The introduction of standardised term plans under the guidelines of the IRDAI has made life insurance more inclusive and appealing. The easy-to-understand plans are comfortable to acquire as they require minimum eligibility criteria. SUD Saral Jeevan Bima is one such plan that you can consider irrespective of your economic standing. Let us see how.

If you take a look at the benefits of term insurance, you may feel that a person from a low-income group needs it the most. Owing to the limited resources, building up an emergency fund might not be a doable option for you. In such a scenario, thinking about how an unfortunate event will affect your family can be scary. Therefore, having a life insurance plan is very essential. Standardisation of term insurance has made SUD Saral Jeevan Bima a very suitable plan for the low-income group.

An affordable plan will allow you to choose an overage that suits your needs and your budget. Along with the advantage of affordability, you also get the assurance of long-term coverage and a flexible premium paying frequency.

Despite the financial abundance, life insurance is required. As an individual with a high standard of living, you would want your loved ones to continue to sustain this livelihood. To ensure that your death does not leave them financially distraught, considering a term plan can indeed be a worthy move.

The death benefit that is paid out to your loved ones can help them deal with any outstanding debts, such as loans, preserving the family’s financial integrity. Therefore, along with investing in various investment products, term insurance should be an important part of your financial portfolio.

SUD Saral Jeevan Bima allows you to choose a sum insured of up to ₹25 lakhs. You also enjoy flexibility when choosing the premium paying frequency. You have the option of paying a one-time premium in a single premium policy, paying for a limited tenure, or choosing to pay a regular premium.

The tax benefits that are available on the premium payment and the death benefit make term plans an alluring option. Under Section 80C, you can get deductions of up to ₹1,50,000 in a year on the premiums that have been paid. In case of your passing, the death benefit that your nominee will receive will be completely tax-free.

The middle class has numerous expenses lined up, typically at all times. House rent, home loans, children’s education, and everyday expenses are significant responsibilities. Studies show that when it comes to burdening their dependents with financial commitments, middle-income groups worry the most. Middle-class families represent the heart of the country. With most having children under the age of 18, a lot of households will face financial troubles if an earner passes away.

If you fall in the middle-income group, you will realise the importance of a life insurance policy. You would never want an unfortunate event to dig into your hard-earned savings in no time. The right coverage can ensure that even if something happens to you tomorrow, the sum assured of the term plan will allow financial stability for your family. It can prove to be a long-term financial plan for securing your family’s future.

Protecting the future of one’s family members needs to be a priority for everyone, no matter which income bracket you come from. It may be tempting to rely on your savings or maybe a group/ employer life insurance plan, but it may not be sufficient. The ever-increasing inflation and the economic turbulence that surrounds us can make it difficult for your family to sustain their current livelihood in case something happens to you.

So, if you have been postponing the idea of buying life insurance, or think you don’t need it, or think it is too expensive, maybe it’s time to reconsider.

The more you understand about term insurance, the more you’ll feel it’s needed. For someone who doesn’t wish to get into the complications of a life insurance plan, for someone who is looking at affordable life insurance, or someone who wants to buy a second insurance policy to increase the death benefit their family receives in case of an unfortunate event, a term insurance is the way forward.

Saral Jeevan Bima, a standard term insurance plan, is indeed a worthy consideration. As per your family’s needs, you can get coverage between ₹5 lakhs to ₹25 lakhs for up to 40 years. Irrespective of your income bracket, coverage through a simple term insurance plan is a smart move.

Star Union Dai-ichi Life Insurance Company Limited is the name of the Insurance Company and “SUD Life Protect Shield Plus” is the name of the plan. Neither the name of the Insurance Company nor the name of the plan in anyway indicates the quality of the plan, its future prospects or returns.

SUD Life Saral Jeevan Bima | UIN: 142N088V01 | A Non-Linked Non-Participating Pure Risk Premium Individual Life Insurance Plan Star Union Dai-ichi Life Insurance Company Limited |IRDAI Regn. No: 142 | CIN: U66010MH2007PLC174472

Registered Office: 11th Floor, Vishwaroop I.T. Park, Plot No. 34, 35 & 38, Sector 30A of IIP, Vashi, Navi Mumbai – 400 703 | Contact No: +91 22 7196 6200 | 1800 266 8833 (Toll Free) | Timing: 9:00 am – 7:00 pm (Mon – Sat)| Email ID: customercare@sudlife.in | Visit: www.sudlife.in | For more details on risk factors, terms and conditions, please refer to the sales brochure carefully, before concluding the sale. |Trade-logo displayed belongs to M/s Bank of India, M/s Union Bank of India and M/s Dai-ichi Life International Holdings LLC and are being used by Star Union Dai-ichi Life Insurance Co. Ltd. under license.

IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.