Nowadays, there is a plethora of term insurance products readily available in the market with different terms and conditions. When it comes to making an informed choice, customers are expected to devote enough energy and time to make the right selection of the product. In addition, the product may not be of use to us due to insurance money. So for this we have brought this post for you, so that you do not have any problem in choosing it.
Hello friends, the name LIC is known to everyone from children to old people of India. Almost every Indian citizen is insured by LIC. LIC offers almost every type of insurance and one of them is LIC Saral Life Insurance. If you are interested to know about LIC Saral Life Insurance then you have come to the right place.
you in this article “What is Saral Life Insurance Plan? LIC Saral Jeevan Bima Yojana 2021 and Benefits of Insurance Scheme? If you can get information like etc., then definitely read this article till the end.
What is Saral Life Insurance Plan? Saral Jeevan Bima Yojana in Hindi
Saral Jeevan Bima Yojana is a term life insurance plan. This insurance plan is 1 non linked and non participating insurance plan. If anyone wants to take this plan, then they can go to the offline office or take it online.
What is a term insurance plan?
This insurance plan offers the highest insurance cover at a very affordable premium. There is no death maturity on this plan. This plan is very cheap, which many insurance companies sell. LIC’s Saral Jeevan Policy is also one such plan.
Death benefit is available in 2 ways. Those who use a single premium policy are given 125% of the premium amount along with an assured death benefit. Those who pay regular premiums get the benefit of Assured Benefit along with the maximum premium of the last 10 premiums as Death Benefit.
What is LIC Saral Life Insurance Plan? Basic Information of LIC Saral Life Insurance Plan – LIC Saral Jeevan Bima Yojana 2021
The following basic information should be known before buying LIC Saral Life Insurance
- People below 18 years cannot buy this plan.
- People cannot buy this plan after 65 years of age.
- The term of this plan ranges from 5 to 40 years.
- Its premium can be paid in 1 year, in 6 months, in 1 month or in 1 month and all the premiums can also be paid.
- Riders cannot take this plan.
- There is no extra benefit of maturity.
- This plan does not cover suicide.
- In this policy, no loan can be taken by pledging the policy.
- The waiting time of this plan is up to 45 days after the risk.
- The waiting time is not valid after the policy is revived.
- This plan also covers accidental death.
- This plan also gets deduction in income tax under the premium section 80C.
Benefits of simple life insurance
- death benefit
- maturity benefit
- large sum insured discount
- Premium payment options
- premium payment mode
Benefits of LIC Saral Life Insurance
The government has not put any restriction on the death benefit of LIC Saral Jeevan Bima. But LIC has fixed the rasi of 25 lakhs. One can avail death benefit up to 50 lakhs on offline term plans of LIC but the online term plan also known as Saral Bima policy is providing cover up to 25 lakhs only. If someone wants the assured benefit up to 25 lakhs, this plan will be very beneficial for him.
Process to apply offline for Saral Life Insurance
- Visit the office of any insurance company nearby.
- Request for Saral Bima K Application Form.
- Along with completing the application form, attach the required documents.
- Submit the application form to the officer in charge of the insurance company.
- After all the verification is done, you will be informed about it.
online application process for simple life insurance
- Visit the website of the insurance company of your choice.
- Search for Life Insurance Plans on the homepage.
- Click on Saral Bima Yojana under Life Insurance Plans.
- Fill all the requested information and upload some documents which have been asked in digital format.
- After filling the complete form click on submit.
- After verification, you will get the notification.
What are the documents required to avail Saral Jeevan Bima?
- Signed Proposal Form
- KYC Documents (Aadhaar, Voter Card, Pan Card, etc.)
- salary slip
- passport size photograph
- medical examination report
- What if you have Mutual Funds? If you want to know then definitely read this post
- If you want to know what is Health Insurance then definitely read this post.
- What if you have Bima Kya Hai Health Insurance? then read this post
What are the general features of Saral Jeevan Bima Yojana?
This insurance plan is accessible to policyholders between the age of 16 to 65 years. Under this insurance, the plan automatically terminates when the buyer reaches the age of 70 years. The policy has a minimum term of 5 years and a maximum term of 40 years and in this insurance plan the minimum amount is 5 lakhs and the maximum amount is up to 25 lakhs.
Can Saral Life Insurance Plans Be Purchased Online?
Yes, you can buy this insurance online as well. If you buy the plan online, a discount of 20% will be given in the premium. In addition, people will be able to evaluate various policies, prices and benefits from the convenience of their homes.
Does Saral Life Insurance Plan offer tax benefits?
When you buy simple life insurance, you will get both life cover and tax benefits. Simple life insurance premiums paid under Section 80C of the Income Tax Act of 1961 will be tax-deductible and in addition, the death benefits paid to the beneficiary are tax-free under Section 10(10D) of the Act.
Buying simple life insurance is as easy as buying any general insurance. I hope this article “What is Saral Life Insurance Plan? LIC Saral Jeevan Bima Yojana 2021 and Benefits of Insurance Scheme? You must have got specific information about Saral Jeevan Bima Yojana.
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