InvestorQ : What is the Saral Jeevan Bima term life insurance product mandate by IRDA?
Mitali Bhutta made post

What is the Saral Jeevan Bima term life insurance product mandate by IRDA?

Purvesh answered.
6 months ago
Term Insurance is one of the oldest forms of Insurance where a nominee or joint holder gets the insured amount if the policyholder demise within the policy term period.

The IRDA has requested all the insurance companies to give a standardized version of Term life Insurance -Saral Jeevan bima by January 2021.

The main aim of the IRDA is to give a Simple & complete term insurance product to each customer with the same necessary risks. 
By launching such a product, the insurer doesn't have to compare different term insurance products & can assure of getting the sum assured amount if any sad demise of the policyholder.

As per the IRDA: 

Any Indian citizen can buy the term insurance product as per the below terms & conditions.

The age limit of entry - 18 to 65Yrs.
Maturity age - 70 yrs.
Sum Assured: 5L to 25L & can be increased as per the risk of an individual.
Policy Term - 5 to 40 yrs.

Premium Paying Term - Regular, Limited & Single premium payments.
Mode of payment - Yearly/Half-yearly/Monthly - ECS.
Death Benefit A)For Regular & Limited premium: Highest of 
                   - 10 times the annualized premium.
                   - 105% of all the premiums paid.
                   - Absolute amount.

                   B)For single premium policies:
                   - 125% of the single premium.
                   - Absolute amount.

Maturity - No maturity amount under the policy.

All other insurance policies terms & conditions are also applied - Waiting period, Surrender Value, Cancellation, loan, Riders, Medical requirements, etc.

The product must be available to the common people from 1st January 2021.

Source: IRDA website