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Insurance Advisory

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Insurance Advisory




Introduction on insurance



In today's environment, happening of any event is uncertain, sometimes which may lead to loss of life or financial loss. People are surrounded by numerous risks like sudden death, accident, theft, loss due to fire etc.

To counter these issues, people are required to protect themselves and their property by taking insurance and transfer unseen future risk to third parties who are insurance companies.


overview


Types of insurance



Broadly, there are two types of insurance:

  • 1. Life Insurance
  • 2. General insurance


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Variant of life insurance



Life insurance is a contract that offers financial security in case of death or disability of an individual. There are many policies which provide you support for your better retirement, child education, marriage, travel cost etc. and in your absence, it provides financial security for your family.

A person has to pay premium against insurance cover from insurance company, premium can be paid in lumpsum, annually, quarterly, or monthly on the basis of policies taken by a person.

Traditional life insurance - These types of insurance cover a person for specific period. On death of insured person, family gets lump-sum amount, if survive till maturity of period, sum assured along with bonus are being paid to insured. 

Term insurance - It is the most trending type of insurances now a days, it covers an insured for a term or whole life, a lumpsum amount is being paid to family in case of death. Main benefit of these type of insurance is it covers life with handsome amount of sum assured while premium amount is comparatively low.

Money back policy -  A certain fixed amount is paid to insured periodically throughout the term as survival benefit and after maturity of term, you will get the maturity proceeds. In case of death entire sum assured is paid to family.

Unit-linked insurance plans (ULIPs) - ULIPs offer you the potential of wealth creation while providing the security of a Life Cover. In ULIPs, a part of your premium is dedicated towards your Life Cover and the remaininginvests in equity, debt, or a combination of both. 

Pension plans - These types of policies are for those who are looking for retirement planning, in these types of policies insured gets a regular amount like a pension after retirement and in case of death family gets sum assured. These policies are designed to meet your post-retirement needs such as medical and living expenses.
 




Benefits of insurance



Cover against Uncertainties: It is one of the most visible and important aspects of insurance. Under insurance plans, the insured person or organisation is protected against losses. Purchasing the appropriate insurance policy is a good method to protect yourself from losses caused by a variety of life's uncertainties.

Tax Benefits : Premium paid for life insurance is deductible under sec:80C of income tax act maximum upto Rs 1.5 Lakhs during the year.


benefits

Cash Flow Management: The possibility of having to pay out of pocket for losses has a big influence on cash flow management. You may, however, face this uncertainty with calm if you have an insurance coverage on your side. The chosen insurance provider pays in the case of an insured occurrence occurring at any time.

Investment Opportunities: A portion of the premium is invested in numerous market linked funds in a unit linked insurance plan. This allows you to invest money on a regular basis to benefit from market-linked returns while also achieving your life goals.



Variants of general insurance



General Insurance is a contract that offers financial compensation in any case other than death, for e.g. Property insurance, Vehicle insurance, Health Insurance, Travel Insurance, etc. The insurance company promises to cover you from financial loss due to health issues, theft, damage or destruction, fire etc.

General Insurance provides an overall protection to you apart from death as it is not a life insurance.

  • Vehicle Insurance
  • Property Insurance
  • Travel Insurance
  • Health Insurance

Health Insurance - commonly known by people as Mediclaim, a type of insurance which pay or reimburse you medical cost of treatment of any injury or illness. Now a days, health insurance had come up with cash less claim, in which insurance company make direct payment to hospital after being satisfied with expenses occurred.

Benefit - Payment of premium is deductible under sec:80D of income tax act subject to limits which are described below:

Claimed For Amount Deductible
Self Rs. 25,000
Rs. 30,000 ( If you are a senior citizen)
Parents Rs. 30,000



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FAQ



Several factors determine the premium of a life insurance policy, such as your age, gender, health condition, income, lifestyle, and profession. Also, claim-free years can help in reducing insurance premium for certain types of insurance policies.

Certain types of insurance coverage, such as health and motor insurance, offer a cashless option. The insurance companies pay the expenditures incurred by a policyholder directly to the hospitals or network garages under this arrangement.

Waiting period refers to the period for which an insurance policyholder must wait before the insurance coverage comes into effect. He/she may not receive insurance benefits for claims filed before the waiting period is over or until the insurance coverage begins.



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