IRDAI has directed all life insurers to launch the standard term plan for policy buyers from Jan 1st 2021. The insurance scheme is Saral Jeevan Beema has uniform terms and conditions with sum assured ranging between Rs 5 lakh and Rs 25 lakh. Saral Jeevan Bima will be priced as per the extent of risk it covers and customers can avail a discount of up to 20 per cent on the premiums if they choose to buy online. This insurance plan will play a major role in expanding the term insurance market in India.