Edelweiss Tokio Life Insurance Co. Ltd has launched India’s first standard term insurance plan called Saral Jeevan Bima, which is aimed at first-time buyers and those who may not have easy access to existing term plans. A term plan pays out the sum assured in case of the insured’s death.
The Insurance Regulatory and Development Authority of India (Irdai) in October had mandated all life insurers to launch the Saral Jeevan Bima plans from 1 January 2021, with simple features and standard terms and conditions to ensure that every individual, irrespective of their socioeconomic background gets access to financial protection.
