Life Insurance
Typically, Indians have bought life insurance as a tax-saving or investment option. However, we believe insurance is a pure risk-cover instrument. It ensures financial security of your family in case of the pre-mature demise of the breadwinner.
There are hundreds of insurance plans available in the market. We
have access to the offerings of all the public and private insurers.
Choosing the right plan for you goes beyond comparing the cost of
insurance policies or the insurance premium. We have the expertise to
help you choose the best life insurance plan to secure your loved ones.
Common mistakes people make while choosing life insurance is as follows:
I DO NOT REQUIRE SO MUCH INSURANCE COVER. I ALREADY HAVE ADEQUATE INSURANCE
Individuals usually do not know the amount of insurance coverage
required by them. Most of the time they end up being under-insured or
over-insured. You have to ensure insurance worth the economic value that
you have for your family.
MY LIFE INSURANCE IS A FORM OF INVESTMENT
It’s a common belief that life insurance is a
risk-free investment. This is incorrect. These are two different
financial instruments - Insurance is a risk coverage if an earning
member dies unexpectedly. Investment, on the other hand is to achieve a
goal and build wealth. If we mix the two justice is not done to either. A
truly professional guide will put you on a safe path of adequate
insurance for risk coverage and get your money invested in well
diversified portfolio for wealth creation
LIFE INSURANCE IS THE BEST WAY TO SAVE TAX
For many, the primary motive for buying life insurance is tax savings. However not all insurance premiums are tax free. Tax deductions for life insurance is subjected to the upper limit under various sections of the Income Tax Act. You should also keep in mind that this exemption limit may not exclusively be for insurance products and may be clubbed with other savings such as PF Contributions, Housing loan interest, etc. Life insurance should only be treated as a risk coverage instrument.
General Insurance
There are insurance policies that protect you against damages other
than those covered by life insurance. Certain risks such as Health,
fire, theft, accidents and natural calamities are covered, to ensure
that you and your family are protected from unforeseen losses.
The coverage period for most such plans is usually one year, and premiums are normally paid on a one-time basis.
Some of the risks that are covered by general insurance are:
HEALTH INSURANCE
Health care costs in India are rising twice the rate
of inflation. In a scenario where most Indians borrow in order to get
medical treatment it is extremely important to financially secure
yourself with adequate health insurance.
Health Insurance: Common Myths
I HAVE A COMPANY COVER. HENCE I DO NOT NEED A SEPARATE HEALTH COVER FOR MY FAMILY ?
Most companies provide a conservative cover of anywhere between Rs. 2
to 5 lakhs. This leaves you unprepared for any major medical
emergencies which may cost a lot more in today’s times of rising medical
costs. Secondly, the cover is provided till the time you remain
employed with the company. In the event that you move to a new job or
quit your current job, the track record that you have built in health
insurance at your old employer will not transfer to the new company
policy. Moreover, the health insurance provided by the employer stops on
retirement – just when you need it the most. At that age not only is
health insurance more expensive, if one has already developed some
medical problems it could be impossible to get yourself insured. The
wise thing is to buy a health cover for your family when you are young
and in good health and secure a stable financial future.
CHOOSING A HEALTH INSURANCE COVER IS A SIMPLE PROCESS ENTAILING COMPARISON OF PREMIUMS. WHY DO YOU NEED EXPERT ADVICE?
MOTOR INSURANCE:
This covers the risk of damage to your vehicle in case of accidents,
thefts etc. The level of coverage indicates what you claim if your
vehicle sustains losses.
HOME INSURANCE:
This covers the risk of damage to your vehicle in case of accidents,
thefts etc. The level of coverage indicates what you claim if your
vehicle sustains losses.
PROPERTY INSURANCE:
This provides protection to property against risks such as weather
damage, lightning, natural calamities (earthquakes, floods), fire etc
TRAVEL INSURANCE:
This
coverage is usually limited to the period of your travel (overseas or
domestic). Amongst others, this would insure you against travel related
losses such as personal accidents, hospitalisation, delayed baggage,
hi-jacking, loss of money, passport or baggage and cancellation of
journey.
CREDIT INSURANCE:
This is an insurance that repays some or all of a loan under circumstances such as unemployment or death of a borrower.
PERSONAL ACCIDENT INSURANCE:
This is a policy that provides compensation against an accident,
disability or injury. It is different from life, medical or health
insurance.
Every insurance policy should be taken after carefully
assessing the coverage and exclusions under the policies. We offer the
guidance in evaluating the suitability of the available insurance
products for you.
We also offer insurance solutions for corporate and institutions. Please contact us for customized proposals.
