Saral Jeevan Bima: IRDAI

• Saral Jeevan Bima, launched by IRDAI (Insurance Regulatory and Development Authority of India) in 2020, has become a popular term life insurance product among masses.
• IRDAI is an autonomous body that was established in 1999 to regulate and develop the insurance

Term Life Insurance

• Term life insurance guarantees payment of a stated death benefit to the insured’s beneficiaries if the insured person dies during a specified
• These policies have no value other than the guaranteed death benefit and feature no savings component as found in a whole life insurance
• Term life premiums are based on a person’s age, health, and life

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