeevan Bima is IRDAI's standardised, simple term life insurance product with uniform features across all insurers.

Mandated by IRDAI from 2021, Saral Jeevan Bima is a no-frills pure-term plan with identical terms, conditions and exclusions across every life insurer, differing only in price. It was designed to remove confusion and make it easy for ordinary buyers to compare and purchase term cover.

The product offers a level sum assured within prescribed limits, a standard 45-day waiting period for non-accidental death, and minimal customisation. It targets first-time and lower-income buyers, supporting IRDAI's goal of widening protection through standardised, transparent products.

Related terms

  • Arogya SanjeevaniArogya Sanjeevani is IRDAI's standardised basic health insurance product with common features offered by all general and health insurers.
  • IRDAIIRDAI is the Insurance Regulatory and Development Authority of India, which regulates and supervises the insurance industry and protects policyholders.
  • Term InsuranceTerm insurance is pure life cover that pays your family a large sum if you die during the policy term, in exchange for a low premium.

Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.