NEW DELHI: Regulator IRDAI on Thursday asked life insurance companies to launch a standard term insurance policy ‘Saral Jeevan Bima’ by January 1, 2021 to help customers take informed decisions.
The Saral Jeevan Bima will be a pure term life insurance product that can be purchased by people in the age group of 18 to 65 years and will have a policy term of 4 to 40 years, guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI) said.
The sum assured for the term life insurance policy will range from Rs 5 lakh to Rs 25 lakh (in multiples of Rs 50,000), the policy guidelines said.
“All life insurers permitted to transact new business shall mandatorily offer standard life insurance products with effect from January 1, 2021,” IRDAI said while issuing the guidelines. (AGENCIES)
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