LIC Jeevan Saral Life Insurance Policy in Detail

 

A company offering life insurance policy assures your family a guaranteed easygoing life when one is no more around them. Besides, a protection plan is referred to as offering complete protection when it offers protection against each adversity for the duration of the life. At the same time, an insurance policy must be quick and well explained to the customer who is interested in paying for it. LIC Life Insurance of India offers a range of such comprehensive policies, including Jeevan Saral plan.

This endowment plan comes with an assured choice of a premium amount as well as a payment mode. In the case of demise of the policyholder, the family is eligible to get the death benefits that go on throughout the period of the policy while such benefits are subject to the premium paid. Also, the Sum Assured on maturity is subject to one’s age when the life is insured, which is payable only on one’s survival at the end of the policy term.

Policy Premium

LIC Jeevan Saral plan gives various premium installment, such as yearly, half-yearly, quarterly, or monthly) to the clients, which is subject to auto-debit from the one’s salary account all through the term of the policy.

Policy Loyalty Benefits

This life plan has a few advantages that increase the benefit of the particular insurance company, thereby enhancing the business of the particular insurance firm. It acquires the policyholder benefits, thereby providing them reward points for maintaining a long-term relationship all through the term of the policy, which is payable once the policy completes the tenth year. Following are the major benefits:

Death Benefit of the Plan

The family of the insured is entitled to receive a lump-sum amount as long as the policy term goes on. This amount is equal to 250 times the premiums paid on a monthly basis with loyalty bonus added. However, the return for the premium does not include the premium paid during the first year.

Maturity Benefit

The amount of return on policy maturity comprises both the sum assured and reward points of loyalty and is payable as a lump-sum amount.

Additional Benefits of the plan

You can get your protection enhanced by adding certain advantages to a protection policy, keeping in mind the end goal to upgrade life cover or assurance. This needs the policyholder to pay an extra premium.

Policy Surrender Value

Life insurance policies require long-term commitment and can, however, be terminated with certain surrender value. Generally, surrender value is higher than the actual as well as special surrender value. LIC Jeevan Saral allows partial surrender as well.

Guaranteed Surrender

You can surrender the plan strictly, when it has crossed no less than 3 years. In the event that you surrendered this plan, the insured surrender value computed to be 30% of the premium that you paid altogether. This does not include the premiums paid for the primary year and riders advantages.

What if you surrendered?

You get the special surrender value paid, which for the most part more than the guaranteed surrender value. However, this is liable to a specific period for which you paid the premium installments.

5 Simple Money Saving Tips for Small Business Owners

If you’re a small business owner, you’re probably looking for smart ways to save a few pennies here and there. Running your own business isn’t cheap, and if you can save on operating costs, you’ll be able to ensure your profitability – and the continued success of your company.

How? Here are just 5 of our top money saving tips for small business owners. See how you can use each one to save big on operational costs, loans and more!

Make Use of Cheap (Or Free) Advertising

 Advertising is necessary to expand the reach of your business, but this doesn’t mean you have to pay an arm and a leg to reach customers. A few great ways to get free or cheap advertising include:

  • Staying active on social media websites like Facebook, Twitter and Instagram
  • Putting up flyers and posters in other businesses
  • Sending coupons with invoices or giving them away at the point of sale
  • Asking for online reviews to help with word-of-mouth marketing
  • Promoting sales by partnering with other nearby small businesses
  • Optimizing your website for SEO (Search Engines)

Cut Costs in The Office

 Looking to cut down on office overhead? Here are a few great ideas.

  • Buy a laser printer, as they cost much less to run, compared to inkjet printers
  • Buy used office equipment, furniture and other such basic necessities
  • Make sure you have a system in place for controlling employee use of office supplies, to avoid excessive use or theft
  • Buy generic office supplies, such as pens, note cards, sticky notes, and paper to save
  • Go paperless! Try to minimize the use of paper with online collaborative and digital tools

Shop Around if You’re Looking for Loans

If you’re looking for small business loans and want to expand your company, make sure that you look for a loan from several different lenders, to ensure that you get a great rate, and can afford to repay your loan.

 Get Professional Tax Help

 Small business taxes can be very complicated. And if you file incorrectly, you could miss out on quite a few great tax deductions – or even get in trouble with the IRS if you’ve misclassified an employee, failed to keep proper records, or otherwise made a mistake.

It’s best to hire a professional CPA or tax attorney to prepare your taxes. It’s not cheap – but you’ll pay less in the long run and maximize your tax savings.

 Make Sure You’ve got the Right Insurance Coverage

 Similar to the above point, you need to make sure you have the right insurance coverage for liability, workman’s compensation, and any other coverage required, especially if you work in the service industry or own a restaurant. A lawsuit can cost you a lot of money in legal fees – even if you win the case. You don’t want this to impact your bottom line, so make sure that you have proper insurance coverage.

Follow These 5 Tips – Ensure Your Business Can Continue to Expand!

While there are many other tips we could give you about running a small business and saving money, these five are easy to implement – and can be used by just about any business owner. Think about how you can benefit from one or more of these tips and start using them at your company.