Saral Jeevan bima online in India is one jargon that has been out there for more than a few decades now. However, there are very few people who truly know what is this scheme all about? Saral Jeevan Bima Plan typically facilitates a lump sum payout to the nominee if the assured person dies during the term of the policy.
This is a standard product that makes it easier for you to arrange adequate life cover. Since the policy is designed to help policyholders to make informed choices of life insurance. The plan lets you choose a sum as low as Rs. 5 Lakhs for the financial protection of one’s family. If the assured expires during the policy period, the nominee will receive a death benefit to deal with daily expenses.
Benefits of Saral Jeevan Bima online in India
- Financial security for one’s family: The policy benefits the nominee in case if the assurer perishes during the plan tenure. It further protects the future of your family as far as financials are concerned now in most policies it also covers death due to COVID-19.
- Flexibility in choosing a policy term: Another benefit of the Saral Jeevan Bima online in India is that it gives you the option to procure a policy term ranging from 5 years to 40 years based on the corresponding premium payment tenure. Where the life cover is usually between Rs 5 lacs to Rs 25 lacs.
- Least restrictions to acquire a life coverage plan: One can get this term plan irrespective if they are educated or not in fact there are no restrictions on a persons’ occupation either.
- Flexibility to pay a premium: One can choose between regular, limited, and single pay options where there are three paying options from which one can opt from i.e., Monthly, once in six months, or annually.
- Tax exemption: The premium you pay for this plan allows you to get exempted from tax. Where one can avail tax benefits on premium paid that is mentioned in the income tax act of 1961 80(C) and 10(10D).
What are the eligibility criteria for opting for this plan?
- Idol age to opt: No matter if you are a bachelor or if you are single you can opt for this policy, the only thing to note is that the assured taking up the policy must be at least 18 years old or at the most by 65 years old. This may be the perfect gift got your aging parents, especially in your absence. It can even help a recently married couple. This policy can help you plan the well-being of your spouse under this policy which later can work as a financial backup for them. For couples having kids can support their plans to keep their families safe and secure especially when they are not around.
- Term of the policy: Basis your plan, the money you plan to invest, and the interest you are expected to receive you may invest money from taking a term plan for either 5 years or forty years.
- Assured sum: The least about of money you are entitled to invest in here is five lakh rupees while you can exceed up to twenty-five lakh rupees. Please note that the money you invest has to be a multiple of 50,000.