Retail Policies

Term Insurance

  • It is the most basic type of insurance.
  • It covers you for a specific period.
  • Your family gets a lump-sum amount in the case of your death.
  • If, however, you survive the term, no money will be paid to you or your family.

Whole Life Insurance

  • It covers you for a lifetime.
  • Your family receives a certain sum of money after your death/maturity.
  • They will also be entitled to a bonus that often accrues on such amount.

Endowment Policy

  • Like a term policy, it is also valid for a certain period.
  • A lump-sum amount will be paid to your family in case of any risk.
  • Unlike a term plan, you get the maturity proceeds after the term period.

Money-back Policy

  • A certain percentage of the sum assured will be paid to you periodically throughout the term as survival benefit.
  • After the expiry of the term, you get the balance amount as maturity proceeds.

Unit-linked Insurance Plans (ULIPs)

  • Such products double up as investment tools.
  • A part of your premium goes towards your insurance cover.
  • The remaining amount is invested in Debt and Equity.
  • A lump-sum amount deppends on market risk.

Child Plan

  • This ensures your child’s financial security.
  • Child gets a lump-sum amount incase of any risk happens to parent. The remaining premiums will be pay by the insurer.

Pension Plans

  • This helps build your retirement fund.
  • You can get a regular pension amount after retirement.
  • In the case of your death, your family can claim the sum assured.

Tax Benefits

  • Life insurance not only ensures the well-being of your family, it also brings tax benefits.
  • The amount you pay as premium can be deducted from your total taxable income.
  • However, this is subject to a maximum of Rs 1.5 lakh, under Section 80C of the Income Tax Act.
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