Products & Services
Life Insurance Solutions
Buying life insurance is one of the most important financial decisions, but believe it or not, only 10 per cent of Indians are insured. Even those who have insured are grossly under insured. The Life insurance protection gap is estimated at 90%. It means that even those who have insured have taken life insurance protection of only 10%.
Why Life Insurance is so important?
Our quality and progress in life depends to a great extent on wise financial planning. Our family’s financial security, fund for children education and marriage, health care, financial needs after retirement etc… deserve special attention. Similarly, lots of people die prematurely every year from illness or accident and, if it happens to be the sole breadwinner in the family, it could have devastating consequences for their loved ones- their ability to pay household expenses, debts and maintain their standard of living. Therefore, it’s important to secure the family's financial future by buying adequate life insurance.
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Helps achieve long-term goals: Since it is an instrument that keeps one invested for the long term, it would help him/her achieve their long-term goals such as buying a home or planning for retirement. Family’s financial security, fund for children education and marriage, health care, financial needs after retirement etc… are major financial obligations in life. Regular savings through Life insurance policies is the safest solution.
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Welfare of Loved ones in the absence of the bread winner: Regular monthly expenses for family’s survival, children education, marriage and financial well-being of spouse and children depend on having adequate life insurance.
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Dealing with debt: Any outstanding debt- a home loan, auto loan, personal loan, or a loan on credit cards- will become the burden of the family in case the bread winner has to leave early. Taking right life insurance policy is the only solution.
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Tax-saving purposes: The premium paid on an insurance policy is eligible for a maximum tax benefit of Rs 1.5 lakh under Section 80C, and also proceeds on death/maturity are exempted under Section 10 (D) of the Income Tax Act, 1961.
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Peace of mind: Life insurance is a great tool for both protection as well as disciplined savings, which leads to creation of a good corpus. In a nutshell it gives peace of mind that one’s future and family’s future are taken care of.
FAMILY INCOME ASSURANCE SOLUTION
An assurance that if death happens during policy period family will be given regular income till policy term. After the death of the policy holder family need not pay future payments.
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Annual Income Benefit equal to 10% of the Basic Sum Assured, which shall be payable from the policy anniversary coinciding with or following the date of death of Life Assured, till the policy anniversary prior to the date of maturity.
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Assured Absolute Amount equal to 110% of Basic Sum Assured, which shall be payable on due date of maturity; and
The vested Simple Reversionary Bonuses and Final Additional Bonus, if any, included in the Death Benefit, shall be payable on due date of maturity.
The Death Benefit defined above shall not be less than 105% of all the premiums paid as on date of death.
Premiums referred above exclude tax, extra premium and rider premium(s), if any.
Maturity Benefit: “Sum Assured on Maturity” equal to Basic Sum Assured, along with vested Simple Reversionary bonuses and Final Additional bonus, if any, shall be payable in lump sum on survival to the end of the policy term provided all due premiums have been paid.
Participation in Profits: The policy shall participate in profits of the Corporation and shall be entitled to receive Simple Reversionary Bonuses declared as per the experience of the Corporation, provided the policy is in full force.
In case of death under a policy which is in full force, the policy shall continue to participate in profits upto the date of maturity and the entire vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be payable on due date of maturity. Hence, the Simple Reversionary Bonus and Final Additional Bonus, if any, shall be payable under the policy on due date of maturity irrespective of survival of the Life Assured.
In case the premiums are not duly paid (except in case of death of the Life Assured under inforce policy), the policy shall cease to participate in future profits irrespective of whether or not the policy has acquired paid up value. However, the policy shall be considered as inforce on death during the grace period.