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Life Insurance Policy : Next year, you will be able to buy simple life insurance policy from 1 January for cheap premium

With the start of the new year, you will be able to buy a simple life insurance policy from now on at a lower premium. The insurance regulator IRDA had directed all insurance companies to introduce a standard regular health insurance called "Arogya Sanjeevani". Keeping this instruction in view, all insurance companies are going to launch a new simple life insurance policy from 1 January 2021.

Under these new simple insurance policies, there will be an option to buy the plan of Simple Insurance policies at a cheaper premium. 

Low premium simple life insurance policies will benefit the low income group

Insurance experts believe that this will provide a great convenience for those buying term life insurance for the first time and this will especially benefit low income groups. After giving the term plans a general form, it will be easy to buy it for low income groups.

There will also be an option to take the rider in this new policy

Accidental Benefit and Permanent Disability Benefit Rider can also be purchased by customer IRDA with a simple life insurance plan. Such rider offers the benefits of the policy as well as the additional benefits i.e. bought separately by the customer. The premium of the riders will also be in addition to the base policy premium paid for the additional cover and benefits offered by the chosen rider.

Know how much cover will be available in the new policy

Only people of minimum 18 years and maximum 65 years can buy simple life insurance policy. The term of these simple life insurance policies will be between 5 and 40 years. This policy can be purchased only for a maximum of 70 years of age. In this simple life insurance policy, a cover of at least five lakh rupees and maximum 25 lakh rupees will be available.

Published: December 18th, 2020

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