Life Insurance Services in Balaghat

Life Insurance Service is an insurance coverage that pays out a certain amount of money to the insured or their specified beneficiaries upon a certain event such as death of an individual who is insured. The coverage period for Life Insurance is usually more than a year. Therefore, this requires periodic premium payments, either monthly, quarterly, or annually. The risks that are covered by Life Insurance are premature death, income during retirement, illness, etc.The Main Products of Life Insurance Include : Whole life Endowment Term Investment-linked Life annuity plan Medical and Health   UIN : 111N055V02 - Product Code : 35 Shubh Nivesh is a non- linked, with profit Endowment Assurance product with an option of Whole Life coverage. The basic purpose is to provide Savings, Income and Insurance Cover to you and your family. Not only you can save regularly for your future but you also have the flexibility to receive the maturity amount as a lump sum or as a regular income for a chosen period, depending upon your needs. (UIN : 111N096V01) (Product Code : 1N) On Survival Before maturity: The survival benefit installments expressed as a fixed percentage of basic sum assured payable at the end of specified durations during the policy term, as explained above. At maturity: Final survival benefit installment + Vested simple reversionary bonus + Terminal bonus, if any. On Death: In the unfortunate event of death during the term of the plan, provided the policy is in-force Higher of A or B is paid to the nominee, where: A = Sum Assured on death + Vested Simple Reversionary Bonuses + Terminal bonus, if any. Sum Assured on death is higher of Basic Sum Assured or a multiple of annualised premium; where multiple is Policy Term Age at entry of Life Assured less than 45 years Age at entry of Life Assured 45 years or more 12, 15, 20 or 25 10 7 B = Minimum death benefit which is equal to 105% of all the premiums paid. Other Benefits Additional cover through four set of riders: - SBI Life - Preferred Term Rider (UIN:111B014V02): The Preferred Term rider Sum Assured is payable in addition to normal death benefit SBI Life - Accidental Death Benefit Rider (UIN: 111B015V02): In case death due to an accident, the rider Sum Assured is payable in addition to normal death benefit SBI Life Accidental Total &Permanent Disability Benefit Rider (111B016V02): The rider Sum Assured will be paid on the Life Assured being found eligible for the Total & Permanent Disability Benefit as defined in the policy document. SBI Life - Criti Care 13 Non-Linked Rider (UIN: 111B025V02): The rider sum assured would be payable on the life assured being diagnosed with any of the thirteen diseases. For details on illnesses covered, please refer the rider brochure. Tax Benefits Tax deduction under Section 80 C is available. However in case the premium paid during the financial year, exceeds 10% of the sum assured, the benefit will be limited up to 10% of the sum assured. Tax deduction under Section 80(D) is available for premiums paid towards SBI Life - Criti Care 13 Non Linked Rider. Tax exemption under Section 10(10D) is available at the time of maturity/surrender, subject to the premium not exceeding 10% of the sum assured in any of the years during the term of the policy. However, death proceeds are completely exempt. Tax benefits, are as per the provisions of the Income Tax laws & are subject to change from time to time. Please consult your tax advisor for details.