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life insurance

Secure yourself and your family by investing in best life insurance plan as per your need

LIFE INSURANCE  - LIC OF INDIA

Life insurance policy provides you assurance that your family will get financial security and support even when you are not around. This is the best way where the insured person can save his family from financial crisis at the time of any mishappening or after death, but prior to this it’s necessary to best life insurance policies offered by LIC OF INDIA, necessary premium quotes and benefits. 

As life is so unpredictable, everyone needs to plan his or her future. You always wish the best for your family and hence, they should continue to get the best in the future as well. Along with growth, we also want security for our savings. Only Investment plan offers financial protection in terms of good returns. You generate enough money for your family to avoid a financial crisis when you are not around. As a responsible family man, your first priority is to protect the well-being of those who depend on you in the long term.

Investment plan is an excellent savings opportunity for long term and short term financial needs. Also, these products assure a specific amount for you and your family by way of an insurance cover.

If you too are looking for a good life insurance policy but do not have any idea about which insurance company to choose and what type of policy is apt for you, SUBHASH DHANAWADE can be a great help.

Life Insurance Basics

Life insurance is an agreement between two parties i.e. insured and insurer where in insurer agrees to indemnify insured in event of any contingency leading to death and injuries.

Benefits & Features

Life Insurance Investment plans offer more than one benefit to the consumers

i. Protection to loved one‘s
ii. Goal based savings

iv. Tax Benefit under section 80C and 10(10D) of current income tax act
v. Options to obtain loan .

Types of Life Insurance

There are various types of life insurance available to an individual depending upon the sole motive of insurance in order to meet contingencies. Below are types of life insurance options available to an individual: 

• Term Life Insurance: 

Term life insurance plans provide insurance to an individual for a fixed tenure. It is the pure and cheapest form of life insurance for an individual. This type of policy is suitable for people who are unable to pay high insurance in order to buy endowment policies. 

• Whole Life insurance: 

Whole life policies are totally opposite to term life plans. A whole life insurance policy covers risk to an individual for their whole life .

• Endowment Life Insurance policy: 


Endowment life insurance policies are referred as traditional policies as well. Endowment policies covers risk to an individual for a specific period of time as per the opted policy and it also pay backs sum assured and promised bonuses at time of maturity as well.

• Money Back Insurance policy: 

Money back insurance policy is a type of life insurance under which money is paid to an individual at different stages of life yet covering their risk for a specific period of time.

• Unit Linked Insurance Plan: 

Unit linked insurance plans are the modern form of insurance. In addition to insurance cover provided by the provider, money is also invested in various avenues therefore providing opportunity to derive good returns as well. So, it serves as an insurance policy and investment plan.

• Retirement Plans: 

These policies are specially meant to provide steady income to an individual after their retirement. These kinds of policies help a person to be independent maintaining good lifestyle.

• Savings and investment plans: 

These plans help you to save money and also provide you investment opportunity to grow your money.

• Child Insurance policy: 

These types of policies are meant especially for children. The basic motive of these policies is to provide financial assistance to a child at various stages of their education and thus making their bright future. 



Life Insurance Coverage

Life insurance coverage is the sum assured to an individual in the event of any contingency. Life insurance coverage depends upon many factors like age of the insured, coverage of the policy and the policy opted by an individual. The risk group also decides the life coverage of an insurance policy.


Life Insurance Contract terms

There are various terms used in an insurance contract. Below are some of the terms used: 

• Suicide Provision: 

This provision is the clause under which insurance company will not settle any claim if insured commits a suicide or even make an attempt to suicide . after one year suicide is also covered in  LIC OF INDIA.

• Settlement Options: 

This clause states that you will collect your settlements as per the options provided by the insurance company.

• Excluded Risks: 

There can be few exclusions depending upon the policy like covers are not provided under situations like war and aviation accident.

• Grace Period: 

A grace period is provided to an individual in the event when an individual is not able to pay premiums within stipulated time. Generally time period for payment of the premium is extended.


Life Insurance Claims

Life insurance claims are differentiated into two different forms as below:

• Death claims: 

Death claims are made by nominees of the individual in the event of death of the insured. There are few formalities to be provided to the insurance company like policyholder’s death certificate, original policy contract, a duly filled claim form and proof of identity of the beneficiary.

• Maturity claims: 

Maturity claims are made by the individual when policy term gets completed and to avail this benefit insured has to furbish original policy bond and duly filled maturity claim form.


Tax Benefits under Life Insurance

One of the key factors while buying insurance is tax. In India, tax rebate is provided to an individual for the sum invested in insurance policies. The amount invested in life insurance is eligible for deduction of the amount from taxable income. 

Pension Plans

Pension plans also known as retirement plans are investment plans that let you allocate part of savings to accumulate over a period of time and provide you with steady income after retirement. As an Individual bread earner of your family you can only work for as long; at some point your income may cease to exist and hence the need to secure your retirement lifestyle. Pension Plans let you divert a part of your current income to cover your post retirement living. With the ever increasing rise in cost of living, it has become imperative that one should make arrangements for living a comfortable retired life.

Necessity of Retirement Plan in Your Life

Even if a person has accumulated good amount of savings over working life, a retirement plan is imperative; savings get exhausted very fast and are sometimes used in emergencies. A retirement plan helps you secure your cash flow for meeting basic daily needs post retirement. When you continuously invest in retirement plans the amount grows manifold due to the compounding effect which makes a lot of difference to your final savings corpus. Pension plan lets you plan for retirement in a phased manner.

Benefits of Investment Plans
•   Maximum financial security at affordable cost
•   Convertible into other insurance types
•   Tax benefits under Sections 80C of the Income Tax Act
•   Long term cover: can select term up to 75 years of age or as applicable
•   Additional coverage (Riders) benefit for additional security


 
 
 
 
Mob.: +91 96 1919 4464 / +91 98 20 49 4464
Email: dsubhash1980@gmail.com
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