Life Insurance
A life insurance policy is an
agreement between an insurance company and a policyholder, where the life
insurer promises to pay a fixed amount of money in exchange for premiums paid
periodically, after a set time period or upon the life insured’s death.
There are two simple types of life
insurance policies:
Pure Protection plan:
It is Term
Insurance Plan: Pure Protection plans, also called term insurance plans, are
designed to protect your family's future by providing a lump sum payment in
case of your untimely demise.
Savings Plan:
A savings plan is a financial product that helps you plan long-term goals like buying a home, fees for children’s higher education, and more while providing life coverage benefits.
Life Cover For Family’s Protection
Build financial backup & secure
family’s future by choosing a “Term insurance plan”. Suitable for someone who
wishes to ensure adequate financial backup is available to the family in case
of his/her untimely death.
·
High Life Cover at low premiums
·
Critical illness cover
· Tax Benefit
· Return of Premium
Life Cover With Wealth Creation
Be financially secure by choosing an
“Investment plan” to meet financial goals like your child’s education or stable
income source for post-retirement. Suitable for someone looking for long term
wealth creation through market-linked or guaranteed return plans in addition to
family’s protection through in-built life cover.
·
Long Term Wealth Growth
·
Guaranteed Payouts
·
Tax Benefit
·
Return of Premium
TERM INSURANCE:
The purest and most affordable type
of life insurance plan that offers financial coverage to the policyholder
against the fixed amount of premiums for a specific duration. In case of the
policyholder's untimely death, their nominee receives the Cover Amount, as per
the chosen policy.
· Term Return of Premium (TROP):
TROP(Term Return of Premium) is a
variant of term insurance that provides an additional feature of Survival
benefit. In addition to the life cover, if the policyholder survives the entire
Policy Term, then all the premiums are paid back, excluding GST.
· Whole life Insurance:
Under Whole Life Insurance, the
policyholder is covered till the age of 100 years. If you want to leave a
legacy for your family, and ensure that they are always financially covered,
then Whole life Term Insurance is the best option for you.
INVESTMENT PLANS:
·
Market
Linked Systematic Investment Plan (ULIP):
Unit linked investment plans (ULIPs)
are unique market-linked life insurance plans that provide dual benefits of
wealth creation through investments (in equity, debt or both) and a life
insurance cover. High performing ULIPs have shown 15-20% returns (tax free),
making it a popular choice for medium to long term investors.
·
Guaranteed
Return Plan (Endowment Policy):
A guaranteed return plan or an
endowment plan offers combined benefits of savings and insurance. It helps you
save systematically on a regular basis and receive the maturity benefit on the
survival of the policy term. These plans also offer death benefits on the death
of the policyholder during the policy term.
·
Retirement
Plans:
These are long-term investment plans
which offer opportunities to get a stable post-retirement income. During the
investment period, a premium amount is paid at regular intervals, which accumulates
and grows. The maturity amount is then paid back post-retirement based on the
preference in terms of lump sum or regular income.
·
Child
Plan:
These plans are designed to enable
financial security for children where the returns on the investment help
fulfill a child's future needs like education. Child plans specifically ensure
these remain intact even in your absence by providing life cover to the nominee
& funding the balance premiums through the insurer, thus securing the
financial future of the child
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