Life Insurance

insurance

Insurance refers to a contractual arrangement in which one party, i.e. insurance company or the insurer, agrees to compensate the loss or damage sustained to another party, i.e. the insured, by paying a definite amount, in exchange for an adequate consideration called as premium.

The insured receives a contract, called the insurance policy, which details the conditions and circumstances under which the insurer will compensate the insured. The amount of money charged by the insurer to the Policyholder for the coverage set forth in the insurance policy is called the premium.

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Life InsuranceLife insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
Health InsuranceHealth insurance is a type of insurance coverage that covers the cost of an insured individual's medical and surgical expenses. ... Depending on the type of health insurance coverage, either the insured pays costs out of pocket and receives reimbursement, or the insurer makes payments directly to the provider.
Car InsuranceAuto insurance is a contract between you and the insurance company that protects you against financial loss in the event of an accident or theft. In exchange for your paying a premium, the insurance company agrees to pay your losses as outlined in your policy.
Disability InsuranceDisability Insurance, often called DI or disability income insurance, or income protection, is a form of insurance that insures the beneficiary's earned income against the risk that a disability creates a barrier for a worker to complete the core functions of their work.
Individual Life Insurance

Term Plan

Term Insurance is a type of life insurance policy that provides coverage for a certain period of time, or a specified "term" of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid.

Term insurance is initially much less expensive when compared to permanent life insurance. Unlike most types of permanent insurance, term insurance has no cash value.

Traditional Plan

A type of life insurance contract that provides for insurance coverage of the contract holder for his/her entire life. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out. Upon the inevitable death of the contract holder, the insurance payout is made to the contract's beneficiaries. These policies also include an investment component, which accumulates a cash value that the policyholder can withdraw or borrow against.

UNIT LINKED INSURANCE PLANS (ULIPS)

In this type of Life Insurance Plans the Insurance Companies Invest the Funds as per the Instructions of the Policy Holders. The Policy Holder has the option to Invest his money in Equity, Balanced or Debt funds & also he can do switches amongst the same. The Insurance Companies Regularly publish the Full Portfolio of Each scheme where they have invested the funds. They declare the NAV on daily basis. The customer has the choice of selecting the Premium as well as the insurance coverage on a specified premium i.e. he can take more insurance at a specified premium if his main purpose is Insurance & he can take less insurance if his main purpose is Returns.

Group Life Insurance

Employer has certain obligation towards their employees - a few are compulsory like Gratuity and Employees deposit linked Insurance Scheme (EDLI) and others are employee benefit schemes.

Group Term Life

Employers, as a part of the employer-employee agreement Or the employer being a progressive one may be responsible to provide benefits to the dependents of the employee in case of any eventuality such as death of employee. This policy is suitable for such employers who wish to provide insurance cover to all their employees under a single policy at an affordable premium. It is 24 hours worldwide policy which covers natural and accidental death.

Employee Deposit Linked Insurance Scheme

The employer may be exempted from contributing to this scheme, if he/she has provided for better insurance benefits through alternative scheme. Group Insurance Scheme in lieu of EDLI has been accepted as one such better alternative. Advantages to The Employer is its being cost effective coupled with easy claim procedure & the premium paid is shown as expenses in IT.

Group Superannuation Scheme

With improvement in longevity, need for a regular income after retirement has become a necessity. Any pension scheme introduced by an employer today creates an ideal environment for employees. They are motivated to give their very best to the organization as they derive a sense of security and well-being.

Group Gratuity Scheme

Creating a privately managed Trust, or Funding it through Insurance Company and getting payment as and when liability falls due.

Salient Features

  • The fund accrues interest from day one with maximum possible yield.
  • The insurance premium paid towards the above said benefits is treated as deductible business expenses to the company.

Full Life cover - an added attraction

  • In the event of premature death of the employee, the sum payable as gratuity is equal to gratuity payable for the entire service (actual service + anticipated service) under IC's scheme.

Corporate Office

Office No.6, D-Wing, Eco Park
Off.Military rd., Near Vasant Oasis,Marol
Andheri(East), Mumbai-400059.

Branch Office

706, 7th Floor, Hubtown Solaris,
Professor NS Phadke Road,
Andheri East, Mumbai 400069.

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