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Life Insurance

Life Insurance

The purpose of life insurance is to cover the risk of premature death. A death benefit is payable if the life insured dies during the policy term. Life insurance policies are legal contracts where you are supposed to pay a premium for availing the coverage offered by the insurance company.

Why Do You Need Life Insurance?

1. Secure your family’s financial future

Life insurance is all about securing you and your family financially.

2. Accomplish your financial goals

We all have some goals in life that require saving money. Through life insurance plans, you can build a financial corpus and protect it with a life cover. Life insurance plans inculcate a habit of disciplined saving. Paying a small amount as an insurance premium each month will help you accumulate funds. What’s even better is that this small monthly amount only keeps growing. Eventually, you’ll accumulate enough wealth to reach your more substantial and long-term financial goals.

3. Brings peace of mind

Having life insurance will give you peace of mind. Life is uncertain, and life insurance can offer financial assistance to your family when you are no longer around. You can also plan your retirement by taking a retirement plan where you will receive a monthly income.

4. Save tax

You can claim an income tax deduction on premiums paid for your term insurance under Section 80C of the Income Tax Act, 1961, up to ₹1.5 lakh per financial year. Additionally, the death benefit received by your nominee is completely tax-free under Section 10(10D), subject to certain conditions.

Life Insurance

Types of Life Insurance Policies

Terms Insurance plans

Term Insurance

A term insurance policy is a legally binding agreement between the insured and the insurer, under which a death benefit is paid to the nominee if the policyholder passes away during the policy term. In exchange for this protection, the policyholder pays regular premiums to the insurer. The coverage provided by a term plan is valid only for a specified period, which can range from 18 to 85 years, depending on the age at which the policy is purchased. Term insurance focuses purely on financial protection, without any investment or savings component, making it an affordable way to secure significant coverage.

Why Choose Term Insurance?

In India, where families often depend on one or two earning members, term insurance plays a vital role in maintaining financial stability during unforeseen events.
Financial Security: Ensures your family continues to meet daily expenses and long-term goals like education or marriage.
Debt Protection: Helps cover outstanding loans or liabilities, so your family isn’t burdened financially.
Affordable Coverage: Offers substantial coverage at minimal cost, making it accessible for all income groups.
Key Features and Types of Term Plans
Indian insurers offer multiple plan options to fit different financial goals: Level Term Plan: Fixed sum assured and premium throughout the policy term.
Increasing/Decreasing Term Plans: Adjust coverage to match inflation or decreasing liabilities.
Return of Premium (TROP): Get all your premiums back if you outlive the policy term.
Whole Life Term Plan: Coverage for your entire lifetime (up to 99 or 100 years).
Convertible & Limited Pay Plans: Flexibility to switch or complete payments early while retaining long-term cover.
Online Term Plans: Easy purchase with lower premiums due to reduced overhead costs.
Riders for Enhanced Protection
Boost your plan with add-on riders such as Accidental Death Benefit, Critical Illness, Waiver of Premium, or Income Benefit Rider, ensuring complete financial protection against various life risks.
Tax Benefits
Enjoy tax savings under the Income Tax Act, 1961:
Section 80C: Deduction up to ₹1.5 lakh on premiums paid.
Section 10(10D): Tax-free death benefit for the nominee.

ULIP Insurance plans

Unit Linked Insurance Plans

Unit-Linked Insurance Plans (ULIPs) are innovative financial products that combine the benefits of life insurance with market-linked investment opportunities, making them a versatile choice for long-term financial planning. With a ULIP, a portion of your premium provides life cover to protect your loved ones, while the remaining portion is invested in a variety of funds, including equity, debt, or balanced options, helping you build wealth over time.

Key Features of ULIPs

1. Dual Benefit – Insurance + Investment
ULIPs provide life insurance protection along with market-linked investment growth. A portion of your premium secures your family financially, while the rest is invested to help you accumulate wealth over time.

2. Flexible Fund Options
Policyholders can choose from a variety of funds based on risk appetite—equity for higher growth potential, debt for stability, or balanced funds for a mix of both. This flexibility allows customization according to financial goals.

3. Fund Switching
ULIPs allow switching between different funds to adapt to changing market conditions or evolving personal goals. Most plans provide a limited number of free switches every year, helping you manage risk effectively.

4. Premium Redirection
Future premiums can be redirected to different funds, giving you greater control over your investments without altering your overall policy.

5. Top-Up Premiums
You can make additional lump-sum investments to boost your fund value, accelerating wealth accumulation while keeping your original life cover intact.

6. Partial Withdrawals
After the mandatory lock-in period (usually 5 years), policyholders can withdraw a portion of their fund value to meet urgent financial needs, offering liquidity without compromising long-term goals.

7. Tax Benefits
ULIP premiums are eligible for tax deductions under Section 80C of the Income Tax Act, 1961, up to ₹1.5 lakh per year. The maturity proceeds are tax-exempt under Section 10(10D), subject to certain conditions regarding sum assured and premiums.

8. Transparency
Insurers provide regular statements detailing fund performance, charges, and unit allocation. This transparency allows policyholders to monitor investments and make informed decisions.

9. Long-Term Wealth Creation
By staying invested over a longer tenure, ULIPs take advantage of market growth and compounding, potentially generating substantial returns for retirement, education, or other financial goals.

10. Goal-Oriented Planning
ULIPs can be aligned with specific objectives like retirement planning, children’s education, or wealth accumulation, ensuring disciplined investment while maintaining life cover.

Child Insurance plan

Child Insurance Plan

A child insurance plan is an investment cum insurance plan from life insurance companies, which offers the financial security required for your child’s dreams and goals. You can use a child insurance plan to invest in the big life goals of your child like higher education and marriage. While you are building the corpus to fulfill these goals for your child, an insurance plan provides a safety cushion to the corpus in case of your untimely demise. In the unfortunate event of your passing away before fulfilling the goal,

the plan can invest the money on your behalf and give the maturity amount that you originally aimed for your child.

Benefits of a Child Insurance Plan

1. A child plan will help you provide for your child’s important life goals regardless of your presence in his or her life. With life cover and goal protection options, a child plan alone is enough to protect your child’s future whether through investment or life cover.

2. Tax Benefits of child insurance plans are well known. You can reduce your taxable income by up to Rs.1,50,000 every year if you invest in child plans. The maturity and partial withdrawals from the plans are also exempt from tax.

Money Back Insurance plans

Money Back Insurance Plan

In the case of the life insured's death, a standard insurance plan pays out a lump sum amount to the nominee of the policyholder. This is known as the death benefit of life insurance. On the other hand, a money-back policy is a form of life insurance policy that allows the insured to receive a portion of the sum assured at regular intervals rather than a lump sum at the end of the policy period. As a result, a money-back insurance policy is an endowment scheme with certain liquidity.

Benefits of Money Back Insurance Plan

1. Survival Benefit
Throughout the policy, money is paid to the policyholder every few years. The payment begins within a few years of the policy's inception and lasts until the policy's maturity.

Consider this scenario: Akash has chosen a money-back policy with a sum assured of Rs. 5 lakhs over 20 years. He will have to pay a 20-year premium and receive a portion of the sum assured at regular intervals.

Depending on the policy terms, he may receive 15% of the sum assured after the 5th, 10th, and 15th years of the policy, as a survival benefit, this is 15 X 3 = 45 % of the sum assured. He will also receive the remaining 55% of the amount guaranteed, plus any bonus, at maturity.

2. Death Benefit
In the event of an unfortunate incident, the policy nominee will receive the insurance amount. This includes the sum assured as well as any bonuses accumulated on the money-back policy.

3. Maturity Benefit
The insured individual receives the maturity benefit when the money-back plan matures, and it consists of:

a. Sum Assured: It is the complete cover amount that the insured selects at the start of the policy.
b. Bonus: This includes the insurer's declared reversionary benefits that have accumulated over time. This is largely determined by the company’s performance.

4. Tax Benefit
Section 80C of the IT Act, allows you to deduct up to Rs. 1,50,000 on account of life insurance premiums from your taxable income per year. In addition, Section 10(10)D exempts the maturity benefit of the money-back policy from income tax.

Endowment Insurance plans

Endowment Insurance Plans

An endowment policy is a type of life insurance policy designed to pay a lump sum on maturity or death. An endowment policy can be used to build a risk-free savings corpus while providing financial protection for families in case of an unfortunate event. This simplicity of an endowment plan has over the years made it an attractive savings plan for all. A good endowment policy provides you with the confidence to meet any financial emergency in the future. It provides you with returns that can help you meet your non-negotiable life goals, such as your child’s education or marriage, fulfilling the needs and aspirations of your loved ones and yourself, and more.

Benefits of an Endowment Policy
There are broadly four benefits of an endowment policy.

1. Life Insurance Benefit - Your loved ones are always taken care of. The life insurance benefit gives a lump sum pay-out, ensuring that even in your unfortunate absence your family members can continue to live the life with the same standard and dignity. This is a fixed amount and is given to your nominee/legal heir. Do remember some policies also give guaranteed additions and Reversionary Bonus which are considered in the calculation of death benefit.

2. Maturity Benefit - As long as you pay timely premiums and keep the endowment policy active, the maturity benefit is intact. This is a guaranteed maturity benefit amount that will enable you to meet your financial goals. This maturity benefit depends on the policy term, policy premium, premium payment term, age, and gender. You may get guaranteed additions on maturity in some policies. Apart from this, in participatory policies, you may also get accrued reversionary bonuses and terminal bonuses.

3. Tax Benefit - Endowment insurance plans also offer tax benefits. The premiums you will pay can help you reduce your taxable income under Section 80C of the Income Tax Act, 1961. There are tax benefits available on the maturity of endowment policies as well. This helps you save tax at the time of inception of the policy and accumulation stage, and also the maturity stage.

4. Loan Benefit -
Endowment policies can help you to get a loan. After a policy acquires a surrender value, you can take a loan against the policy. The interest charged on such loans is quite competitive. For instance, some traditional plans offer a loan amount of up to 80% of the surrender value. The loan benefit helps you arrange funds in an emergency.

5. Option to add riders - Endowment plans offer additional riders to enhance the coverage of the plan. You can add a critical illness rider, an accidental death rider, or a permanent disability rider and enjoy increased protection.

6. Low risk - An endowment policy is usually a low-risk investment. Your money grows over time with most endowment products and your returns are guaranteed.

7. Dual purpose - You get to enjoy the dual benefit of insurance as well as investment. Your savings continue to build over time and your family stays secure in the case of an unfortunate event.

SKC Asra Global Insurance Broker Private Limited

Reg Office: 1st Floor, Jeevan Vihar Building, Parliament Street, New Delhi-110001

Registration No: 1046, Registration Code No: IRDA/DB n1086/2024/ Valid till: 18/03/2028, License category: Composite Insurance Broker

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Types of Corporate Insurance

1. Commercial Property Insurance
Protects your offices, factories, warehouses, and other business assets against risks like fire, theft, natural disasters, or accidental damage. It helps minimize financial loss and ensures business continuity.

2. Marine Insurance
Covers goods in transit, by sea, air, road, or rail, against risks such as accidents, piracy, natural calamities, or handling damages. Essential for businesses involved in import, export, or domestic trade.

3. Liability Insurance
Provides protection against third-party claims arising from property damage, bodily injury, or legal disputes. It shields your business from unforeseen liabilities and costly litigation.

4. Customized Risk Management Solutions
Tailored insurance and risk mitigation strategies designed to address industry-specific challenges. These solutions help businesses stay prepared, reduce vulnerabilities, and maintain financial security.
1. Emergency medical expenses-The travel insurance policy covers the expenses incurred in case you get injured or fall sick during the trip.

2. Emergency medical evacuation- In case of an emergency where you fall sick and have to be transported to the nearest medical facility/hospital, the insured person will get paid/ reimbursed for all the expenses in this regard. Once you recover and are in a position to travel back home, the policy may even pay for your expenses in relation to returning home under the ‘Repatriation’ benefit.

3. Repatriation of remains- In the unfortunate event of the death of an insured person while they are traveling, the cost of recovering their body and taking the remains to the home country can be a huge financial burden. In a policy has been taken to cover such risk, the repatriations of remains will be covered under the said policy.

4. Baggage- This insurance is vital in case one’s baggage is lost or damaged during the trip. To get compensated for such damages to the luggage, baggage insurance plans are extremely helpful.
The loss of checked-in luggage or baggage delay would be covered under various available policies.

5. Accidental death and dismemberment- The coverage benefit under this policy would apply if you were to pass away in an accident or loss of one or two limbs, paralysis, or blindness in an accident.

6. Others- The various policies are available that may include cash advances, travel delays, ID theft protection, concierge services, car rental coverage, flight accidents, etc.

Trip Medical Insurance Package: Travel medical insurance is mainly focused on medical benefits. It provides better medical coverage and may also cover various situations and other major medical emergencies. It is most beneficial for people who are traveling out of the country for longer durations.
Types of Employee Benefits

1. Group Health Insurance
Provide your team with medical coverage that takes care of hospitalization, treatments, and emergencies. Group Health Insurance ensures financial security for employees and their families while giving them access to quality healthcare.

2. Group Term Life Insurance
Offer peace of mind with a life cover that protects employees’ families in the event of an untimely demise. This affordable, high-coverage benefit is a thoughtful way to support long-term financial security.

3. Employee Wellness Programs
Go beyond insurance by promoting preventive healthcare and wellness initiatives. From fitness plans to regular health check-ups, these programs help employees maintain a healthy lifestyle, reduce absenteeism, and boost morale.

4. Gratuity/Retirement Benefit Solutions
Support your workforce with structured retirement and gratuity plans that secure their post-employment life. These solutions reward long-term service while ensuring financial stability for employees after retirement.
Types of Motor Insurance

1. Private Car Insurance
A comprehensive private car insurance policy protects you against financial losses caused by accidents, theft, fire, or natural calamities. Renewal ensures continued coverage for you, your car, and your loved ones, while also fulfilling mandatory third-party liability requirements.

2. Goods Carrying Vehicle Insurance
This policy covers commercial goods vehicles like trucks and lorries against damages from accidents, fire, theft, or natural disasters. It also provides third-party liability protection, helping business owners safeguard their vehicles, drivers, and transported goods.

3. Passenger Carrying Vehicle Insurance
Designed for vehicles such as auto-rickshaws, school buses, vans, and cabs, this insurance offers financial protection against accidents, injuries, or property damage. It is a mandatory requirement under the Motor Vehicles Act to ensure passenger and third-party safety.

4. MIS-D Vehicle Insurance
MIS-D vehicle insurance provides coverage for miscellaneous and special-purpose vehicles used for business or institutional activities. It protects against damages, third-party liabilities, and losses caused by natural or man-made disasters, ensuring business continuity.

List of Top Car Insurance Add-On Covers
The availability of car insurance add-ons varies from insurer to insurer. The following are some car insurance add-on covers that are offered by most of the general insurance companies:

A. Zero Depreciation Add-on Cover
At the time of a claim settlement, the insurer will deduct the amount of depreciation applicable to your car and its parts. The zero depreciation cover helps you mitigate the burden of bearing the depreciation cost of your vehicle, thereby increasing your claim amount. Most insurers limit zero depreciation claims to two, however, some insurers, such as IFFCO Tokio, allow unlimited zero depreciation claims.

B. Consumables Add-on Cover
As part of this add-on, you are covered for consumable elements such as grease, air conditioner's gas, lubricants clip, bearings, fuel filter, engine oil, oil filter, brake oil, nut and bolt, screw, washers, etc, which are not covered by the standard policy.

C. Roadside Assistance Add-on Cover
This add-on cover secures assistance services in the event of the breakdown of the insured vehicle. The services include towing the vehicle to the nearest garage, on-site repair services, assistance in case of loss of keys, changing flat tires, fuel delivery, etc.

D. Engine Protection Add-on Cover
This cover allows the policyholder to get indemnified against expenses for mechanical/electrical breakdown of the engine due to an oil spill, water ingression, etc.

E. Key Loss Add-on Cover
This add-on cover makes the insurance company liable to compensate the policyholder for the loss of key(s).

F. Passenger Assistance Add-on Cover
It is a bundled cover that includes Hospital Allowance, Medical Expenses and Medical Transport Assistance to the policyholder in the event of an accident.

G. Tyre Damage Add-on Cover
Add-on covers damage such as in-tire bulges, punctures or bursting of tires, cuts on tires due to accidents, etc.

H. Return To Invoice Add-on
This add-on cover allows you to get the full invoice price of your vehicle when it suffers Total Loss, Constructive Total Loss (CTL), or theft.

I. Protection Of NCB Add-on
This add-on helps you retain your No Claim Bonus (NCB) discount even if you had filed a claim in the last policy tenure. NCB is the discount that you get on your own damage premium for every claim-free year.

J. Loss of Personal Belongings Add-on
This add-on compensates the policyholder in the event of loss of personal belongings such as articles or items of a personal nature that are likely to be used, carried, or worn.

K. Daily Allowance Add-on
By opting for this add-on you get a daily allowance from the insurer when the car is lost or is out for repairs.

L. Personal Laptop and Mobile Add-on Cover
This add-on allows you to get compensation for the loss of a personal laptop and mobile kept in the vehicle.

M. GAP Value Add-on Cover
In the event of theft, total loss, or constructive total loss, you will receive the entire invoice price of the vehicle. With an additional premium, it also covers Road Tax and first-time registration fees.
Types of Health Insurance

A. Hospitalization
Covers medical expenses incurred during hospital stays, including room charges, doctor’s fees, and treatment costs. Ensures you receive quality care without financial stress.

B. Pre & Post-Hospitalization
Takes care of expenses like diagnostics, medicines, and follow-up treatments before admission and after discharge. Provides complete protection around your hospital journey.

C. Critical Illness Cover
Offers a lump sum payout on diagnosis of major illnesses such as cancer, heart attack, or stroke. Helps manage high treatment costs and secures your family’s financial stability.

D. Wellness Programs
Includes preventive health check-ups, fitness benefits, and lifestyle management support. Encourages healthy living while reducing long-term healthcare risks.