Life Insurance



Life insurance ensures that your family will receive financial support in your absence. Put simply, LIFE INSURANCE provides your family with a sum of money should something happen to you. It protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme.

Need for Life Insurance:

Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments, mutual funds and of course, life insurance. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money. Life insurance is a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets.

Let us look at these unique benefits of life insurance in detail.

SIMPLIFYING CHILDREN PLANS

 

Why do need a child Plan?
As a parent, your priority is your children's future and being able to meet their dreams and aspirations. In today's era, providing good education, establishing a bright career or even arranging for a marriage is expensive. To meet future needs of your child, it is very important to plan in advance.

 

What are Children Plan and how do these help?
Life is uncertain and you would not want to take a chance when if comes to your children's future. Even at the time of death of a parent, CHILDREN PLAN provides lump sum to the child at the time of maturity. Double benefits occur both at the time of death and maturity.

 

 

Types of Plans

 

Unit Linked Insurance Plan (ULIP):

Your premium paid is invested in unit linked funds which allow you to withdraw money, at any time after five years.

Endowment Plan and Money Back Plan

This is a traditional plan in which you enjoy bonus declared by the Insurance Company and also the facility of withdrawing a minimum amount of 15-20% on different milestones as per plan choosen. These are the plans which are famous for their guaranteed returns comes in form of bonuses declared by the insurance company along with high value Life Insurance.

 

Advantages of taking up Children plan?

·   In the unfortunate event of death of policyholder during the policy term benefits like future premium waived off., are available.

·   Sum assured would be received immediately in the event of death of policyholder.

·   Policy benefit continues for your Child's financial needs.

·   In case of ULIP, fund value will be paid at the time of maturity.

·   Your Child's dreams for higher education etc. would be fulfilled.

Premium Payment Options:
One can opt for yearly, half yearly quarterly or monthly mode of payment.

 

Tax Benefit:
Under Section 80C, premiums up to Rs. 100,000 are allowed as deduction form your taxable income. Maturity & Death Benefit are tax free under Section 10(10D) of the Income Tax Act, 1961.

 

 

How does the plan of different insurance Companies differs?

 

Plans of different insurance companies mainly differ on following:

·   Minimum & maximum entry age of child

·   Policy term

·   Minimum & maximum premium

·   Variety of optional riders

·   Minimum & maximum sum assured

·   Switches

·   Premium allocation charges

·   Funds Options

Why do you need an advisor? An advisor is needed to:

·   Understand your requirement

·   Analyze the same and then

·   Recommend the right type of plan

 

Asset Protection:

From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.

The core benefit of life insurance is that the financial interests of one’s family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

Goal Based Savings:

Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.

Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met.

 

How Much Insurance:

Before buying an insurance policy, it is always important to find out the amount of life insurance cover you need. The following factors should be considered before buying a life insurance policy:

  • Your age and number of dependents
  • Your annual income and annual expenses
  • Your outstanding liabilities like home loan, car loan, etc.
  • Your investments / savings
  • Your lifestyle expenses
  • Money you would require in future (Retirement Fund)

As a thumb rule, it is suggested that you should have an insurance cover of around 5 to 10 times of your annual income.

 

1.       Want to know the amount of insurance cover you need right now? Call us or mail us for the solutions.

2.       We make customized plan as per the customer’s need and requirement.

 

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