Life Insurance
2024-05-14 5 Min read
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The one thing certain in life is that it is uncertain. While no one knows for sure what the future holds, there are some steps you can take to be prepared for unforeseen events. Life insurance is probably one of the most secure ways to safeguard the future of your loved ones. If you find the nuances of life insurance a little too much to comprehend, then a term insurance plan can be the right option for you.
Term insurance promises simplicity and affordability. It is a policy that people with all economic backgrounds should opt for. Buying such a cover becomes all the more necessary if you are the or among the primary earners in your family. A straightforward life insurance option with term insurance, indeed, serves as a smart choice.
Smart Choices, Simple Protection with SUD Saral Jeevan Bima 1
With an aim to offer simple yet standard term life insurance, Saral Jeevan Bima was introduced on 21st January 2021. IRDAI (Insurance Regulatory and Development Authority of India) made it compulsory for all insurance companies to offer Saral Jeevan Bima to their customers. It is a non-linked and non-participating term plan which is also offered by SUD. With easy eligibility criteria and a simple investment process, Saral Jeevan Bima is a great choice.
Here are some of the features of Saral Jeevan Bima:
1.Protection against unfortunate events
In life, unfortunate events can occur without any warning. All we can do is arrange sufficiently so the ones left behind do not struggle and suffer to meet ends. Saral Jeevan Bima is a good way to ensure protection against life’s unfortunate events like accidents or death.
2.Affordable insurance premium
Saral Jeevan Bima’s affordability is what makes it one of the ideal life insurance plans. For anyone who is looking for life insurance at low and affordable premium rates, Saral Jeevan Bima is a great choice. You also have the option of choosing a sum assured that you deem right. The premium will increase as the sum assured increases.
3.Most uncomplicated form of life insurance
Saral Jeevan Bima is a pure life insurance cover. Since it is a non-participating, non-linked individual life insurance, the plan ensures financial security in the simplest way possible. In case the assured individual passes away during the policy tenure, the family receives a death benefit. If the individual survives the policy term, the policy comes to an end, and nothing is payable.
4.Get coverage for your loved ones
The core purpose of term life insurance is to ensure your family the financial security in your absence. The financial corpus left behind is a big benefit in times of unfortunate events like the death of the life-assured/breadwinner of the family. While the uncertainties of life remain inevitable, you can at least plan for a financially secure future for your family.
5.Make the most of tax benefits
Tax benefits are the added perks of life insurance coverage. Along with the death benefit and protection against uncertainties of life, tax deductions are an interesting feature of Saral Jeevan Bima. Under Section 80C of The Income Tax Act of 1961, the policyholder can enjoy tax deductions of up to ₹1.5 lakhs. The death benefit also remains tax-free under Section 10(10D) of the Income Tax Act of 1961.
6.Choose a policy term that best suits your needs
Saral Jeevan Bima can be customised as per the needs of different individuals. From 10 years to 40 years, you can choose the term that you feel will cover you in the best way. Generally, people prefer choosing a longer tenure to stay covered for a longer time. However, you can choose the term, during which you feel your loved ones will be most vulnerable.
7.A premium-paying frequency that suits your budget
Apart from the aforementioned features, you also have the freedom to choose the premium payment terms, so you don’t have to go harsh on your pocket. You may pay all the premiums in one go under single-pay premium. If you want to pay a premium in a few instalments, you may choose a limited-pay premium. The third option is to opt for regular pay, where you have to pay a premium until the policy tenure.
8.An essential part of your financial portfolio
When planning to create a diverse financial portfolio, you must not miss out on a term life insurance policy. In this context, Saral Jeevan Bima can be your ideal choice. You may explore the coverages and customisation options of the plan and choose the best one for your portfolio.
9.Income replacement for your family
In unfortunate events where the earning member of the family is no longer there, financial income can become challenging for the family. Saral Jeevan Bima’s investment is a good option to solve this issue. The death benefit of the plan can be received as a one-time lump sum payment of the sum assured or as regular income. This regular income can help the family sustain through the financial crisis that may otherwise arise.
10.Disciplined approach
When you invest in a term plan, you make a commitment to a disciplined way of securing your family for the future in your absence. Paying your premiums on time helps in a systematic approach towards a long-term goal.
Here are some of the features of Saral Jeevan Bima:
1.Protection against unfortunate events
In life, unfortunate events can occur without any warning. All we can do is arrange sufficiently so the ones left behind do not struggle and suffer to meet ends. Saral Jeevan Bima is a good way to ensure protection against life’s unfortunate events like accidents or death.
2.Affordable insurance premium
Saral Jeevan Bima’s affordability is what makes it one of the ideal life insurance plans. For anyone who is looking for life insurance at low and affordable premium rates, Saral Jeevan Bima is a great choice. You also have the option of choosing a sum assured that you deem right. The premium will increase as the sum assured increases.
3.Most uncomplicated form of life insurance
Saral Jeevan Bima is a pure life insurance cover. Since it is a non-participating, non-linked individual life insurance, the plan ensures financial security in the simplest way possible. In case the assured individual passes away during the policy tenure, the family receives a death benefit. If the individual survives the policy term, the policy comes to an end, and nothing is payable.
4.Get coverage for your loved ones
The core purpose of term life insurance is to ensure your family the financial security in your absence. The financial corpus left behind is a big benefit in times of unfortunate events like the death of the life-assured/breadwinner of the family. While the uncertainties of life remain inevitable, you can at least plan for a financially secure future for your family.
5.Make the most of tax benefits
Tax benefits are the added perks of life insurance coverage. Along with the death benefit and protection against uncertainties of life, tax deductions are an interesting feature of Saral Jeevan Bima. Under Section 80C of The Income Tax Act of 1961, the policyholder can enjoy tax deductions of up to ₹1.5 lakhs. The death benefit also remains tax-free under Section 10(10D) of the Income Tax Act of 1961.
6.Choose a policy term that best suits your needs
Saral Jeevan Bima can be customised as per the needs of different individuals. From 10 years to 40 years, you can choose the term that you feel will cover you in the best way. Generally, people prefer choosing a longer tenure to stay covered for a longer time. However, you can choose the term, during which you feel your loved ones will be most vulnerable.
7.A premium-paying frequency that suits your budget
Apart from the aforementioned features, you also have the freedom to choose the premium payment terms, so you don’t have to go harsh on your pocket. You may pay all the premiums in one go under single-pay premium. If you want to pay a premium in a few instalments, you may choose a limited-pay premium. The third option is to opt for regular pay, where you have to pay a premium until the policy tenure.
8.An essential part of your financial portfolio
When planning to create a diverse financial portfolio, you must not miss out on a term life insurance policy. In this context, Saral Jeevan Bima can be your ideal choice. You may explore the coverages and customisation options of the plan and choose the best one for your portfolio.
9.Income replacement for your family
In unfortunate events where the earning member of the family is no longer there, financial income can become challenging for the family. Saral Jeevan Bima’s investment is a good option to solve this issue. The death benefit of the plan can be received as a one-time lump sum payment of the sum assured or as regular income. This regular income can help the family sustain through the financial crisis that may otherwise arise.
10.Disciplined approach
When you invest in a term plan, you make a commitment to a disciplined way of securing your family for the future in your absence. Paying your premiums on time helps in a systematic approach towards a long-term goal.
Conclusion
SUD Saral Jeevan Bima allows the option of a sum assured range from ₹5 lakhs to as high as ₹25 lakhs. As per the needs of your family and your premium budget, you may decide on a plan that best suits your needs. It is an affordable plan that allows you the peace of mind that even if something happens to you your loved ones will be financially secure.
Disclaimer
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 Protect Shield Plus Plan is a term plan and does not offer any maturity benefits.
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.
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.
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