To start with, a basic term life insurance plan is a must-have in your portfolio. It offers you life cover for a high sum assured in return for a premium. This sum assured is paid as a death benefit to your nominee(s) in case you meet an untimely demise during the policy term.
20 Mineral Water Brands Declared Unsafe by PCRWR dnd.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dnd.com.pk Daily Mail and Mail on Sunday newspapers.
How Saral Jeevan Bima fares among term plans
Representative image - Getty Images/iStockphoto×
Study how the standard term policy compares with others on premium and benefits
Term plans are supposed to be simple products in the life insurance space. But life insurers add different features, pay-out options and other conditions, making the selection of a term plan difficult, prompting the regulator, IRDAI, to come up with Saral Jeevan Bima.
The objective of this standard term policy is to offer simple basic life cover for policyholders across income categories. With a few insurers introducing the standard term policy in their menu, we discuss their offerings.