Life Insurance

No one can replace everything you mean to your family when you're gone or if you find you can no longer care for yourself. We can help give you peace of mind with solutions to protect your family financially.

Life Insurance

Life insurance, is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death.

Advantages of Life Insurance

Cash values grow tax deferred during the insured’s lifetime, Cash value withdrawals are treated on a first in-first-out (FIFO) basis, therefore cash value withdrawals up to the total premiums paid are generally income-tax free , also Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death. It enjoys favourable tax treatment unlike any other financial instrument, Death benefits are generally income-tax-free to the beneficiary.

Death benefits may be estate-tax free if the policy is owned properly. Policy loans are income tax free.

a) Term insurance plan

Term insurance plan is a product that provides a large sum assured to the policy buyer at a relatively affordable premium. These plans are specifically designed to secure your family needs in case of death or uncertainty.

Benefits:

It provides coverage for defined period of time,
Much cheaper compared to whole life insurance plans because these plans carry no cash value with a sole aim to provide pure financial protection benefits.

b) Endowment policy

An endowment policy is a contract designed to pay a lump sum after a specific terms or on death of a person.
It provides you with a combination of both i.e. an insurance cover, as well as savings plan. It helps you in savings regularly over a specific period of time.

Benefits:

  • It helps you to avail tax benefits.
  • They are low risk plans as their maturity is guaranteed.
  • Provides financial security.

c) Whole Life Insurance Plans

Whole Life Insurance Plans are insurance plans which provide cover to you for the rest of your life provided you pay the premium on time. You receive maturity benefit in case you survive the policy term.
The policy will also build up a cash value which makes the premiums higher than some other plans.

Benefits:

  • Coverage- for lifetime
  • Partial withdrawals- on completion of premium payment period, it offers partial withdrawals.
  • Age no bar- comes without age limit

d) Pension plans

Pension plans or retirement plans are maintained by employers that help individuals secure their financial future and protect them from any of the uncertainties that may arise post retirements.
These plans are usually best suited for senior citizens that are looking to effectively plan their retirement.

Benefits:

  • corpus generation
  • financial independence
  • long term savings
  • Death and vesting benefits

e) Money back plan

A money back plan is a type of life insurance plan that allows the policyholders to receive payouts at regular intervals during policy term as part of survival benefit.

Benefits:

It acts as a golden opportunity for earning returns on investments at the time of maturity in short term financial goals.

f) Unit Linked Insurance Plan

Unit Linked Insurance Plan (ULIP) is unlike a pure insurance policy, gives investors both insurance and investment under a single integrated plan.

Benefits:

  • Based on risk appetite it offers investment options to insurance buyers.
  • It offers complete autonomy for preferred investment option to insurance buyers.