Saral Jeevan Bima will have lower entry barriers, but may not be cheaper

The type of insurance policy sold most widely in India is the insurance-cum-investment plan. Term cover began to catch on only in the past few years. Insurance penetration in India is low. And even those who have insurance policies are grossly under-insured. Hence, high expectations are pegged to the Saral Jeevan Bima (SJB), the standard term insurance cover slated to be launched on Janua­ry 1, and whose features have been decided by the Insurance Regulatory and Development Authority of India (IRDAI).

Simplicity is its forte

The SJB is a simple and standardised product that customers will be able to comprehend