Our goal is to secure every individual’s life by providing customized insurance advisory services to you and your loved ones. The vision is not just wealth generation, but also wealth protection, through insurance services stemming from a deep understanding of Indian communities and the Indian insurance market, which will be done for the capturing of new vistas and for securing you and your loved ones financially.
Life Insurance is a process by which a life insurance company promises to pay a sum of money to the beneficiary of the insured person upon their demise in exchange for paying premiums at regularly fixed intervals from the date of entering the contract with the insurance company up to the date of their demise. It ensures the presence of financial safety for the family in your absence.
Life insurance is not just an insurance policy. It is the financial future of your family.
Life insurance is more than just an insurance policy; it protects your family’s financial future. Here’s why you need it:
Financial Security
An assurance for the financial security of your loved ones after you.
Debt Protection
This will cover the outstanding debts, say, a home loan, so the burden isn’t felt by your family.
Peace of Mind
Guarantees peace of mind and keeps you rest assured that your loved ones are taken care of.
Term Insurance:
Term insurance provides pure life cover for a specified period of term. If the policy holder / Insurance holder demise during the policy term the nominee will get the death benefit that is lumpsum amount.
Note:
If the policyholder survives the term, there is no maturity benefit for the policy or insurance holder.
Example:
A 30-year-old buys a 20-year term insurance policy with a sum assured of ₹1 crore. Here, in case the 30-year-old policy holder expires during this 20-year policy term, the nominee will receive ₹1 crore. Otherwise, if the policy holder survives that policy term, there will be absolutely no payout.
Whole Life Insurance:
Life insurance is implied by this policy during the whole life of the insured, including up to the age of 99 or 100 years of the insured in general. Further, this helps in getting bonuses with the aspect of savings, whereby the policyholder can accumulate cash value over the period.
Example:
The proposer is a 35-year-old individual buying a whole life policy for a sum assured of ₹50 lakhs. In this policy, the life is covered for a full term of life. On death, whenever it occurs, the nominee gets ₹50 lakh sum assured plus bonus if any.
Endowment Plans:
These are the plans that combine life insurance and savings (bonuses) within them. In an endowment policy, a lump sum is payable either at maturity or in the case of policyholder’s death during the term, consisting of sum assured plus bonuses.
Example:
A man takes an endowment policy of ₹20 lakh for the policy term of 20 years. If he survives the policy term, he receives ₹20 lakh and the accumulated bonus; but if he dies during the term, the nominee will get the sum assured with bonuses, if any.
Unit Linked Insurance Plans (ULIPs):
These are insurance plans that link the investments made to the capital and bonds of the government. In ULIPs, part of the premium amount may go for life cover, while the rest of the amount is placed in equity, debt, or hybrid funds. The policyholder/insurance holder has the choice of the type of funds based on their risk appetite.
Example:
A person invests in a ULIP with a premium of ₹1 lakh per annum for 10 years. ₹20,000 might go towards life cover, and the rest of the amount, ₹80,000, will be invested in mutual fund units. In such a case, the policyholder can switch the funds based on the market performances and his risk tolerance.
Money Back Policy:
The money-back policy periodically refunds part of the sum assured during the term of the policy. It provides death benefit throughout the term of the policy and maturity benefit at the end of the term if the policyholder survives.
Example:
A 25-year-old purchases a 20-year money back policy for 20 years with a sum assured of ₹10 lakh. It has a promise of 20 percent of the sum assured to be paid every 5 years. Now, after 5 years the policyholder gets ₹2 lakhs, and this happens every 5 years continuously. If the policyholder survives till the completion of 20 years, he gets the rest of the amount with bonus.
Annuity Plans (Pension Plans):
Annuities or pension plans offer a steady income even after an individual retires. The individual pays a premium amount during their working years, and upon retirement, they derive a steady income (annuity) throughout their life or for a fixed period.
Example:
A 40-year-old, µ invests in a pension plan for life with regular premiums, which he starts making at 40 and continues until he attains 60. At retirement, the policy begins to pay a monthly income of ₹30,000 each month, which continues till he is alive.
Child Plans:
Child plans are meant for making the future of a child financially secure, which could be his or her education or marriage. Life cover is given to the parent, and on the eve of a child attaining a certain age, it reaches maturity.
Example:
A parent buys a child plan with the sum assured of ₹15 lakh to mature when a child turns 18. This policy will ensure the sum assured when the child turns 18, regardless of whether the parent is alive or not. If the parent dies any time during the term, the sum assured will be payable immediately, and the future premiums will be waived off.
Tax Benefits
The premiums of life insurance are available for tax deductions under Section 80C of the Income Tax Act. Further, the death benefits payable are also exempted from tax under Section 10(10D).
Financial Protection
Life insurance provides financial protection to your family.
Long-term Savings
Some life plans are also investments that create a corpus over a long term, available to meet future financial goals.Use our Life Insurance Calculator to calculate your life insurance coverage. Fill in your details including your age, income, liabilities, and financial goals, and get an instant quote tailored to your needs.
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Eligibility Criteria:
Age:
Typically, individuals aged 18-65 can apply.
Medical Fitness:
Depending on the policy, you may need to undergo a medical examination.