Life Insurance
- Keyman Insurance
- Group Life Insurance
- Gratuity Funds Management
- Pension Funds
Term Insurance Policy
In the life insurance segment, there is a considerable spike in sale of “Term Insurance”. The Term Insurance is very cheap in nature. The coverage of Rs. one crore value sum insured for an 18-year-old boy, is as low as Rs. 9794/- annually (Rs. 816/- per month). Term Insurance comes with various add ons, such as accidental cover, critical illness, return of premium, decrease sum assured, increase sum insured and many others.
Benefits
- Wide coverage on low premium.
- Lots of addon covers are available on a very low price.
- Flexibility of choosing premium paying terms.
- Monthly income option for the family, if something happens with you.
- Available riders; accidental, waiver of future premium, increasing some insured, decreasing some insured, critical illness
- Tax benefit under section 80 © upto Rs. 1.5 Lacs.
Unit Link Insurance Policy (ULIP)
If you want to gain good return on investment along with Life Insurance a Unit Linked Insurance Plan (ULIP) is a good option for you. In this policy, the goal is to provide wealth creation along with life cover. In this plan insurance company puts a portion of your investment towards life insurance and rest into a fund that is based on equity or debt or both which matches with your long term goals. These goals could be retirement planning, children’s education, world tour or any other important event you may wish to save for.
Child Education Insurance Policy
If you are concerned about your child education, then here is the solution. You need right fund at right time. This comes with combination of saving and insurance. The policy is issued for the life of parent to secure child’s education expenses; if you buy a child education policy, then you need not think over the expenses of child education whether it is primary education or higher education.
Pension Plan
“Living too long is also a risk in itself.” People are contemplating how they can secure their post-retirement life. A pension plan ensures regular income after retirement. A person at the age of 35 years should start thinking about his retirement plan. Many variants for pension plans are available in the insurance market.
Endowment Life Insurance Policy
An Endowment Life Insurance Policy helps the policy holder to save regularly over a specific period of time so that he is able to get a lump sum amount on the maturity of the policy, in case he survives the policy term. This maturity amount can be used to meet various financial needs such as retirement, children’s education or marriage or buying a house etc.
Money Back Life Insurance Policy
A Money-back Policy gives money-back at regular intervals. This money-back is paid during the plan tenure and is a percentage of the Sum Assured. This money back amount is paid during the policy tenure and on maturity also. On maturity the sum assured as well as vested bonuses, loyalty addition, if any is also paid. On death in policy tenure, the full sum assured is paid irrespective of the Survival Benefits already paid.
Guaranteed Income Plan
Life Insurance not only gives your family protection if something goes wrong, but also helps to build assets for you. In the present scenario, where the banks are cutting interest rates on savings and fixed-deposit accounts, and where mutual fund investments are not bearing good fruit, an investment in life insurance for savings and fixed deposits could be a good option. There are so many plans available in the market which offer guaranteed survival and maturity benefits.
Now the question arises, how secure is the investment in life insurance? You will not find any insurance company in India which has become insolvent and the policy holders have lost their money. The Insurance Act of 1938 (as amended time to time) is very strong here, which gives policy holders a guarantee of securing their interest. (Please read section 27, 52H and section 54 of the Insurance Act of 1938, which are relevant to safety, security and investment philosophy. https://www.irdai.gov.in/ADMINCMS/cms/frmGeneral_Layout.aspx?page=PageNo107&flag=1