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IndiaFirst Money Balance Plan
IndiaFirst Money Balance Plan

SBI Life Saral Shield
SBI Life Saral Shield



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IndiaFirst Money Balance Plan
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SBI Life Saral Shield

IndiaFirst Money Balance Plan and Saral Shield Plan Benefits

1 Loan And Benefits
1.1 Loan
6% Term Plans Life insurance plans have it !
6% Term Plans Life insurance plans have it !
1.2 Surrender
45% Term Plans Life insurance plans have it !
45% Term Plans Life insurance plans have it !
1.2.1 Surrender Value
Not Applicable
Depends upon the chosen plan
1.3 Benefits
1.3.1 Tax
All Term Plans Life insurance plans have it !
All Term Plans Life insurance plans have it !
1.3.2 Tax Benefit Amount
Applicable as per the Tax Laws
Applicable as per the Tax laws.
1.3.3 Service Tax
Applicable
Not Mentioned
1.3.4 Maturity
28% Term Plans Life insurance plans have it !
28% Term Plans Life insurance plans have it !
1.3.5 Maturity Benefit Amount
Can be chosen from the options
Not Applicable
1.3.6 Death
97% Term Plans Life insurance plans have it !
97% Term Plans Life insurance plans have it !
1.3.7 Death Benefit Amount
Not Applicable
In case of the unfortunate demise of the life assured during the term of the policy, the nominee will receive the benefits, depending on the plan option chosen.
1.3.8 Annuity
3% Term Plans Life insurance plans have it !
3% Term Plans Life insurance plans have it !
1.4 Bonus
Not Applicable
Not Available

Availability of Loan

One can compare benefits of both policies based on aspects like availability of loan, surrender value, tax benefits, death benefits, etc. for IndiaFirst Money Balance Plan and SBI Life Saral Shield. For an insurance policy, loan option may or may not be provided. For first policy, a person can apply for loan and second policy does not provide loan facility.Loan is a facility that is provided by the insurance companies so that in case of emergencies, you can borrow money against your life insurance policy. If loan is provided by an insurance company, its value is usually deducted from your fund value i.e. the amounts of premiums that you've paid up to the time of money borrow. Also some companies specify the period of time when the loan has to repaid.

Benefits Under IndiaFirst Money Balance Plan and Saral Shield Plan

Benefits Under IndiaFirst Money Balance Plan and Saral Shield Plan can an important point of comparison between the two plans.

For IndiaFirst Money Balance Plan:

  • Tax Benefit: Available
  • Maturity Benefit: Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

For SBI Life Saral Shield:

  • Tax Benefit: Available
  • Maturity Benefit: Not Available
  • Death Benefit: Available
  • Annuity Benefit: Not Available

Tax benefit implies that a part of one's fund value and the premium that one pays against his insurance plan are eligible for deduction on tax returns. Maturity benefit can be availed at the end of the policy term of your plan. It is paid along with the sum assured. Death benefit is an amount of money paid to the family of the life insured in event of his demise before the end of the policy term. Annuity benefit offers you an opportunity to convert your funds at end of policy term to annuity. Annuity is a type of plan where you pay a lump sum amount at once and reap its benefits after your retirement.

Surrender Value of IndiaFirst Money Balance Plan and Saral Shield Plan

Surrender value of IndiaFirst Money Balance Plan and Saral Shield Plan is the amount of money that will be provided by the insurance company in case you want to surrender the policy before maturity. Surrender may not be allowed for all types of insurance policies. IndiaFirst Money Balance Plan allows surrender of policies before end of policy term. This means that you'll get the assured surrender value i.e. returns on the premiums paid till date. SBI Life Saral Shield allows surrender of policy.

Bonuses Available for These Plans

Bonuses available for these plans include terminal bonus, reversionary bonus, interim bonus etc. Bonus is an important part of IndiaFirst Money Balance Plan and Saral Shield Plan benefits. Terminal bonus is provided by the insurance company to reflect the overall performance of your chosen policy. Reversionary bonus is an amount of money added to your returns on maturity. Terminal bonus is usually announced twice a year. If your policy matures at a date between these two bonus days, you may get an interim bonus.

  • Bonus provided under IndiaFirst Money Balance Plan: Not Applicable
  • Bonus provided under SBI Life Saral Shield: No bonus is provided.

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