LIC Saral Jeevan Bima

LIC Saral Jeevan Bima

This is a standard term insurance plan that offers straightforward coverage at an affordable premium. It is designed to provide financial protection to the insured’s family in case of the insured’s demise.

Benefits of LIC Saral Jeevan Bima

  1. Affordable Coverage: Saral Jeevan Bima is designed to be an affordable insurance option, making it accessible to a wide range of individuals. It offers cost-effective life insurance coverage.
  2. Death Benefit: In the unfortunate event of the policyholder’s demise during the policy term, the plan provides a death benefit to the nominee. The death benefit is typically equal to the sum assured chosen by the policyholder.
  3. Choice of Sum Assured: Policyholders have the flexibility to choose the sum assured (coverage amount) based on their insurance needs and financial circumstances.
  4. Simplicity: Saral Jeevan Bima is a straightforward term insurance plan with simplified features, making it easy to understand and purchase.
  5. Policy Term Options: The plan offers multiple policy term options, allowing policyholders to select a term that aligns with their specific insurance needs.
  6. Premium Payment Frequency: Policyholders can choose from various premium payment frequencies, including yearly, half-yearly, quarterly, or monthly, depending on their convenience.
  7. No Maturity Benefit: Unlike traditional endowment or savings-oriented plans, Saral Jeevan Bima does not provide a maturity benefit. It is purely a protection plan that provides a benefit only in the event of the policyholder’s demise during the policy term.
  8. Income Tax Benefits: Premiums paid for Saral Jeevan Bima are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the death benefit received by the nominee is typically tax-exempt under Section 10(10D), subject to certain conditions.
  9. Riders: Policyholders may have the option to enhance their coverage by adding riders (if available) to the base policy, such as accidental death benefit riders or disability benefit riders, for an additional premium.
  10. Financial Security: Saral Jeevan Bima provides financial security to the policyholder’s family in case of the insured’s demise during the policy term, helping them meet their financial needs and obligations.
  11. Ease of Purchase: The plan is designed for easy and quick purchase, making it suitable for those who need straightforward life insurance coverage without complex features.
  12. Flexibility: Policyholders can customize the policy based on their coverage requirements, ensuring that they have an adequate safety net in place.

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