Endowment Policies

Endowment Policies

An endowment policy is an investment product that you buy from a life insurance company. They are set up as regular savings plans and the pay out a lump sum amount at the time of maturity. The policy includes life insurance, so it will also pay out if you die during the policy term.

Benefits of endowment policy

The most important endowment policy benefit is that it offers better returns on regular savings than deposits like fixed & recurring deposits or simple life insurance policies.
These plan's maturity benefit includes terminal bonus and reversionary bonus. Also, the policy holder gets excellent tax benefits on investing in endowment plans.
Hence, with an endowment plan the policy holder is not just investing money and gaining returns on it but also arranging for a valuable corpus of money that his family can use in his death. The endowment plan results in a long term savings fund that can be useful for a variety of personal expenses or simply in times of need by your loved ones.

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MoneyBack Policy

Money back plan is a special type of life insurance policy which survival benefits in regular intervals. It simply means that in Money Back Plans, the money comes back to the Life Insured after a specific interval of time as Survival Benefit. However, if the Life Insured dies during the policy term, then the Death Benefit would be paid to the nominee and the policy would be terminated and no further money would be paid to him on the intervals.
Money Back Policy is designed as endowment with a liquidity benefit. The Maturity Benefit comes in installments instead of a lump sum at the time of maturity. Each installment is a prefixed percentage of the sum assured. The remaining amount comes as Maturity Benefit at the end of the policy term.
You should compare and find the best money back policy for your family before making a purchase.

Example:

Mr. Anuj Shetty has opted for a Money Back Life Insurance Policy. His plan has a Sum Assured of 10 lakhs for a policy term of 20 years. He would need to pay premiums for 20 years. And he would get back a part of the Sum Assured at regular intervals. For example, for a policy of 20 years, he would get 20% of Sum Assured after the 5th, 10th and 15th year of the policy i.e. he gets 20 X 3 = 60% of the Sum Assured as Survival Benefit. On Maturity of the policy he would get the remaining 40% of the Sum assured and bonus.

Depending on the type of policy the payback schedule might vary. So you would need to check the individual plans for the same.

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MoneyBack Policy

Term Insurance

Term Insurance

Term insurance plan offered by life insurance companies come to the forefront when the motive is future financial security. A term insurance plan is the only plan which allows a substantial coverage against a very low premium payment. So, if you want a big future security for your dependents in terms of finance, buy a Term Insurance Plan.

Income Protection

Term insurance plans form the essence of life insurance. They come very cheap and cover the insured against unfortunate event of death. The premiums against the value of the coverage granted are affordably low, making the plans pocket-friendly investments which provide a very good protection In the event of death to the family’s financial loss and thus protects them against the loss of income of the earning person.

Liability protection

Loans are trending nowadays where every need can be funded by a loan. As attractive as it may sound, loans involve repayments and repayments involve a steady source of income. If the earning person dies besides the loss of income, the family also gets burdened with the outstanding loan repayments. Having a term insurance plan is the solution to this problem as well. The benefits under the plan can be utilized to pay off the debt burden and provides protection against liabilities also.

Peace of mind

When our future is secured, our emotional stability is also ensured. A term plan, besides providing financial security, provides mental security too because we know that our finances, assets and liabilities are protected from any contingency caused due to untimely death. And as experts say, peace of mind is something which cannot be bought, but when we talk about the financial aspect of the statement, a term plan delivers a spot on result.
Since there is both Maturity Benefit and Death Benefit, the premium is usually on the higher side in Money Back Insurance Policies. Also the Death Benefit is not reduced till the policy matures and hence the company’s risk also continues till the end even as liquidity benefits are provided to the customer.

Highlight of Money back plan:

Money Back Insurance Policies should be taken by someone who might require money at regular intervals chosen by proposer, like children’s education, marriage etc. Also because the Death Benefit is guaranteed irrespective of the Survival Benefits already paid. Thus, if the Life Insured dies on the year of the policy maturity even after receiving 3rd Survival Benefit, the nominee would get the entire Sum Assured and not a reduced one. You can also save tax as the premiums paid and the money received in installments is tax-free.

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Child Policy

As a parent, had their dream of a bright future of child and investment is a vital step in doing so. Parents generally focusing on the major goals for their child such as marriage, education and a comfortable lifestyle as well. All these Plans have different requirements, so it is essential to think about each separately and find the needful investment plan that can suit these requirements as well. For a bright future of your child, it is vital to think about the investment proposals as soon as possible.

Before investing everyone wants to be sure about the returns and the benefits that they will get in the future. Today the cost of education is so high that most of the parents are unable to provide their children the level of education they want. If this is the situation today, then you can imagine what would be the scenario in the future when the inflation will be much higher.
A child future plan is to meet your child's future financial needs. Child investment plans are important to meet the needs of providing the child with the best of education and to make sure that the funds are there at every crucial stage of your child's growth. Therefore, it become necessary to invest for your child today in order to have funds available at the time when the actual need arise.
Basically life insurance for children provides you the flexibility to choose according to your economic status and financial plans. The rate of premium can also be settled as per your interest.
In the case death of the policy holder in the period of policy term, the child is allowed to receive all the benefits of the plan (if the rider is attached to the policy).

Tax benefit

The child policy in India provides tax benefit that can be availed on maturity/death claim profits under Section 10 (10D) and assumption from income for the expenses of premium under Sec. 80(C).

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Child Policy

Keyman Insurance Policy

Keyman Insurance Policy

Keyman insurance can be defined as an insurance policy where the proposer as well as the premium payer is the employer, the life to be insured is that of the employee and the benefit, in case of a claim, goes to the employer. The `keyman’ here would be any person employed by a company having a special skill set or substantial responsibilities and who contributes significantly to the profits of that organization.

Anybody with specialized skills, whose loss can cause a financial strain to the company are eligible for Keyman Insurance. For example, they could be Directors of a Company, Key Project Managers Etc.

Benefits of keyman insurance :

A company buying keyman insurance for its employee can claim a deduction for the premium paid for the policy as a business expense under Section 37(1) of the Income Tax Act. No advance intimation/approval is necessary from the Income Tax authorities to claim deduction of insurance premium payment. This policy can be used as either an extra superannuation benefit or an ex-gratia payment to the key employee during the service period. If the company receives the proceeds on maturity, then they are taxable. The directors can also safeguard their immediate family from getting affected by the vagaries of the industry and the various business cycles that a company has to face. Insulate the risk of financial loss against loss of a Keyman. Interest on loans taken against a keyman insurance policy may also be allowed as business expenses. Premiums paid by the company on the life of a keyman would not be treated as perquisites in the hands of such a keyman when the company’s request is accepted by the assessing authority. Keyman Insurance policy is a positive measure to improve the retention of the keyman in the company.

Disadvantages of Keyman insurance :

The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. In case of .S.B. is payable under the plans, will be considered as the business income of the company & will be taxable under section 28 (vi) of the income tax ACT. If the policy has been assigned to the key man, the policy-proceeds including bonus will be taken as profit under section 17 (clause) of the income tax Act.

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Whole life Insurance

Whole life plans are very different from other types of life insurance plans. Understanding how they work can also help you decide whether they are fit for you or not. A whole life plan can be purchased against a payment which can be made as a monthly or a yearly basis. The insured person will get cover for his entire life unlike other life insurance plans that is fixed for a certain period. The other life insurance plans will expire and it will be expensive to take another one when you really want one. In the event you die, a lump sum tax free amount is paid to the nominee. If you outlive the term, you will not receive any return. For example if a 25 year old takes a whole life plan at the age of 25 years, he will receive a lump sum payment at the age of 45, the age at which his 20 year premium payment term will expire. He can use this money for his retirement and also his cover will continue till he turns 100 or till the date he dies. The surrender value of the policy increases over time and you can borrow against the policy’s surrender value at any time. This is a better alternative against borrowing against home or retirement accounts.

The Insured person will get lifetime coverage along with guaranteed premium size for a limited premium payment term. The premium is constant throughout the premium payment term. Sum assured is guaranteed and the bonuses are declared based on the performance. Some companies offer survival benefit from the end of the premium payment term till the policy matures. Tax benefits are also available to the insured under Section 80C and Section 10(10D) of the Income Tax Act, 1961.

Whole Life plan is also called as straight life, ordinary life. It remains throughout the insured whole lifetime provided the premiums are paid. A certain aforementioned amount is paid to the nominee in the event the insured dies. The policyholder at any time withdraw the policy or borrow against it. The maturity age for this policy is 100 years. If the insured lives past the maturity age, the policy will become matured endowment. The death benefit under this plan is tax free.

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Whole life plans

Pension Plans

Pension Plans

Pension Plans are also know as Retirement plans. all of us tends to move through the family life cycle and thus happen to fall in different age categories from the time of our birth till old age and then finally death. One such stage that each of us is definite to encounter is that of Retirement.

Retirement Plans helps you plan an income after retirement and also provide you a financial security when your active income stops after retirement. Retirement plans also helps you maintain the same living standards even after retirement if you can properly plan you retirement life in advance. With high cost of living & rising inflation, the current cost of living will be almost 10 times when you retire. It is critical to plan once retirement as early as possible.

While all of us would like to retire comfortably, the complexity and time required in building a successful retirement plan can make the whole process seem nothing short of daunting. However, it can often be done with fewer headaches (and financial pain) than you might think - all it takes is a little homework, an attainable savings and investment plan, and a long-term commitment. Retirement happens to be an inevitable part of most of our lives. Individuals in the favor of Retirement view it as one such period in their life that allows them to spend some quality time with their family and friends. However, the group that is not so much in favor of Retirement views this stage as a period of financial dependency. The post retirement regular inflow of income is stopped and thus it is vital to enjoy sufficient financial back-up.

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Vehicle Insurance

Car insurance is a policy that is signed between two parties, the policyholder and the insurer to cover the losses that one might incur due to damages done to the car or in a case of theft. A pre-decided value is fixed according to the Insured Declared Value (IDV) of the vehicle for the premium to be paid by the policyholder periodically. These days, a policy seeker has many options available to choose from the various types of policies in the market. Each with its own uniqueness and offerings, car insurance has become a must in today's time. But the question still remains, what are the real advantages of car insurance? What security does a policy gives to the buyer? You can find all the answers here at PolicyX.com which lets you compare and choose the best car insurance online.

Advantages of Car Insurance

Among a pool of insurances available online and offline both are giving coverage as below.

  • Loss or damage to your car due to natural calamities Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide and rockslide.
  • Loss or damage to your car against man-made calamities Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air.
  • Personal Accident Cover Coverage of Rs. 2 lakh for the owner-driver of the vehicle while driving or travelling and mounting or dismounting from the Four-wheeler. Optional personal accident covers for Passenger/ Paid Driver/ driver/ Insured are also available
  • Third Party Legal Liability Protection against legal liability due to accidental damages caused to the surrounding property and/ or resulting in permanent injury or death of a person.

There are generally two types of Motor insurance coverage in India:-

Third Party Liability Coverage:
Under this feature, insurer provides coverage to damages caused by you to the Third Party. This plan does not cover the losses, damages or the injuries to the insured person. It refers to the minimum risks which are covered under the Auto Vehicles Act 1938. Under the law of India, Third party liability coverage plan is compulsory to have by each and every owner of the car.

Comprehensive coverage:
This is a plan which provides wider coverage to the insured and Third party as well. Apart from the basic third party liability coverage, the comprehensive feature of the insurance covers the maximum expenses that can occur due to the damages caused to a car in case of an accident or loss due to theft or any other reason. This plan provides coverage to all the damages which are caused because of natural calamities, accidents, theft, fire and much more. The insured person can extend the policy for increasing the additional benefits. It is recommended to choose comprehensive plan as it covers maximum things and provide helpful benefits.

It is important to evaluate the cover you are opting for your policy and look for specific features you need along with the premium discounts. We the finsure connect team helps you in choosing the best policy for your favorite car.

How to Choose Best Car Insurance Plan?
Car insurance is the arrangement between the insured and the insurer wherein the coverage is provided by the company to the insured in case of any financial loss due to the damages to the car. It is mandatory in India under the Motor Vehicles Act. It is also known as motor insurance policy provides coverage for the maximum losses that you might face in the case of damaged or stolen car. The amount of the premium related to your auto plan depends upon the Insured Declared Value (IDV) of your car. The more the IDV the more will be the premium amount, the less IDVs leads to low premium amount. It is vital to compare features or plans before buying or renewing the current policy. There are some things that you must check while purchasing an insurance policy. Auto insurance policy majorly covers the loss that occurs because of theft, scratch or accidents.

Nowadays there are many insurance companies which are offering the towing facility, depreciation and other value added services, thus it is essential to check all the terms and condition while purchasing the insurance policy. Carefully read through the policy documents and compare various plans before making a final choice.

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Vehicle Insurance

Health Insurance

Health Insurance

A health insurance policy ensures that you can avail cashless treatment at a network hospital without having to pay for them, typically covering 30 days and 60 days pre and post hospitalization, respectively and policy gives you access to the best medical care and treatment while being financially protected. In case of a health emergency, your mediclaim health care policy guarantees peace of mind and ensures that you and your family are protected from medical expenses while receiving the best treatment at a hospital of your choice.

Policyholders can avail multiple benefits like pre and post hospitalization expenses, cashless treatment, room rent, ambulance charges, and much more. The health insurance premium amount mainly depends on the sum insured amount as well as the number of members covered under the health insurance policy.

Benefits of Health Insurance

Health Insurance plans are to cover a wide range of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella.

Medical Bills: Coverage against medicinal expenses incurred, including pre and post hospitalization.

Coverage for any pre-existing disease is provided to you after a certain waiting period.

Claim Reimbursement: Coverage for expenses incurred for hospitalization due to a medical emergencies.

Tax Rebate: Annual premium paid for health coverage are subject to tax exemption u/s 80D of ITA, 1961. Tax exemption ranges from Rs. 25,000 to Rs. 60,000.

Other Benefits: As an innovative feature, OPD expenses are now covered under few Insurer plans and don’t require hospitalization for minimum 24 hrs to claim reimbursement. Stand alone OPD plans are also available in the market.

Before buying Health Insurance it is mandatory to know about Sum Insured amount, List of network hospitals, Waiting Period (for PEDs)Co-pay and Claim Settlement Ratio and Sub-limits (if any).

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Property Insurance

The property that is needed to run the company is very valuable. From a small office to a large retail company, there is always property that must be protected. Business property can include everything from the chair and desk you sit at to the stock kept in a warehouse. Your products, your files, your equipment – all of these things are the property of your company and needed to run the business.

Property insurance can also cover the building itself if you are the owner. For those who lease space to run their business, it refers to everything inside the offices, warehouses, and other space occupied by the company. For many businesses, the loss of this property would be catastrophic. Property insurance is thus one of the most basic types of commercial insurance.

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Property Insurance

Liability Insurance for a Business

Liability Insurance 
for a Business

When it comes to liability, the risks are much higher for a business than for the average citizen. Especially when you are dealing with the public, the risk of a small mistake that results in a big problem is very high. Businesses are therefore protected by liability insurance.

When it comes to liability, there are many different types. Most businesses will carry what is known as a general liability policy. This covers a wide range of potential incidents and can prevent the company or its employees from facing a serious financial loss in the event of a lawsuit.

Depending on your type of business, you may need some different forms of liability coverage in addition to the general policy. Common types are what are known as professional liability coverage, which comes in a few forms. Some companies require errors & omissions coverage, which is a type of liability coverage that protects from mistakes, often in paperwork, made in the course of helping a client. Often people like tax preparers and lawyers require this type of coverage. It is similar to another, better known type of liability coverage, malpractice insurance, but has some differences. Most people think of malpractice in relation to doctors, but it can actually apply to a wide range of professionals; it protects from errors seen as being below the standards expected of the professional.

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Transit(Marine) Insurance

It covers the losses or damages caused to ships, terminals and any transport or cargo by which goods are transferred, acquired, or held between different points of origin and final destination. The term may also apply to inland marine but it is usually used in the context of ocean marine insurance. Marine insurance is a haven for transporters and shipping corporations because it helps to lower the aspect of financial loss due to cargo loss.

Here are some of the features of a marine insurance policy –

1. Open Policy – The inland marine insurance policy covers the inland movement of a consignment for a specified duration of time, which is generally of one year. The policy is apt for companies which are indulging in numerous transactions around the year as it also offers continuous cover.

2. Comprehensive Protection – The policy offers protection against various types of losses or damages like a total loss of goods, partial loss of goods, related expenses while still in transit, etc.

3. Customization – As per your business requirement, it is feasible to customize the policy.

4. Mark up Value – The policy allows a portion of profit to be included in the sum insured. It is known as a mark-up in the marine insurance industry.

In the eventuality when goods are destroyed, damaged or stolen, it becomes important to file a marine insurance claim immediately with the insurer. Then the insurer will take all efforts to find out whether the reasonable care was taken while transporting goods or not in order to ensure no deliberate efforts were made in order to file a claim.

Here, it is important to understand that just because you have a marine insurance policy, it doesn’t mean you can act carelessly. You are expected to take care of your goods in the same manner you would have done in the absence of a marine insurance policy. Also, there is a time-window of usually one year for filing a claim with a marine insurance company at the time of any loss or damage.

Though, marine insurance offers comprehensive cover, there are some instances which are not covered under the policy, like,

• Loss or damage due to willful negligence

• Loss or damage due to improper packaging

• Removal of wreck

• Contamination due to radioactive rays

• Loss or damage due to riot, strike, civil commotion, etc.

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Transit Insurance

Group Insurance

Group Insurance

A group insurance policy gives you advantages of standardized coverage and very competitive premium rates. You can avail of group insurance policies that a group you belong to takes.

Group insurance is beneficial in the sense that it comes at a lower insurance premium as the risk is spread out among the group of members. Members to be insured, will pool into the policy and can claim the coverage as and when required. In this way, the individual need not run around but can get the health security through the employer.

Groups – for this purpose - can be employer-employee groups or non-employer-employee groups as defined by IRDA’s group insurance guidelines.

These days more and more companies are becoming employee-centric and every now-and-then introduce various benefits for employees’ betterment. Group insurance has emerged as one of the most preferred benefit. Group insurance ensures better health benefits for employees and increased employee satisfaction. Through this an employee can avail various benefits which are otherwise non-affordable in individual insurance policy

Today there are several options available in health insurance sector in India. They have been formulated to resolve the healthcare needs of people across the nation. Healthcare needs differ from individual to individual as well as from family to family. So, personal healthcare needs must be analyzed before finalizing any health plan.

Some features are available in market as below.

• Individual Health Coverage

• Family Health Coverage

• Group Health Coverage

• Senior Health Coverage

As per the need, all of us can buy the plan and enjoy best healthcare without any financial crisis. Among them, group health insurance is the one offered by corporates.

With such variety of health plans available, it enable citizens of India to find a suitable healthcare coverage for self. The option of Group Health Insurance can offer appropriate coverage to the employees.

Healthcare coverage is imperative for all. Today it is no more a choice but has become a necessity. There are innumerable plans available in the health insurance market. They offer wide range of choice to people. Each one of us can select the plan that can ensure best coverage while facing health mishap. Under the coverage of the policy, one can seek health treatment even on cashless basis. The benefit of cashless mediclaim enable the covered members to enjoy required treatment on cashless basis. There are other additional benefits like critical illness coverage which will offer security from certain specified critical illnesses.

Once insured, people need not worry about the hospital bills. With the help of policy, best treatment can be availed without any fiscal hassle. Paying policy premium on annual basis is better than meeting expensive treatment cost on urgent note. Without even putting any financial burden, the insurance cover can relieve all the healthcare worries. With a Group Health Insurance you can enjoy insurance services as and when required.

So, don’t delay your healthcare coverage any further. Get insured today under the best plan and get relieved of medical care worries.

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