We protect your life

Life Insurance, in simple terms, is a contract which is signed between an individual and an insurance provider, wherein the insurance provider guarantees to pay a certain sum of money (sum assured) in case of the insured individual's death. In order to avail this protection, the insured pays a certain amount as premium towards maintaining the policy.

It is nothing but a safety net which provides financial security/protection against loss of life. The primary purpose of a life insurance policy is to protect the financial interests of the insured's family.

Type of Life Insurance

There are 3 basic aspects related to life insurance, namely:

  • Premium – An individual is accorded cover only if he/she pays a certain sum of money towards the policy. This is termed the premium. One can consider it to be the initial investment which offers returns in the future.
  • Death Benefit/Sum Assured – This is the money which the insurer assures to pay to the nominee/beneficiary of the policyholder after his/her demise. This varies based on a number of parameters.
  • Term – An insurance policy provides protection for a certain period of time. This is called the term, and it could vary based on the type of policy chosen.
  • Why Need of Buying Life Insurance?

    It acts as a financial net for an eventuality linked with human life, such as retirement, disability, accident, death, etc. Life is unpredictable; one can never guess what happens next. In case of sudden demise of the primary breadwinner of a family, apart from the emotional trauma, his/her family is at the risk of a financial crunch. In case this person is the sole breadwinner of the family, his/her dependents face a loss of income.

    • Unpredictability-Life is unpredictable. One can't predict when his/her life will come to an end. If it were up to people, nobody would want to leave without ensuring the financial security of his/her family. Sadly, it's not up to them. The solution is, one must buy life insurance and be a step ahead so that the financial goals set for his/her family can be accomplished even when he/she isn't around.
    • Financial Cushion- It provides much-needed financial support to insured's family by compensating for the loss of income.
    • Debt-Proof Future- The sudden demise of a breadwinner is nothing short of a catastrophe. While it is an emotional crisis initially, it can get converted into a financial one in no time. With the help of life insurance, any outstanding debt, such as a motor loan, personal loan, a home loan, etc. would be taken care.
    • The Accomplishment of Retirement Goals- While life plan is a perfect option to accomplish long-term goals, it helps accomplish retirement goals as well. Some life insurance plans offer diverse investment opportunities and some insurance plans offer performance-based dividends.
    • Tax Benefits- A policyholder can avail tax-benefits regardless the type of life insurance he/she purchases. As per section 80 C of the income tax act, the premium paid towards an plan is eligible for tax benefits up to Rs. 1 lakh 50 thousand.
    • Mental Peace- It offers much-needed peace of mind to the policyholder by assuring financial future of his/her family. Even a basic plan helps to generate corpus to take care of the future financial needs of insured's family.
    • Savings Tool- In case a person opts for a traditional/unit-linked plan, he/she pays an enhanced insurance premium. This extra amount of money is invested in the insured's preferred fund and consequently acts as a savings tool.
    • Children's Future Expenses- A life plan takes care of all the future expenses of a policyholder's children, such as education and wedding expenses. These days, the cost of raising a child is sky-high. Not just that, even getting admission in a reputed college costs a bomb. This policy ensures that the policyholder's children don't have to make any compromises as far as their education and personal needs are concerned.
    • Business Security- While some life insurance plans cater to the needs of the insured and his/her family, there are some insurance plans available in the market that offer support to the insured's business. It also enables a business partner to buy the share of his/her deceased business partner.

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