Life Insurance
- Life insurance & Investment
The world we live in is full of uncertainties and risks.
Individuals, families, businesses, properties, and assets are exposed to different types and levels of risks. These include risk of losses of life, health, assets, property, etc. While it is not always possible to prevent unwanted events from occurring, the financial world has developed products that protect individuals and businesses against such losses by compensating them with financial resources.
Insurance is a financial product that reduces or eliminates the cost of the loss or the effect of loss caused by different types of risks.
Broadly speaking, life insurance can be further categorized as a pure risk coverage plan – purely insurance and the other, which is a combination of insurance and investment component. But maybe you are not sure which plan to opt for. Or maybe you need to know the different types of life insurance policies available in the market to make a wise choice!
Term Life Insurance
Term insurance is the simplest form of life insurance plan. Easy to understand and affordable to buy.
A term insurance provides death risk cover for a specified period. In case the life assured passes away during the policy period, the life insurance company pays the death benefit to the nominee. It is a pure risk cover plan that offers high coverage at low premiums.
The death benefit is payable as lump sum, monthly payouts, or a combination of both.
There’s no payout if the life assured outlives the policy term. However, these days there are companies offering Term Plans with Return of Premiums (TROPS), But such plans are costlier than the vanilla term insurance plan.
Example: An individual non-smoker male who is looking for a term life plan of Rs.1 crore cover, will cost him approximately Rs.6, 800 to Rs.10, 500 per year.
AGE | TERM | SUM ASSURED | ANNUAL PREMIUM RANGE |
25 Years | 40 Years | Rs. 1 Crore | Rs.6,800 – Rs.10,500 |
Best known for: High sum assured (coverage) at a low premium.
General Insurance
Different types of properties and equipment are considered for commercial property insurance.
Several factors, such as location and occupancy, are considered while determining the cost of commercial property insurance.
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A health insurance policy ensures that you can avail cashless treatment at a network hospital, typically covering 30 days and 60 days pre and post hospitalization, respectively, in most of the Health Insurance plans.
Almost all the health insurance plans include Coronavirus treatment cover. As per the IRDAI guidelines, insurers have also launched COVID-19 specific best health insurance
Benefits of Health Insurance Health Coverage
Health Insurance plans have enhanced offerings to cover a wide spectrum of requirements, like a family health plan offers complete cover to all members of a family under a single umbrella.
- Medical BillsCoverage against medicinal expenses
- Pre-existing Diseases Coverage
- Hospitalization bill Claim Reimbursement
- Tax Benefit
- Other Benefits like OPD and Day care procedures
we offer a Home Insurance that protects your property from fires and natural calamities such as earthquakes and floods through our Standard Fire & Perils policy, whilst we also help protect for burglary through our Burglary Policy; both combined within one single policy i.e. Home Insurance.
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Marine insurance is that transporters can choose coverage options applicable to their specific trade. Coverage requirements can differ, so shipping businesses can choose an insurance plan that is customized. Different policies are available to provide coverage according to the size of the ship and routes taken.
Generally, there are three common types of marine insurance that provide different protections.
Hull Insurance – offers protection for physical damages to the boat or vessel along with its operating equipment, including machinery.
Cargo Insurance – provides coverage for physical damage to cargo that is conveyed or travelled as part of the shipment process.
Marine Liability Insurance – also called P&I or protection and indemnity, this coverage offers protection for third-party liabilities that owners and corporations are exposed to during water operations. To be covered.
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The main categories of travel insurance include trip cancellation or interruption coverage, baggage and personal effects coverage, medical coverage, and accidental death or flight accident coverage.
Some travel policies cover damage to personal property, rented equipment, such as rental cars, and even ransom requests.
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