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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.
  1. 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.
  1. 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.
  1. Save tax
Generally, you can claim an income tax deduction on your life insurance premiums under Section 80C of the Income Tax Act, 1961. Pay-outs for death claims are tax-free under Section 10(10D) of the Income Tax Act, 1961.
Life Insurance

Types of Life Insurance Policies

Terms Insurance plans

Term Insurance

It is a legally binding contract between the insured person and the insurer, in which a death benefit is paid to the beneficiary if the insured person dies during the term of the policy. The person taking the term insurance plan agrees to pay the insurance premium to the insurer (i.e., the insurance company ). In return, the insurer promises protective financial cover over the life of the insured person. The insurance cover offered by a term insurance plan is valid only for specified policy term. This term can range from 10 years to 30 years or more, depending on the age at which you take in the term insurance plan.

Why Term Insurance Policy?

Term insurance is one of the primary insurance and investment needs in your financial life. Term insurance should ideally offer full protection of the financial future of your family. Meaning, a term insurance plan should take care of the following in your absence:

a) Living expenses of your family
b)Pay off the outstanding debt
c) Help invest for important future goals

Thus, you need term insurance so that you can:

i. Provide Financial Security to Your Family

If you are the sole breadwinner of your family, you essentially need term insurance to secure the financial needs of your family. In case of your untimely death, it will support your family’s financial needs.

ii. Mitigate Risks Related to Lifestyle

Generally, with old age, your risk of death increases. This risk also increases with certain lifestyle habits such as smoking, drinking, or an odd job. The term life plan covers all such risks against an extra amount of premium.

iii. Pay Outstanding Debt in your Absence

If you have certain outstanding debts/loans, your family can be in big trouble, if you meet an untimely death. However, the term life plan also provides you with a certain amount from your sum assured for paying your outstanding debts. your outstanding debts.

iv. Help your Family Meet Important Financial Goals in your Absence

Financial goals like your child’s higher education are important in life for continued financial well-being. A term insurance cover with a large enough sum assured will ensure that your family can meet such goals financially. Thus, ensuring long-term financial stability.

ULIP Insurance plans

Unit Linked Insurance Plans

Unit Linked Insurance Plans, popularly known as ULIPs, are insurance plans that provide the benefits of insurance coverage as well as a market-linked investment. ULIPs are goal-based financial solutions, linked to the capital market. Thus, allowing the flexibility to invest in equity or debt funds, depending on the investor’s risk appetite. ULIPs help with capital appreciation over a long period of time, while providing insurance coverage.

Benefits of ULIP Plans

1. Maturity benefits- If a policyholder survives beyond the maturity period of the policy, he/she gets the accumulated fund as the maturity/survival benefit from the insurer. The amount paid as maturity benefits is equal to the fund value. The maturity benefits are exempted from tax under Section 10(10D) of the Income Tax Act, 1961.

2. Death benefits-In the case of the unforeseen demise of the policyholder during the tenure of the policy, the death benefits are paid to the family member of the policyholder, who is registered as the beneficiary. The amount paid as a premium for ULIP is eligible for a tax deduction for a maximum of Rs.1,50,000/- during a year under section 80C of the Income Tax Act, 1961. Moreover, the maturity benefits received are exempted from tax under Section 10(10D) of the Income Tax Act, 1961.

3. Long-term investment benefits- The longer the investment time horizon, the more you are insulated from the price fluctuations of the market. Investing in the market for the long term gives higher returns and helps you deal with market volatility. ULIP lets you invest in the market for the long term so that you get high returns on your investments.

4. Withdrawal benefits- ULIP allows partial withdrawal of funds to investors in case of any emergencies. After a fixed time, investors can withdraw funds up to a certain limit to meet their financial requirements.

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.

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B. Business Interruption Insurance: Business interruption insurance provides coverage for lost income and expenses resulting from property damage or loss.

C. Commercial leases often require tenants to carry a certain amount of insurance. A renter's commercial policy covers damages to improvements you make to your rental space and damages to the building caused by the negligence.

D. Crime Insurance: Crime insurance covers protection against employees’ theft, burglary, robbery of money, securities, stock, fixtures, or any losses from forgery, computer fraud, etc.

E. Fidelity Insurance: It covers losses due to employee's theft of business property and money.

F. Boilers & Machinery Breakdown Insurance: Boiler and machinery insurance, also called "equipment breakdown" or "mechanical breakdown. It provides coverage against physical damage and financial loss that can result from an equipment breakdown.

G. Debris Removal Insurance: Debris removal insurance covers the cost of removing debris after a fire, flood, windstorm, etc.

H. Glass Insurance: Glass insurance covers broken store windows and plate glass windows.

I. Liability Insurance: Liability insurance covers injuries that you cause to third parties. If someone sues you for personal injuries or property damage, the cost of defending and resolving the suit would be covered by your liability insurance policy. A general liability policy will cover you for common risks including customer injuries at your premises.

More specialized varieties of liability insurance include:

  • Errors and Omissions Insurance: Errors and Omissions ("E & O") insurance covers inadvertent mistakes or failures that cause injury to a third party. The act must be an inadvertent error, and not merely poor judgment or intentional act.

  • Malpractice Insurance: Generally, malpractice insurance pays for losses when a professional's conduct falls below the profession's standard of care and injures a third party. If a doctor makes a mistake that in the ordinary course, other doctors in his place would not have made, his patient might sue him. His malpractice policy will cover his defense costs and any judgment or settlement. Professionals such as doctors, dentists, accountants, real estate agents, architects, and others can purchase malpractice insurance.

  • Directors' and Officers' Liability Insurance:This type of insurance is generally purchased by companies and non-profit organizations to cover the costs of lawsuits against its directors and officers.

  • Employees Compensation Insurance:Employees' on-the-job injuries are covered by employee compensation insurance. Employees’ compensation insurance is required to be obtained by the employers under various state laws. For work-related injuries, employees’ compensation laws prohibit employees from suing their employers for negligence.

  • Accident insurance: Accidents of different types are possible at any time, at any place. Persons and vehicles are more prone to accidents causing injuries and damages.

  • Fire insurance: It offers to make good the costs incurred in the replacement, repair, or reconstruction of property that was damaged due to fire.
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 Home Insurance Policy -

1. Landowner Policy-This policy can provide coverage to the homeowners from financial losses that they may incur when they rent out a property. It covers standard fire, damage, theft, and other associated risks.

What does Landowner Insurance Cover?
● Damage to property
● Cover against ‘Loss of Income’
● Liability Insurance

2. Renters Insurance -Renters insurance covers you when you are living in a leased/rented property. While the landlord might have insured his property, you must safeguard your belongings and valuables too. This insurance helps you to get back on your feet in case of any mishappening.
Types of health insurance

1. Individual Health Insurance
An individual health insurance policy covers you, your spouse, your children, and your parents. Typically, these policies cover all kinds of medical expenses, including hospitalization, day-care procedures, hospital room rent, etc. Each individual health insurance plan has a pre-agreed sum insured amount. Let's say you take an individual plan for yourself, your spouse, and both of your parents with a sum insured of INR 10 lakhs. Your health insurance policy allows you to claim a maximum of INR 10 lakhs per policy year.

2. Family Floater Health Insurance
A family floater plan covers your family members under one insurance policy and everyone shares the sum insured. Since the sum insured is shared, these plans are typically more affordable than individual ones. Consider purchasing a family floater plan for you and your spouse with a sum insured of INR 10 lakhs. The maximum claim you can make in a single policy year is INR 10 lakhs. There is a possibility that your spouse may file a claim for INR 6 lakhs and you may file a claim for INR 4 lakhs or vice versa. Family floater plans are ideal for young nuclear families.

3. Senior Citizens’ Health Insurance
Senior citizens' medical needs and requirements have been specifically taken into account while designing these health insurance plans. Many senior citizens' policies offer additional benefits, such as domiciliary hospitalization, psychiatric care, etc. These policies may be more expensive than regular insurance policies because older citizens are more prone to health problems.

4. Critical Illness Insurance
Lifestyle-related diseases are on the rise. Cancer, stroke, kidney failure, and cardiac diseases can be very expensive to treat and manage over time. It is precisely for this reason that critical illness insurance policies have been created. These policies can either be purchased as an add-on/ rider with your regular health insurance plan or separately. These policies offer cover for very specific issues and often provide claim payouts as a single lump sum payment after the diagnosis of a critical illness.

5. Group Health Insurance
Unlike individual and family floater policies, a group health insurance plan is purchased by a group manager for a large number of individuals. For example, an employer can purchase group insurance for all their employees or a building secretary may purchase this plan for all the residents of the building. These plans are fairly affordable, but they often only provide cover for basic health issues. Employers often purchase these plans as an additional benefit for employees.

6. Maternity Health Insurance
Maternity health insurance cover is a type of health insurance plan that covers medical expenses related to pregnancy like the cost of delivery, hospitalization, pre-and postnatal care, medical tests, medicines, newborn baby expenses, etc.

7. Top Up Health Insurance PlansPlans 
A top-up health insurance plan is another insurance product that provides you with medical insurance in addition to your regular health insurance plan or a group mediclaim policy.

As with your basic health insurance plan, a top-up plan has a lower insurance premium burden, so it is more affordable. There is a difference between a top-up health insurance plan and a health insurance rider for a specific illness, such as a critical illness rider or a personal accident rider.

Riders can only be added to basic health insurance policies, whereas top-up policies can be purchased separately. As such, you can use a top-up plan both as a standalone health insurance policy and as added coverage to your regular health insurance policy.

8. Personal Accident Insurance
An accident insurance policy protects you against death, permanent total or partial disability, and temporary disability. Upon death or permanent disability, the insurer pays a sum insured and the policy terminates.

In the case of permanent partial disability, a percentage of the sum insured is paid, whereas in the case of temporary total disability, weekly compensation may also be provided. In the event of a permanent partial disability or temporary total disability, the policy is renewable.

You can think of personal accident insurance as an income protection plan where your profession and income determine your maximum coverage and premiums. Generally, you can get maximum insurance coverage of 10 times your annual income, with insurance premium rates varying from profession to The above plans are a variety of insurance plans and covers offered by most insurance companies. As an IRDA-licensed insurance broker, we offer tailor-made insurance solutions where we mix and match products from different insurance companies and optimize premiums and maximum coverage for our clients.
Types of Motor Insurance

1. Car Insurance Renewal
With a Comprehensive car insurance policy, you can drive safely and not worry about the potential financial losses that you might have to incur due to unfortunate events involving your car. Car insurance renewal is the essential, thoughtful, and responsible option to save yourself, your car, and your loved ones against such eventualities.

2. New Car Insurance
As per the Motor Vehicles Act, it is mandatory that all vehicles that operate in any public space must have a motor vehicle insurance policy. Policyholders must have third-party liability motor insurance cover.
An extensive plan will provide complete coverage and protection against all kinds of accidents, theft, fire, and natural disasters along with third-party liability.

3. Two Wheelers / Bike Insurance
Two-wheeler insurance covers your two-wheeler against damages due to accidents, natural disasters, fires, and theft. It also covers third-party liabilities such as damage to another person's vehicle/property or injuries/death of a third party. Two-wheeler insurance covers motorcycles, scooters, mopeds, and other 2-wheelers.

4. Commercial Vehicle Insurance
Commercial vehicle insurance provides coverage for the damage caused by or to commercial vehicles. It covers both parties involved in the accident for injury or death. This policy provides coverage for the loss or damage caused due to natural disasters, fire, man-made disasters, etc. All business owners must cover their commercial vehicles running on the road such as auto-rickshaws, trucks, lorries, school buses, etc.

5. Taxi / Cab Insurance
Taxi or cab insurance is a type of commercial vehicle insurance policy that covers you and your cab in case of an accident, natural calamity, etc.

If you or your organization own any kind of commercial taxi or cab, it is mandatory by law to at least buy a third-party liability-only policy. This financially covers your business, keeps your profit margin in check, and reduces downtime in case your taxi meets with an accident or causes damages and losses to third-party property, person, or vehicle.

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.