Saral Jeevan Bima Calculator – Calculate Your Term Insurance Premium

The PlanMyReturns Saral Jeevan Bima Calculator helps you estimate your premium for the government-standardised term insurance plan offered by all life insurers in India.

This calculator shows:

• Annual premium
• Total premium payable
• Tax savings under Section 80C
• Net effective cost after tax
• Year-wise premium schedule
• Risk cover details

It helps you understand exactly what you pay and what your family gets.

What Is Saral Jeevan Bima?

Saral Jeevan Bima is a standardised pure term insurance plan mandated by the Insurance Regulatory and Development Authority of India (IRDAI).

It was introduced in 2021 to make term insurance simple, uniform, and accessible across all insurers.

Key Objective

• Provide basic life insurance cover
• Offer simple terms and conditions
• Ensure transparency in benefits
• Make term insurance easy to compare

Every insurer must offer Saral Jeevan Bima with the same base structure.

Who Can Buy Saral Jeevan Bima?

• Entry age: 18 to 65 years
• Maximum maturity age: 70 years
• Sum assured: ₹5 lakh to ₹50 lakh
• Policy term: 5 to 40 years

This makes it suitable for:

• First-time insurance buyers
• Self-employed individuals
• People who want affordable basic life cover
• Those rejected in complex plans earlier

What This Saral Jeevan Bima Calculator Helps You Decide

This calculator is not just about premium.

It helps you compare:

• Regular pay vs limited pay vs single pay
• Monthly vs yearly premium
• Tax benefit impact
• Total cost over the full policy term
• Effective net cost after tax savings

Premium Payment Options Explained

Your calculator supports all premium modes available in Saral Jeevan Bima.

1. Regular Pay (Same as Policy Term)

You pay premium throughout the policy term.

Example:

• 20-year policy
• You pay for 20 years

Lower annual premium compared to limited pay.

Best for long-term affordability.

2. 5 Pay (Limited Pay)

You pay premium only for 5 years.

Coverage continues for the full policy term.

Higher yearly premium but shorter commitment.

3. 10 Pay (Limited Pay)

You pay premium for 10 years.

Coverage continues for full term.

Balanced option between affordability and faster completion.

4. Single Pay

You pay one-time premium.

Coverage continues for full policy term.

Best for those who want no future liability.

Payment Frequency Options

Your calculator supports:

• Yearly
• Half-yearly
• Monthly

Premium adjusts automatically based on chosen mode.

How Premium Is Calculated

Premium depends on:

• Age
• Gender
• Smoking habit
• Sum assured
• Policy term
• Payment mode

Smokers pay higher premium.
Females generally receive slight rebate.
Longer terms may slightly increase risk pricing.

Your calculator reflects all these parameters dynamically.

Example

Example 1 – Young Professional

• Age: 30
• Sum Assured: ₹10 lakh
• Policy Term: 20 years
• Non-smoker
• Regular pay

Estimated annual premium will be significantly lower compared to a smoker of the same age.

Tax savings under Section 80C reduce effective cost.

Example 2 – 40-Year-Old Family Provider

• Age: 40
• Sum Assured: ₹20 lakh
• 10 Pay option
• Non-smoker

Higher annual premium due to age.
Limited pay increases yearly premium but ends early.

Tax Benefit Under Section 80C

Premium paid for Saral Jeevan Bima qualifies under Section 80C.

• Maximum deduction: ₹1.5 lakh per year
• Effective tax saving depends on tax slab

Your calculator estimates total tax savings across premium payment term.

Year-Wise Premium Schedule

Your calculator provides:

• Year number
• Age in that year
• Premium paid
• Cumulative premium paid
• Estimated tax saved
• Risk cover amount

This gives full transparency of policy commitment.

Saral Jeevan Bima vs Other Term Plans

Saral Jeevan Bima vs LIC New Jeevan Amar

Who Should Use This Calculator?

• First-time term insurance buyers
• Salaried individuals comparing term options
• People checking affordability before purchase
• Investors comparing regular vs limited pay

frequently questioned answers