Life Insurance
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Child plans
A child plan is insurance cum investment plan that helps in accumulating funds to take care of Child’s future needs like higher education expenses without any financial burden or stress at the time of its requirement.
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Term plan
A term plan offers a financial security to the family in case of unfortunate demise of the policyholder. It provides coverage for a specified period. If the policyholder dies during the specified time (policy term), the sum insured is paid to the nominee.
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Pension plan
A pension plan or annuity plan helps in accumulation of funds over a period of working time and the same fund is available in instalments after retirement in modes – yearly, half yearly, quarterly or monthly to lead a comfortable rest of the life.
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Savings plan
A good savings plan helps you in achieving your financial goals like funds for Child education, marriage, retirement etc. This plan helps in achieving short term, medium term and long term goals.
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Whole life plan
The whole life plan covers the life of insured till the death unlike the term insurance which covers the life for a specified period. The payment of Whole life plan is paid to the beneficiary or beneficiaries upon the death of life insured provided the policy was in force.
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Money back plan
In money back plan, the insured gets a percentage of sum insured at regular intervals instead of getting the lumpsum at the end of the policy term. It gives the benefit of liquidity to the life insured. In case of death of insured, the nominee or nominees get the full sum insured and the amount paid as survival benefits are not deducted.
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Single premium plan
In Single premium plan, the insured gives the lumpsum amount upfront of the entire policy period against a guaranteed death benefit. This is beneficial for the people who cannot pay the premiums regularly and has lumpsum amount for investment.
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ULIP plan
A ULIP plan is a combination of insurance and investment. A small part of the premium is utilised to cover the life insurance coverage and the remaining amount is invested in financial instruments like equity or debt, similar to mutual funds.
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Customised plan
A customised plan is designed to fulfil the future needs of insured or family. It’s a combination of plans to suit the needs of the person in the long term. It gives the benefit of availing features of different plans.
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Health Plan
A Health plan caters to the current medical needs and treatment. A health plan does not cover survival or death benefit. There is no maturity amount to be paid at the end of policy term.
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Plan under MWP Act
MWP stands for Married Women Property Act. The policy under this plan is to safeguards the financial interest of dependent wife, children or both in case of sudden demise of policyholder. The policy under this Act protects the beneficiaries from attachment by creditors or courts.
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Employer – Employee Scheme
A policy under this scheme is taken by the employer for his employees. The ownership of the policy will remain with the employer, premiums will be paid by the employer and beneficiary will be employee.
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Partnership Insurance Plan
This type of insurance is commonly purchased by the partners in the business. The policies are taken on each other’s lives and name themselves as beneficiaries. The surviving partner can purchase the share of deceased partner from the proceeds received upon the death of the partner.
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Plan under MWP Act
MWP stands for Married Women Property Act. The policy under this plan is to safeguards the financial interest of dependent wife, children or both in case of sudden demise of policyholder. The policy under this Act protects the beneficiaries from attachment by creditors or courts.
Employer – Employee Scheme
A policy under this scheme is taken by the employer for his employees. The ownership of the policy will remain with the employer, premiums will be paid by the employer and beneficiary will be employee.
