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LIFE INSURANCE
EXPLAINED
For Individuals:
Life insurance is designed to protect your family and other people who may depend on you for financial support. Life insurance provides your family with a sum of money should something happen to you.
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Having the right insurance gives you peace of mind as it provides financial support to your loved ones in case of a contingency.
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The best form of life insurance is Term Plans. Term Plans are the purest form of life insurance, as they do not offer any survival benefits, just death benefit. They are pure risk cover plans where only administrative expenses and mortality charges are built into the premium costs. It is the cheapest form of life insurance.
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For Businesses:
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Keyman Insurance is a way to protect key employees and the business itself. Employers can purchase life insurance policies on key employees to insure against the loss of services or income that might result after an employee's death. Here, the proceeds from the policy are paid to the company.
- The `Keyman' here can be any employee, having a special skill set or substantial responsibilities, who contributes significantly to the profits of that organization.
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Keyman insurance can also be used to cover the partners in a partnership firm, where one business partner purchases a policy to insure against the financial loss that might result from the other partner's death.
HEALTH
INSURANCE
EXPLAINED
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Health insurance is a type of insurance coverage that pays for medical and surgical expenses incurred by the insured. One can get coverage for critical illness expenses, surgical expenses, hospital expenses etc.
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Buying a health insurance policy for yourself and your family is important because medical care is expensive, especially in the private sector. A health insurance coverage can help make sure that a medical emergency doesn't turn into a financial one.
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Home Insurance is designed to cover various risks and contingencies faced by homeowners and safeguard the structure and contents of your home against natural calamities and human misintents.
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Motor Insurance provides protection from financial losses arising out of loss or damage to your vehicle, protection from liability towards third parties for personal injury and property damage on account of any accident involving your vehicle.
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Accident Insurance covers you against any accident leading to permanent harm or temporary disability, both of which could affect your life and your family.