What is Life insurance
At every life stage, everyone has a set of primary needs that requires sufficient funds to fulfil them. This is where life insurance comes into the picture- as it offers tailor made products to cover every aspect at different stages of life.
There is no doubt that life insurance is a must have for everyone. Hence its very crucial to have a complete understanding of the value a life insurance policy can bring in to your life and that of your loved ones.
A life insurance policy is actually a contract with an insurance company. A lump sum amount is provided, in exchange for premium payments, known as maturity benefits at the end of the period which can be utilized for wealth creation, child marriage, higher education, and retirement income etc.
Death benefit shall be payable during the contract period to the nominee(s) or beneficiaries in the event of unfortunate demise of the insured.
Our team will understand your needs and goals, based on which they will offer you the best choices among available policies of various insurance companies. This will help you pick out the option that suits you the best.
Benefits Of Life Insurance
Term Plan
What is a Term Plan
Term insurance is a type of life insurance plan which provides financial protection in case of the death of the insured person. The protection is for a term i.e. a specific time period. Hence, Term Insurance covers the risk arising from the untimely death of the insured during the policy term. A term insurance plan offers the highest life coverage at lower premiums. Term Insurance is the best way to secure your family’s Financial Future at the lowest cost.
Term insurance can be assigned under Keyman Insurance, Married Women’s Property Act (MWP Act) 1874, Business & Partnership Insurance.
What are the benefits of Term Plan?
- Offers Risk Cover
- Tax Benefits
- Sum assured and premiums remain fixed for term period
Whole Life Policy
What is a Life Policy?
As the name denotes, this type of policy covers an individual for his/her entire life. These plans do not have a definite tenure. Coverage is allowed till 99 or 100 years of age. If the insured dies before attaining 99 or 100 years of age, the sum assured is paid as death benefit.
For instance, Mr. Shyam, aged 30 years, buys a whole life plan of Rs.35 lakhs. The plan would continue till Mr. Shyam reaches 99/100 years of age (as the case may be). Mr. Shyam dies when he is 75 years old. His family would, then, receive Rs.35 lakhs as the death benefit.
Benefits of Whole life Policy
- Offers Risk Cover
- Tax Benefits
- Death Benefits
- Premiums need not be paid after a fixed period but cover will continue
Pension/Annuity Plans - Retirement Income
A plan that offers secure and stable returns for a hassle-free life post retirement.
What is a Pension Plan
- Make one time/ regular investment and get guaranteed life-long income
- Different annuity options to choose from to suit your needs
- Option to choose -Immediate Annuity or Deferred Annuity
- Annuity rates are guaranteed from inception of the policy
- Guaranteed additions during deferment period
- Policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings
- Loan facility available
- Policy surrender option available
Trop
What is a Term Plan
TROP is a type of Term Insurance plan with a Return of Premium option. It provides financial protection in case of the death of the insured person and protection is for a specified time period. In a TROP plan, if the insured person survives till the end of the policy term, the insurance company pays back all the premium instalments paid by the policyholder.
Example of TROP
If you pay annual premium of Rs.14,000/- (excluding GST) for 25 years for a cover of Rs.1 crore, and if you survive till the end of the term, the insurance company would pay an amount of Rs.3,50,000/-
Benefits of Trop
- Offers Risk Cover
- Tax Benefits
- Sum assured and premiums remain fixed for term period
- Return of all the premiums paid (excluding GST)
Endowment Plans
What is a Endowment Plans?
Endowment Plans have all the features of standard term plans plus the Maturity Benefit.These plans pay out sum assured along with profits under both scenarios – death & survival of the policyholder. The profits that accrue in such plans are the result of investment mostly in debt.
Benefits of Endowment Plans
- Guaranteed Benefit Payouts
- Benefits as a lumpsum payment
- Protect family’s future
- Tax Benefits
Unit Linked Insurance Plans (ULIPs)
What is a ULIPs?
In ULIPs’, the plans are linked to the markets.
ULIPs gives an individual the freedom to explore the capital market for investments while at the same time ensuring risk coverage. Part of the amount is invested in equity/debt/etc. leading to higher risk and higher returns
ULIP can be classified as a two-in-one plan which offers both investment and protection to investors. These can be customised according to individual requirements.
Maturity Benefit (Applicable only for in-force policies)
On completion of Policy Term, Fund Value will be paid.
Death Benefit (Applicable only for in-force policies)
Higher of (Fund Value or Sum Assured less applicable partial withdrawal or 105% of total premiums received up to the date of death less applicable partial withdrawal) is payable to the beneficiary, as on the date of intimation of death claim to the company.
Benefits of ULIPs
- Excellent option for investment
- Offers insurance protection
- Chance of increasing wealth via high returns.
- Choice of investment in high risk equity or low-risk Money Market Funds, Debt Funds, or hybrid as in Balanced Funds
- Flexibility of Switching of Funds, Premium Re-direction & Top-up
- Complete liquidity post the 5-year mandatory lock-in period
- Possible to surrender the entire policy and receive the invested amount
- Possible to make partial withdrawals as and when required
Group Plans
Provides life insurance protection to a group of people with one policy. These plans are offered on a yearly renewable basis.
- Low costs
- Can be given as an employee benefit
- Medical check-up is not required
- Flexibility to add / delete members
- Premium based on nature of job
Policy can be taken by employers for better management of gratuity of employees.
- Investment and actuarial valuation are performed by the insurance company free of charge.
- Interest is paid by the insurance company on the accumulated funds.
- The insurance company will determine the contribution payable as the annual premium for the policy based on an actuarial evaluation of the gratuity liability.
- From the annual contribution, the amount required for the premium for life insurance benefits is used and the balance is credited to the running account of the scheme.
- For the payment of gratuity, the amount is withdrawn from the running account.
- For death claims, the gratuity related to past service is withdrawn from the running account and the remaining amount is paid from the insurance company’s life fund.
Offered to ensure the payment of a monthly pension or a steady income after retirement.
In case a Member leaves due to death, resignation, retirement, or termination of service, the following benefits are payable under this policy:
- Under the Defined Contribution Scheme: Individual Policy Account Value
- Under the Defined Benefit Scheme: The benefit amount will be paid as per the Scheme Rules of the Master Policyholder.
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