Life has a great deal to offer us; good things and bad. Just the way we enjoy the good, there are times we have to endure the not-so-good as well.
The world has advanced, and man yet again has come up with an ingenious device to combat the not-so-favourable times. One of them is Insurance.
Insurance is the transfer of risk of loss from one entity to another in exchange of payment. The transaction includes the insured individual making small stipulated payments at regular intervals for a period of time. This is done on the basis of an agreement signed by the insurer that he will compensate the insured individual in case of any financial loss.
There are different types of insurances offering different areas of protection. They are as listed below.
We are empaneled with following Life Insurance Companies
Life insurance is a contract between an insured individual and the insurer, whereby the ‘life assured’ (insured) pays a premium at regular intervals for a pre-decided tenure (term). In case of the untimely demise of the life assured, his nominee/s will receive the ‘sum assured’ from the insurer. Not only does this lend the important financial support during an untimely demise of a family member, it also proves to be a great helping hand in case of an accident or a calamity. This is the broad perspective; in reality life insurance is much more than that.
Life insurance in fact is a great investment option. One can opt for a scheme for a fixed period of time. At its expiry you not only gain the principal amount but also a maturity amount. Therefore it can be used with a similar intention to that of a fixed deposit, only with the promise of higher returns and bonuses as well as protection.
Life insurance also has a number of laws supporting it in terms of tax benefits like that of Section 80C, which makes an investment made upto Rs. 1.50 lac per annum a qualified tax deduction and 10(10D) which ensures that the proceeds received from insurance companies are tax free in the hands of the investor. The only exception is Pension Plans which do not qualify under Section 10(10D).
According to the benefits they yield, the different life insurance policies are classified as follows:
Which Investor Class Are They Most Suited for ULIPs?
Those who wish to closely track their investments: Unit linked plans allow policyholders to closely monitor their portfolios. They also offer the flexibility to switch invested capital between funds with varying risk-return profiles.
Individuals with a medium to long term investment horizon: ULIPs are ideal for individuals who are ready to stay invested and protected against the risk of death for relatively long periods of time, since some Unit Linked Insurance Plans are available till the age of 100.
Those with varying risk profiles: Most insurance companies offer the choice of 7-10 different fund options with the equity and debt component varying from 0 to 100%. Thus, there is a choice of funds available to all types of investors – from risk-averse investor to those investors who have strong risk appetite.
Investors across all life stages: ULIPs offer a variety of plans which can be opted for by clients, depending upon the life stage they are in and their needs and financial liabilities at that point in time. For example, ULIPs can be taken for asset creation / children’s education and marriage or even for a comfortable retirement period.
This type of endowment plan is extremely popular with conservative clients who, in addition to protection are looking at guaranteed and periodic returns. A Money Back policy is mostly issued for a specified period, and the sum assured is paid through periodic payments to the insurance company, spread over the pre-defined policy term. In case of the death of the insured within the term of the policy, full sum assured along with bonus accruing on it is payable by the insurance company to the nominee.
The team at Plutus has had extensive training in the various life and non-life insurance products and is available to help you make an informed decision for whatever the reason you may have - whether it is the protection of a loved one or self, or the education or marriage of children or a confident retirement.
We are empaneled with following Health and General Insurance Companies
A Non-Life Insurance policy is defined as a policy that will cover all perils except death, subject to certain conditions. This is an important policy for dangers other than a threat to life exist – for instance, a financial loss or health impairment. Therefore general insurance companies have come up with different policies that provide protection from perils that come up in daily life. Some of the most commonly required protection plans are:
The team at Plutus has had extensive training in the various life and non-life insurance products and is available to help you make an informed decision for whatever the reason you may have - whether it is the protection of a loved one or self, or the education or marriage of children or a confident retirement.
Group Insurance is categorized as insurance which offers coverage to a group of people having something in common apart from obtaining insurance. In most cases it is offered to individuals as a benefits package while obtaining employment in a large corporate set-up. Generally a group scheme is substantially discounted as compared to an individual scheme.
For greater clarity we have sub-divided Group Insurance into the following categories:
The advantages of this scheme are:
The team at Plutus has had extensive training in the various life and non-life insurance products and is available to help you make an informed decision for whatever the reason you may have - whether it is the protection of a loved one or self, or the education or marriage of children or a confident retirement.
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