Life Insurance
Financial Planning
2024-05-14 5 Min read
0
As a business owner, a term life insurance policy can be an efficient product in your financial portfolio. The right life insurance policy can offer your loved ones a security net in case of your untimely death. Apart from ensuring your loved one’s financial stability, a term plan also gives you peace of mind. With the right coverage, you can rest assured that despite your often unpredictable income, your family’s future will be secure.
SUD Life Protect Shield Plus: A necessity for business owners
If you are a budding entrepreneur, a store/ shop owner, a self-employed individual or the owner of a well-established business, SUD Life Protect Shield Plus is an ideal plan for you. Being a pure-term insurance plan, Protect Shield Plus is one of the most affordable ways to ensure some security for your family in an uncertain future. Here are some of the key highlights of the policy.
Let us explore the various reasons that you should consider Protect Shield Plus, especially if you are a business owner.
1.It can help manage your business liabilities
As a business, there can be various liabilities, from loans and debts to regular EMI payments and so on. In the event of the key individual’s/ business owner’s absence, overall business can be affected. However, when you have term insurance, like SUD Protect Shield Plus, coping with the ongoing liabilities becomes easier for your family. The liabilities in your name can be paid off with the death benefit that is received.
2.It provides high-coverage
For a business, especially for start-ups and small businesses, ₹2 crore can be of significant value. SUD Protect Shield Plus offers a high sum assured, ranging from ₹1 crore to ₹2 crore. Such a high sum assured can lower the financial burden on the business to a great extent. Your trusted beneficiary will be able to carry on the business even when you are no longer around.
3.It is an easy-to-understand option
A term plan like SUD Protect Shield Plus is a very simple life insurance plan. Being a pure life cover, SUD Protect Shield Plus offers the guaranteed sum assured to the nominee in case the life assured passes away during the policy tenure. In return, you are charged a premium. If you survive the policy term, nothing is payable.
4.It helps you save on taxes
Tax benefits are always an added perk of a term insurance plan. With SUD Protect Shield Plus, you enjoy the dual benefit of current tax savings and future financial security for your business. Under Section 80C of the Income Tax Act of 1961, you can apply for a tax deduction of up to ₹1.5 lakh (including all other insurance premium deductions) and under Section 10(10D) of the Income Tax Act of 1961, the death benefit remains tax-free.
5.It allows you peace of mind
A thought of an unexpected life event like death can be traumatizing. Along with the emotional stress, various financial crises may also kick in. However, when you have a high-sum assured term insurance plan like SUD Protect Shield Plus, you no longer have to worry so much. The guaranteed term plan benefit gives you much-needed peace of mind.
6.It allows flexibility in paying the premium
With SUD, you get premium payment flexibility to suit the needs of different businesses. Depending on your preference, you can choose single, limited (5/7/10/12/15), or regular pay.
7.It offers coverage for up to 80 years
The maximum maturity age with SUD Protect Shield Plus is 80. This means you can purchase the policy and have your life covered until then. With SUD Protect Shield Plus, you can choose a policy tenure ranging from 5 to 40 years.
| Parameters | Details |
|---|---|
| Type of policy | Pure term insurance plan |
| Policy term | 5 years to 40 years |
| Eligibility criteria | Entry age: Minimum: 18 years; Maximum: 60 years Maturity age: Minimum: 23 years; Maximum: 80 years Available only for non-smokers |
| Benefits | ● Death benefit: Paid out to the appointed nominee, in case of death of the insured during the term of the policy ● Maturity benefit: Not available |
| Premium paying options | ● Single pay ● Limited pay: 5 years, 7 years, 10 years, 12 years and 15 years ● Regular pay. |
| Premium payment modes | Annually / Half Yearly / Quarterly / Monthly |
| Sum assured | ● Minimum: ₹1 crore ● Maximum: ₹2 crores |
Let us explore the various reasons that you should consider Protect Shield Plus, especially if you are a business owner.
1.It can help manage your business liabilities
As a business, there can be various liabilities, from loans and debts to regular EMI payments and so on. In the event of the key individual’s/ business owner’s absence, overall business can be affected. However, when you have term insurance, like SUD Protect Shield Plus, coping with the ongoing liabilities becomes easier for your family. The liabilities in your name can be paid off with the death benefit that is received.
2.It provides high-coverage
For a business, especially for start-ups and small businesses, ₹2 crore can be of significant value. SUD Protect Shield Plus offers a high sum assured, ranging from ₹1 crore to ₹2 crore. Such a high sum assured can lower the financial burden on the business to a great extent. Your trusted beneficiary will be able to carry on the business even when you are no longer around.
3.It is an easy-to-understand option
A term plan like SUD Protect Shield Plus is a very simple life insurance plan. Being a pure life cover, SUD Protect Shield Plus offers the guaranteed sum assured to the nominee in case the life assured passes away during the policy tenure. In return, you are charged a premium. If you survive the policy term, nothing is payable.
4.It helps you save on taxes
Tax benefits are always an added perk of a term insurance plan. With SUD Protect Shield Plus, you enjoy the dual benefit of current tax savings and future financial security for your business. Under Section 80C of the Income Tax Act of 1961, you can apply for a tax deduction of up to ₹1.5 lakh (including all other insurance premium deductions) and under Section 10(10D) of the Income Tax Act of 1961, the death benefit remains tax-free.
5.It allows you peace of mind
A thought of an unexpected life event like death can be traumatizing. Along with the emotional stress, various financial crises may also kick in. However, when you have a high-sum assured term insurance plan like SUD Protect Shield Plus, you no longer have to worry so much. The guaranteed term plan benefit gives you much-needed peace of mind.
6.It allows flexibility in paying the premium
With SUD, you get premium payment flexibility to suit the needs of different businesses. Depending on your preference, you can choose single, limited (5/7/10/12/15), or regular pay.
7.It offers coverage for up to 80 years
The maximum maturity age with SUD Protect Shield Plus is 80. This means you can purchase the policy and have your life covered until then. With SUD Protect Shield Plus, you can choose a policy tenure ranging from 5 to 40 years.
Conclusion
Managing a business requires a broader understanding of risk factors along with business expansion models. When talking about safeguarding the financial risks in a business, especially during the absence of the business owner, a term plan becomes useful. At an affordable premium, you can easily secure a high sum of up to ₹2 crores. With the flexibility that comes with the plan, it further becomes easier to manage the ongoing expenses and the premium of the term plan. Choose the best for your business today.
Reference: SUD LIFE PROTECT SHIELD PLUS UIN: 142N088V02
Reference: SUD LIFE PROTECT SHIELD PLUS UIN: 142N088V02
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 | 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 Protect Shield Plus | 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.
Beware of spurious or fraud phone calls
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.
Disclaimer
POS – SUD Life Sanchay | UIN: 142N058V04 | Individual Non-Linked Non-Participating Savings 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.
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.
Beware of spurious or fraud phone calls
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.
