Saral Jeevan Bima is simple, but the cover on offer isn’t enough

If you are looking to buy a pure term life insurance cover, you will soon be able to choose simply on the basis of your preferred brand and the premium or price. Making it simpler for individuals to buy a term insurance policy, the Insurance Regulatory and Development Authority of India (Irdai) has come up with guidelines for a “standard" product—Saral Jeevan Bima—specifying the terms and conditions, benefits, and features that life insurance companies must include. This means that you will get the same product across insurers, and won’t have to analyze or understand the variations between different plans.

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