Securing your family’s financial future in case of uncertainties is one of the most important things you can do. With rising costs and longer life expectancies, having a robust life insurance plan has become more critical than ever before. ICICI Pru Life’s Saral Jeevan Bima plan aims to provide comprehensive financial protection for your loved ones in a straightforward and flexible manner.
Why Choose This Plan?
Saral Jeevan Bima has been designed to be accessible and customizable to meet diverse protection needs. Here are some of the key benefits of this plan:
- Flexible Coverage Amount
You can choose a life cover ranging from ₹5 lakhs to ₹49.5 lakhs based on your specific needs. This allows you to get adequate protection even on a limited budget. The high coverage limit also means your family will be protected sufficiently even considering rising future costs.
- Customizable Policy Term
The policy term can be selected from 5 to 40 years depending on your family’s financial needs and liabilities. You can match it to major milestones like children’s education, retirement, etc. A longer-term also means lower premiums for the same coverage.
- Flexible-Premium Payment Options
You have the flexibility to pay premiums yearly, half-yearly, or even monthly based on your income flow. The premium payment term can also be regular for the full policy term, limited to 5-10 years, or even a one-time lump sum payment. This helps match the plan to your budget.
- Tax Benefits
The premiums paid are eligible for tax benefits under Section 80C and Section 10(10D), subject to prevailing laws. This helps reduce your overall costs.
Why Choose ICICI Prudential Life Insurance?
ICICI Prudential Life is one of India’s leading private life insurers with over two decades of experience. Here are some key parameters that showcase their claim settlement expertise and financial strength:
- 97.8% claim settlement ratio – Showcases expertise in quick and fair claim processing.
- ₹2.04 lakh cr benefits paid – Demonstrates experience in prompt claim settlements over 20+ years.
- ₹2.40 lakh cr assets – Highlights the financial strength and stability of the insurer
Additionally, ICICI Prudential provides strong service assurance on aspects like policy issuance and claims to ensure a smooth customer experience.
Factors to Choose the Right Coverage Amount
One of the key decisions you need to make when purchasing Saral Jeevan Bima is choosing the appropriate life cover amount. This depends on several factors:
- Current income – The life cover should be adequate to replace your earning capacity so your family maintains their current lifestyle. This may require 10-15 times your annual income.
- Outstanding loans – Any large loans like home or education loans should be covered so they can be paid off in your absence.
- Future expenses – Important upcoming costs like children’s higher education and marriage, and spouse’s financial needs should be provided for.
- Inflation – Costs will rise significantly over the policy term, so the cover should be adequate even 15-20 years later. Account for ~6-7% annual inflation.
- Savings – Your savings can provide supplementary funds, so factor that in when deciding the cover amount.
- Standard of living – Consider the lifestyle you want to provide for your family and ensure the cover will sustain that.
Discuss these factors in detail with your insurance advisor to arrive at the ideal cover amount. You can also start with a higher amount and later reduce the coverage if required. The key is ensuring complete peace of mind.
Key Benefits of ICICI Pru Saral Jeevan Bima
Saral Jeevan Bima provides comprehensive protection in a simplified, flexible package.
- Comprehensive life cover – Secure sums ranging from ₹5 lakhs to ₹49.5 lakhs to safeguard your family’s financial future
- Flexible options – Customize coverage terms, premium payment terms, and frequency as per your needs
- Tax benefits – Avail Section 80C and 10(10D) deductions to reduce overall costs
- Strong insurer – Backing by ICICI Prudential Life with its claim expertise and financial strength
- Protection add-ons – Option to enhance protection with accidental death and waiver of premium riders