Insurance

Insurance is increasingly becoming as an integral part of financial planning. Investors realise that Insurance is key to protecting financial health and that of families. There are several insurance products in the marketplace to cater to different objectives, strike price advisorswill work with you to choose those plans that are suitable for your circumstances.To plan your insurances better, we present a brief insight into the two broad categories under which Insurance falls:

1. Life insurance is designed to secure your family's financial future, in the event of your death, by providing them with some replacement income and covering your remaining debts and expenses. Life insurance has come a long way and can also be used to effectively achieve a host of other financial goals - grow your assets or save for the future.
2. General insurance covers events that may or may not happen, such as accident, fire or theft,and provides protection against financial losses that arise out of such an occurrence.
3. The aim of taking out any insurance policy is to compensate you following a loss so that you are, in general, as well off - but no better off - than you were before the loss occurred.Thus, Insurance Planning and Management gains significance as a risk protection exercise
   for every investor, and calls for specialized counsel based on individual needs.Our Insurance Management Advisor's primary role with you is to assess your insurance needs in the context of an overall wealth management plan. We will review your existing coverage, if any - as in some cases, what you have may be sufficient and in others additional coverage will be recommended.

Life Insurance

Most of the products offered by Indian life insurers are developed and structured around these "basic" policies and are usually an extension or a combination of these policies. So, what are these policies and how do they differ from each other?

Term Insurance Policy

(1) A term insurance policy is a pure risk cover for a specified period of time. What this means is that the sum assured is payable only if the policyholder dies within the policy term.For instance, if a person buys Rs 2 lakh policy for 15-years, his family is entitled to the money if he dies within that 15-year period.

(2) What if he survives the 15-year period? Well, then he is not entitled to any payment; the insurance company keeps the entire premium paid during the 15-year period.

(3) So, there is no element of savings or investment in such a policy. It is a 100 per cent risk cover. It simply means that a person pays a certain premium to protect his family against his sudden death. He forfeits the amount if he outlives the period of the policy. This explains why the Term Insurance Policy comes at the lowest cost.

Whole Life Policy

As the name suggests, a Whole Life Policy is an insurance cover against death, irrespective of when it happens.
Under this plan, the policyholder pays regular premiums until his death, following which the money is handed over to his family.
This policy, however, fails to address the additional needs of the insured during his postretirement
years. It doesn't take into account a person's increasing needs either. While the insured buys the policy at a young age, his requirements increase over time. By the time he dies, the value of the sum assured is too low to meet his family's needs. As a result of these drawbacks, insurance firms now offer either a modified Whole Life Policy or combine in with another type of policy.

Endowment Policy

Combining risk cover with financial savings, endowment policies is the most popular policies in the world of life insurance. In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover. A pure endowment policy is also a form of financial saving, whereby if the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits. In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans. The cost of such a policy is slightly higher but worth its value.

Money Back Policy

These policies are structured to provide sums required as anticipated expenses (marriage, education, etc) over a stipulated period of time. With inflation becoming a big issue, companies have realized that sometimes the money value of the policy is eroded. That is why with-profit policies are also being introduced to offset some of the losses incurred on account of inflation.
A portion of the sum assured is payable at regular intervals. On survival the remainder of the sum assured is payable.
In case of death, the full sum assured is payable to the insured. The premium is payable for a particular period of time.

Annuities And Pension

In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals.
Over the years, insurers have added various features to basic insurance policies in order to address specific needs of a cross section of people.

General Insurance

Motor Insurance

Under the provisions of Motor Vehicles Act, all vehicles that ply in public places must have an insurance policy that at least covers "Third Party Liability" as specified under the Act.

Health Insurance

Well being is an overall feeling of being in good health and being in control of yourself, your situation and your finances. There's a lot you can do to ensure your well-being. But life, unfortunately, follows no fixed plan. Sudden illness or bodily injury can sometimes leave you financially hurt and highly stressed. -. Health insurance ensures quality health care for you. Now is the time to insure yourself and your family against rising health-care costs.

Travel Insurance

The world is a book, and those who do not travel read only a page says a popular adage. It is sheer pleasure to explore new vistas, new places and new people. Should you not make your journey hassle free and entirely safe?

Personal Accident Insurance

An accident can happen at any time. And it could leave you with permanent harm or temporary disability, both of which could affect your life and your family. Apart from cover for life and injury, other unique and unmatched features like Weekly benefit

Home Insurance

-. Home Insurance is a low cost protection plan for you. In addition to flexibility and low premium rates, -. also promises you convenience at every stage - while you apply, with documentation and while making claims. Only -. offers unique covers like the pet dog insurance and cancellation of vacation…

Office insurance

Your office is not just a workplace. It is a place where your dreams for a bright future get fulfilled. It is the second home for many of your employees. There's plenty that goes into running a professional establishment. There is a lot you sacrifice and sweat over before you taste success. There are the employees to be taken care of, infrastructure to be maintained and future goals to reach. But through all of this, have you thought about the hazards that could affect your establishment? -. Office Package Insurance has been designed anticipating these hazards to offer you a comprehensive policy so you can focus on your business goals and the growth of your establishment.

Shop Insurance

As a shop owner, you constantly worry about the hazards your shop and the contents within are exposed to. A sudden crisis at your place - a theft, an employee's infidelity, a fire accident, any disaster like these can severely hamper the running of the establishment. That is why you need a protective cover like the one -. Shop Package Insurance offers. Taking care of your business is our business. And we do it well.