Purchasing a term insurance plan online is an important choice that can offer your loved ones financial stability in the event of unanticipated circumstances. Investing in a term insurance plan is an important choice that will protect your loved ones’ financial future. As more people choose to purchase term insurance plan online, it’s important to think about a few important things before making such a significant investment like you think before taking life insurance and general insurance. These are the top 10 recommendations to help you along the way.

1. Assess Your Coverage Needs and Seek Professional Advice

Consider your dependents’ demands and your own financial responsibilities before purchasing a term plan. Take into account things like your family’s lifestyle, upcoming expenses, and outstanding debts. Determine how much insurance you need by taking into account your income, responsibilities, and long-term financial objectives. Seeking specialized help or clarification on any part of the term plan, you may want to speak with an expert in finance.

2. Understand Term Insurance and Policy Terms
Become familiar with the idea of term insurance plan. It is a pure life insurance policy with a predetermined term of coverage. The beneficiaries get the benefit if anything happens with the policyholder within this time period. To fully understand the terms and conditions, including coverage, exclusions, and the claim procedure, thoroughly read the policy documents.

3. Evaluate Online Options and Compare Plans
Research and compare term plans provided by various insurance companies online. Seek out insurers with a solid track record, a high percentage of successfully settled claims, and satisfied clients. To identify the best term insurance plan at a reasonable rate, do some online research and comparison shopping. You can also take support of online reviews to make an informed decision.

4. Determine Policy Duration and Check Claim Settlement Ratio
Carefully consider the policy’s duration. It need to be in line with your financial obligations and the amount of time it will take for your dependents to become financially independent. Seek out insurers with a high ratio of successfully settled claims; this speaks to their reliability in resolving disputes quickly.

5. Calculate Adequate Sum Assured
Determine the sum assured using your financial evaluation. Make sure the sum selected will suffice to pay off current obligations, cover upcoming costs, and meet your family’s basic demands.

6. Check Premium Payment Options
Recognize the available premium payment choices. While some plans allow for recurring premium payments, others only allow for single premium payments. Select the option most in line with your budget. Select a premium payment schedule (monthly, quarterly, semi-annually, or annually) according on what best suits your budget.

7. Include Riders if Necessary
Investigate and think about including riders in your term plan. For particular occurrences, such as a serious sickness, an accident, or disability, riders offer extra coverage. Evaluate if these riders meet your demands. To improve your coverage according to your individual circumstances, think about adding riders like a coverage on tragic loss benefit or a critical illness benefit.

8. Provide Accurate Information
Provide truthful and precise information when completing the application. Any differences could cause issues when it comes to settling claims. In order to prevent issues throughout the claim settlement process, be sure to include correct information about your health, lifestyle, and habits.

9. Read Policy Documents Thoroughly and Review Insurer’s Reputation
Prior to completing the purchase, make sure you carefully read and comprehend the terms and conditions and policy materials. Make sure you understand all of the policy’s terms, conditions, and inclusions. To be sure you are purchasing from a reputable business, check the insurer’s reputation as well as consumer testimonials and reviews.

10. Compare Premiums and Calculate Premium Online
Examine the costs of comparable coverage offered by other insurance companies. Prioritize the plan’s features and total worth over its cost, even though it is a factor. Utilize the online calculators offered by insurance companies to determine the rate according to your specific information and coverage needs.

Conclusion

Purchasing an online term plan is a big step in protecting the financial future of your family. You may make a well-informed decision that fits your particular needs and guarantees your loved ones’ future protection by paying attention to these 10 pieces of advice.

Ultimately, by heeding these 10 best practices prior to purchasing an term insurance plan online, you will be able to make a smart decision that satisfies your insurance requirements and safeguards your family’s future finances. To ensure that you and your loved ones have the finest coverage possible, don’t forget to give careful consideration to your research, price comparison, and comprehension of the policy conditions.

Image credit- Canva

Scope of Two Wheeler Insurance-If you want to ride on public roads, it is mandatory to buy a vehicle insurance plan if you have two wheeler then two-wheeler insurance plan or bike insurance which insures rider and vehicle both.

By buying a third party or liability insurance policy, you can fulfill the obligations. However, it is not mandatory to buy a comprehensive two wheeler insurance plan. You should be aware of the benefits of the third party (or liability) insurance as well as comprehensive insurance plan. After assessing your risk factors, you can subscribe to a suitable plan.

Benefits of Two Wheeler Insurance Policy

• Financial protection – By buying two wheeler insurance, you can minimize financial losses.
• Risk coverage – The unfortunate events that take place on the road will be covered by the insurance policy
• Third-party damage – As you buy an insurance policy the insurance company will pay third-party damages on behalf of you. If there is damage to the other vehicle, property or person, the insurance company will pay the compensation.
• Add-ons – You can subscribe to various kinds of add-ons to get additional benefits from the insurance company.
• Cashless service/repair – The insurance company will offer cashless repair/replacement of spare parts at a garage which is in the network of the insurance company

What is Covered by the Two Wheeler Insurance Policy?

As you buy a two-wheeler insurance plan, you should be aware of the scope and limitations of the policy. The mere possession of an insurance plan will not serve the purpose. Hence, you should know the coverage offered by the insurance for various risk factors.

Types of Two wheeler Insurance Policies

There are two types of bike insurance policies.

• Third-party insurance plan – The plan is mandatory as per the law.
• Comprehensive insurance plan – You can buy comprehensive plan so that all kinds of risk factors are covered by the insurance policy in a very efficient manner.

A. Scope of Third-Party Two Wheeler Insurance Policy

As per the motor vehicle act, the owner of the bike should be insured compulsorily.

• Injury or death of third-party person – If there is injury or death of third-party person and you are involved in the accident, the insurance company will pay the compensation to the third party person.
• Damage to third-party property – If you are involved in an accident and the third-party property is damaged; your insurance company will pay the compensation.
• Damage to the third-party vehicle – If you are involved in an accident and the third party bike is damaged in the accident; the insurance company will pay the compensation to the owner of the third party bike.
• Injury of the rider – If the rider is injured in the accident, the insurance company will not pay compensation. There will not be any claim even though the rider dies in the accident.
• Damage to the insured vehicle – If there is damage of the insured vehicle, the insurance company is not liable for the damage.
  Injury or death of insured owner – The insured owner of the vehicle who suffers an injury or death will get compensation from the insurance company.

A.1 Compensation Paid by the Third Party Two Wheeler Insurance Company

• Death – 100% of the sum assured
• Dismemberment of both limbs or loss of both eyes – 100% of the sum assured
• Loss of one limb and one eye – 100% of the sum assured
• Dismemberment of one limb or one eye – 50% of the sum assured
• Permanent/total disability – 100% of the sum assured

B. Scope of Comprehensive Two Wheeler Insurance Company

The scope of the comprehensive is vast and it is possible to cover various risk factors in a very efficient manner. You can buy a vehicle insurance policy as per the type of vehicle, model of vehicle, age of the vehicle, location, age of the rider and other risk factors.

The comprehensive insurance plan offers all the features of a mandatory third-party vehicle insurance plan plus additional benefits.

B.1 Compensation Paid by the Comprehensive Two Wheeler Insurance Company

1. Natural Calamities

The following natural calamities, which cause damage to the vehicle, will be covered by the insurance policy:

• Fire
• Hurricanes
• Typhoons or storms
• Earthquakes
• Inundations
• Lightning
• Earthquakes
• Floods
• Lightning
• Landslides
• Rockslides
• Frost
• Rain
• Explosions
• Fires
• Self-ignition
• Cyclones
• Man-Made Disasters

Your vehicle may be damaged due to man-made calamity or disaster. Some of the calamities include strikes, collision and other malicious acts.

2. Damage during transportation of vehicle – If the vehicle is damaged during the transportation the insurance company will pay for the loss. The coverage applies through the road, rail, air and water transportation.

3. Theft of vehicle – If the bike is stolen, the insurance company will pay the compensation.

4. Personal accident coverage – The owner-rider of the vehicle, rider of the vehicle and passengers will be covered by the insurance policy.

5. Pillion rider cover – The coverage of the pillion rider will be included by the insurance policy as an add-on subscription.

6. Own damage – All kinds of damages due to man-made and natural disasters will be covered by the insurance policy.

Exclusions of Comprehensive Bike or Two Wheeler Insurance Policy

The following exclusions are applicable for a bike insurance policy:

• Policy expired or not active – If the insurance policy is expired, the insurance company is not liable for damages.
• Wear and tear / aging – The mechanical wear and tear or aging of the vehicle are not covered by the insurance policy.
• Breakdown (mechanical/electrical) – The mechanical or electrical breakdown of the vehicle is not covered by the insurance policy
• Riding the vehicle without driving license – Even though the policy is active, the insurance company is not liable if the bike is driven by a rider without valid driving license
• Riding under the influence of drugs – If the vehicle is driven under the influence of drugs or alcohol, the insurance company will reject the claim
• Wrong usage – The insurance company can reject the claim if the bike is registered for private purpose and being used for commercial purposes.

What are Add-On Covers on two wheeler insurance?

By paying little extra premium, you can get additional benefits from the two wheeler insurance company.

1. Nil depreciation cover – when you buy nil depreciation cover, the insurance company will pay the true value of the spare parts. The insurance company will not deduct the amount towards the depreciation of various automobile parts. The feature is not applicable to the standard insurance policy. Hence, you should subscribe to the nil depreciation by paying additional premium.

2. Engine protection – The life of the vehicle is based on the engine life. By subscribing to the engine protection rider, the engine as well as the gearbox assembly will be covered by the insurance policy.

How to Buy the Best Bike or Two Wheeler Insurance Plan?

After assessing your insurance requirements, you should choose the best insurance plan to cover your bike and third party damages.

1. The selection of the policy – You can go for either third party or comprehensive policy as per the type of two-wheeler. If you are buying an insurance policy for a new or expensive bike, you can buy a comprehensive insurance policy. On the other hand, you can buy a third-party insurance plan to cover your old vehicle.
2. Online policy – By buying an insurance policy from online sources, you can get discount on the premium.
3. Package policy – If you buy two or more insurance policies from the same insurance company, the insurance company will offer discount on the premium.
4. Timely renewal of the policy – The insurance policy should be renewed on or before the due date to get discount on the renewal premium.
5. No-claim bonus – The insurance company will offer discount on the insurance premium if the policy is not claimed in the previous policy year. The NCB will increase with every claim-free year.
6. Installation of anti-theft devices – By installing anti-theft devices, you can enhance the protection of the vehicle. The insurance company will decrease the premium if it is aware of the augmented protection of the bike.
7. Buying add-on covers – You can buy add-on covers as per your needs. You should not subscribe to features, which are not relevant to your bike or location. Thus, you can reduce the premium by customizing the insurance plan.
8. Comparison of insurance plans – You can compare the insurance plans offered by various companies so that you can settle for the best insurance plan.
9. Multi-year insurance plan – By buying an insurance policy for more than one year, you can get discount on the premium.
10. Transfer of insurance policy – If you buy used vehicle, it is possible to transfer the insurance policy from the previous owner so that you will enjoy the benefits of the insurance plan.

Insurance and IDV of Vehicle

IDV (Insured Declared Value) will play an important role in the calculation of the insurance premium. The insurance company will pay compensation for the loss or damage to the vehicle based on the IDV.

Conclusion

Before buying a two wheeler insurance plan, you should assess your risk factors. It is also important to go through the policy wording so that you will subscribe to all the required features and will omit unwanted clauses. By buying an online insurance policy, you can customize features as per your needs and it is possible to buy a policy at a competitive price.

Image credit- Canva

You should be little cautious before investing in insurance plan. There are scores of insurance companies who are selling their insurance products day and night to the individuals and in such situation where plethora of insurance products are there in the market, buying the right insurance policy is one of the most important investment decisions for every individual, which should meet your requirements as well.

Various insurance products covers two vital aspects – the risks associated with our life and our property such as land/house and vehicles which comes under Life insurance and General insurance respectively.

>>> Why You Should Not Fall for Guaranteed Life Insurance Plans?

It happens most of the time that we buy an insurance plan through our colleagues, friends and other well-wishers without knowing the intricacies of the policy. Once the policy is bought and after some time it does not suit your requirements then you try to cancel or surrender your policy resulting loss in your invested money. Hence, it makes sense first to do your own due diligence and then invest your hard-earned money in the right insurance policy.

>>> Hidden Benefits Of Health Insurance You Don’t Look Out

To make it even simpler for you, we have listed below the top 5 points you need to carefully consider before investing your money in an insurance plan.

1. Draw your financial roadmap and set target

Investment decision should be taken with a proper roadmap including your entire financial situation if it is your first investment on insurance or any other long term investment or you already possess other insurance policies. Investment goals and risk tolerance should be figure out before investing.

2. Before investing on any insurance policy, do a background check

Extensive background check on the insurance companies on your list should be done before the investment on the insurance made. You should know the network & distribution structure, policy offerings & details, customer support contact details and assistance for online investments listed on their website.

3. Create and maintain an emergency fund before investment

Sudden investments should not be done rather you should maintain some emergency funds before any kind of investment. Such emergency funds can be maintained in a savings product or other short time recurring or fixed deposits to cover an emergency such as sudden unemployment. At least six months of income should be maintained in savings so that it may be used in need.

4. An informed decision is always better

You should know the insurance products such as ULIPS (Unit-Linked insurance Plans) – a combination of life insurance and investment plans, Pure Term Insurance Plans – to protect your liabilities in the long-term and Endowment Plans – that offer guaranteed returns for investors with a low risk appetite. Always check the performance of the fund you are interested to invest in such as ULIP (Unit-Linked insurance Plan). All this information is available in fund’s website online. As a suggestion, always choose a stable fund with a consistent track record of growth and assured returns.

5. Check the Lock-in Period and claim settlement process

Always check the lock in period of the investment policies with the surrender value (when policy is surrendered before the maturity after lock-in period) before making any kind of investment. Only oral commitment from the insurance agent is not sufficient rather a well documentation regarding the same should be there, if it is available online then take a printout keep it with you with the fund/policy papers. You should keep your policy papers with safety as they would be required at the time of claim settlement or at the time of maturity. Since the Indian insurance industry is highly regulated, yet you can check the claim settlement ratio of the company from IRDA (irdai[dot]gov[dot]in/Defaulthome[dot]aspx?page=H1) website.

Conclusion

Above points one should remember before investing in insurance plan or policy or any other investments you are planning. You should also care for the other benefits which insurance company is providing to the policyholder though it may differ from company to company. While every insurance policy provides the standard protection against loss of life/property, many also offer several additional benefits such as top-ups and extra bonuses as well. As a pre-caution, always invest in the policy/fund which is regulated and licensed by IRDA (Insurance Regulatory and Development Authority).

Image credit- Canva

While the working women across the globe are assuming new roles and playing a vital part in the corporate environment, their average pay-scale still doesn’t match their mettle or even align with the average salary of the industry. Here we are especially taking about the women belonging to middle class.

Their salary does help in paying the bills and taking care of other small household expenses but in many cases it is not sufficient to take care of big expenses. That is why it becomes all the more difficult for them to bear the expensive treatments during the case of critical illness. With their average salary it is generally not possible for them to save for such situations. Moreover, the expenses associated with critical illness are generally unpredictable that makes it difficult for them to plan the saving. In such scenario, one needs a scalable financial support that could adequately cushion such situations with the help of ready funds. In such cases the health insurance plans for women can help a great deal.

What is a Woman Health Insurance Plan?

Medical Insurance Plans is an extended term that covers the various costs associated with medical conditions- right from medications charges till hospitalization. In fact when one opts for woman health insurance it covers a number of specific conditions in the life of women like maternity benefits, child care, etc. That is why opting for a reliable women health insurance plan can help you a great way to achieving the financial independence. There are multiple ways in which the healthcare insurance plans can help a woman with required financial aid.

Single women and old parents Health Insurance Plan

Another thing that worries single working women is the health of her aging parents. Due to the advanced age, quick aid is necessary but the financial limitations may prevent you from the quick access to the medical help.

• • The health plans cover your children as well as parents and empower you with the required financial aid during the case of your parent’s illness.
  • The hospitalization charges may be expensive and in many cases even more costly than the medication charges. By covering the hospitalization charges the health insurance plans save you from significant expenses without compromising on the health of your parents.

Special Health Insurance Plan for newly-wed women

One of the major expenses that a newlywed working woman has to spend is the maternity expenses. In fact the condition makes the things even more difficult for middle-class women as they have to take a long maternity leave from the job that makes a significant hole in their income while at the same time they have to borne various costs associated with maternity- right from regular checkups and medication till delivery charges. Special care about the diet, need to hire domestic help and frequent needs to visit the doctor with the husband (requiring him to take leaves) can have a long lasting impact on the financial health. Ultimately the huge costs associated with delivery and the immediate needs of funds make it very important to have ready funds for ensuring quick medical help during such critical situation.

• • However, the medical insurance plans for women offer a number of maternity benefits thus almost eliminating the different charges associated with multiple phases of maternity period.
  • For availing these benefits a woman needs to opt for the health insurance least 2 years prior to conceiving so it is recommendable to go for such a product just after the marriage. This plan covers the woman as well as her husband. 

Health Insurance Plan Working Women living in joint family 

The women living in a joint family often have difficulty in selecting the members that she would include in her insurance policy. As a woman she has a number of responsibilities and the equation of relation might be too complicated for her to decide whom to include.

• • By wisely choosing the ideal medical insurance plans she could enjoy a wider cover that is capable of providing extended coverage to as many as 15 members of her family and includes a number of relations like parents, children, siblings and even son/daughter in law.

Special health condition during advancing age for Health Insurance Plan

One of the major challenges that working women might have to face is to take care of any demanding health conditions during their advanced age. The working women tend to develop health issues during old age due to their highly demanding lifestyle during youth and the middle age.

• • As the woman is not earning during her old age, the lack of funds may prove to be a barrier to respond confidently to her medical needs. By choosing the ideal healthcare policy she cannot only avail of the quick financial help needed for quality medical care but also enjoy the premium hospitalization experience as the hospitalization charges are also borne by the insurance company.

How to buy the best health insurance policy for women?

 It is very important to check the profile of the medical insurance plans provider before you trust them with your and your family’s future. Knowing about the plans and investment process is not enough. One should check the portfolio, track record and trust building features of the insurance company. These features play a crucial role when you need the finance during crucial healthcare stages.

Hasty steps can harm, and it is better to invest sincerely with futuristic perspective and employ a 360-degree evaluation to buy the best health insurance policy. Apart from the genuine, uncomplicated payout the policy should be fairly priced and fit well into your budget. Before you finalize any policy it is important to go through plans and terms and conditions. Anything that is not clear can be understood with the help of the instance agent of financial advisor instead of remaining in dark.

Working women have to look after, multiple responsibilities that can result in physical and mental stress. However, the repercussions tangible experienced during the active years. But during the advanced age, the tangible effects of over stress are revealed in the form of frail body and illness. Having a medical insurance plans for women (thebalancemoney[dot]com/top-benefits-of-life-insurance-for-women-4175911) can help them to avail of the best healthcare services and medication during such period. These healthcare plans also offer a number of benefits during eh prime years of he life lie are benefits. By choosing e high type o and helps women can ensure their future and those of their family members too.

Image credit- Canva

Both Mediclaim and health insurance policy or critical illness insurance plans refers to emergencies related to ones health. But the health insurance plans offer better benefits as compared to a Mediclaim policy.

If you have a Mediclaim policy and think that it is the same as having a healthcare insurance critical illness insurance plans, then look into it deeper. This is a common mistake that most of the first time insurance buyers tend to do.

What Is Mediclaim Policy

The Mediclaim policy covers the hospitalization and treatment costs that one has to bear towards a disease or an illness that is predetermined. The premium of the policy has to be paid annually and the premium amount is decided based on what the sum assured amount of the policy is.

Does Mediclaim Allow For Cashless Settlement Facility?

Yes you can avail the cashless facility even with a Mediclaim policy provided you are getting treated in one of the partner hospitals. If the hospital is a non-partner then you will have to show the bills at the time of settlement. This is however similar to claiming when you have a health insurance too.

How Is The Mediclaim Policy Different From The Health Insurance ?

The health insurance policy as well as the Mediclaim policy covers the hospitalization expenses but the health insurance offers a more comprehensive coverage. The health insurance coverage plan that they offer is also very extensive. You can also enjoy additional benefits when you take a health insurance policy like ambulance services or if there is a loss of your income when you are sick.

Tenure Of The Mediclaim And The Health Insurance Policies Critical Illness Insurance Plans

The Mediclaim policy falls under the category of a general insurance policy and this policy has to be renewed annually. The health insurance policy on the other hand is offered for more number of years. The premium amount of the Mediclaim policy can change each year but that of the health insurance policy stays the same.

Is Critical Illness Covered Under A Mediclaim Policy?

No, critical illness is not covered under a Mediclaim policy. The sum assure of a Mediclaim policy is lower and mostly limited to 5 lakhs. This means that critical illness coverage cannot be provided by these policies because of the high expense that it incurs. Those who have a health insurance can take a critical illness rider. A health insurance plan critical illness insurance plans also offers the choice of a higher sum assured say around 30 lakhs.

Claiming Process Under A Mediclaim And A Health Insurance Plan

If you have a Mediclaim policy then you can make any number of claims till the complete sum assured amount is used up. However when you want to claim under the health insurance critical illness insurance plans then the insurance company transfers the complete amount in one go. Thus you cannot keep claiming till the policy tenure ends.

Is Mediclaim Or Health Insurance Policy Better?

This is a personal choice. A number of people buy a Mediclaim policy, benefits of Mediclaim policy because of the lower premium amount. This is a mistake as per the experts but again it is better to have some coverage than no coverage at all.

Health insurance critical illness insurance plans offer comprehensive coverage and it gives the policyholder a number of benefits. But if you think that you cannot afford a health insurance then you are better off with a Mediclaim policy.

However if you have Mediclaim policy then you could also a buy a health insurance critical illness insurance plans. This means that you can use up the Mediclaim policy for any minor hospitalization and use the health insurance amount to settle a huge medical bill.

Which Policy Should You Buy For Your Health Expenses – Mediclaim Or Health Insurance?

If you are still confused between which policy is the most suited for you, then decide based on the following points:

Health Insurance Plans

• • This is a comprehensive policy which means that it does not just pay for your hospitalization but also the post hospitalization expenses
  • The policy covers critical illness as well. The critical illness is a rider and has to be purchased as an add on to the original health insurance policy
  • What critical illness is covered is based on the insurance companies discretion .So it is important that you read it once before buying the a rider
  • You may be eligible for discounts when you go for a renewal

Mediclaim Policy

• • The Mediclaim policy provides only hospitalization expense coverage and in case of an accident or any specific illness
  • The policy will not cover any other hospitalization charges or offer any critical illness cover

Conclusion- 

It is important that you understand the pros and cons and the difference between Mediclaim and health insurance before buying a Mediclaim or health insurance plan . The only reason why one may buy a Mediclaim policy is because it is priced cheaper. But also understand that the coverage is less in the case of a Mediclaim policy.

Image credit- Canva

The Life Insurance Corporation of India is the largest insurance provider in the country. Established in the year 1956 and currently having its headquarters in Mumbai, the Government of India is the owner of this public insurance company. The Life Insurance Corporation of India was formed by merging several private insurance corporations into one unified company.

In terms of performance, LIC is the best life insurance company in India. The company sells the greatest number of plans on a yearly basis thus placing them at the table. Life insurance, medical insurance, vehicle insurance, different types of investment plans, retirement plans etc. are some of the common plans that are bought. As of today, LIC India has the largest hold on market shares in insurance. You can also refer the top general insurance companies in India.

LIC at a Glimpse

The Life Insurance Corporation of India has established itself throughout the country. The company has the largest amount of money that is invested in it through customers and also sell the most number of plans in the course of a year.

• • LIC India is located in Mumbai which is the hub for trade and commerce in India.
  • The company has the largest recognition all over India with the greatest number of workers and agents under it’s wings.
  • LIC holds the greatest amount of share in the market.
  • Different policies are present that are based off of a wise spectrum of customer types. The plans and policies are so diverse in order to meet the needs and requirements of every single customer.
  • LIC India has one of the fastest claim settlement times among all other insurance companies that are present in India.
  • Policy and plan holders are exempted from tax in nearly all policies that are offered by the company.

LIC Term Plans

LIC India has term insurance plans for customers. These plans are like regular insurance plans that have a variety of features and inclusions. The premiums of the plans are low as compared to a normal insurance plans. The plan gives special benefits to the nominee of the insurance holder in the case of an unforeseen death. Once the plan matures, no maturity value is given to the insurance holder.

Due to the price of buying the plan and the premium that needs to be payed are all very low while the coverage of the plan is very high, many individuals prefer to buy this plan. The plan allows an individual to not only get a life insurance benefit for himself/herself but also guarantees the financial stability of the insurers family when the insured is no longer present. The plans are cheap which is the most attractive feature of the plan itself.

Why Buy a LIC Term Plan?

LIC term plans have their premiums and amounts decided depending on the age of the individual who is buying the plan. The younger the individual, the cheaper will be the terms insurance plan for him/her. Some reasons why a term insurance plan should be bought include:

• • A term insurance plan saves a lot of money. The term insurance plans are cheap to buy and the premium for the plans also do not hurt the pocket of the insured. Taking into account that there is no maturity value of the plan, the plan includes all the features of a life insurance plan. Term plans guarantee the safety of the individual and the family of the insured for the rest of their days while also being cheap. This is the prime reason why the plans are so popular among many.
  • The term insurance plan premium depends on the age of the individual. Young people are healthier compared to those who have aged. At a young age getting a life insurance cover that is not very expensive and which includes all the features of a health insurance plan is the most appealing feature of the plan. Term insurance plans allow the insured to be worry-free for health insurance throughout their lives.

LIC e-Term Online Plan

In the age of the internet and technology, nearly all insurance plans can be bought on the internet. The premiums for the plan and other payments for maintaining the plan can also be done on an online platform. Similarly, a term insurance plan can also be bought off of the internet from the official LIC website in minutes. An online term insurance plan by LIC is known as an e-Term plan.

Features and Benefits of LIC e-Term Online Plan

The plan has a number of features and benefits such as:

1. 1. The minimum age for any individual to buy this plan is 18 years while the maximum age for the same is 60 years.
   2. The plan can mature in a matter of 10 years or 35 years. The maturity of the plan depends on the age of the individual who is buying the plan.
   3. Depending on the sum that is assured to the insured, the minimum and the maximum annual premium for the plan can be easily calculated.
   4. The plan has a grace period of 30 days after which the plan will lapse.
   5. A lapsed policy can be renewed within 2 years.
   6. This plan can either be taken for a single individual or for a family.
   7. The maximum age for the plan to cover an individual is 75 years.
   8. Trail period for this policy is also available for customers. If customers return the policy then the premium for the policy is returned back to the individual. This trial period is up to 30 days.
   9. The minimum amount of money that is assured from an e-term policy is Rs. 25 lakhs for those who smoke while it is Rs. 50 lakh for non-smoker customers.
   10. At the time of an untimely death of the insured, the entire sum assured is paid to the nominee of the insured.

Since the term insurance plan by LIC is an online plan, the application for the policy and all other necessary details are filled on an online platform. There is no need for the customer to come to a LIC office or go through an agent for the same. On an online basis, customers can also track the progress and know their LIC policy status along with the necessary details for the same.

Image credit- Canva

Investing in gold can be a wise way to diversify your holdings and preserve money. Knowing the differences between actual gold, exchange-traded funds (ETFs), and mining equities is essential. As with any investment, you should think about your risk tolerance, do a lot of research, and, if needed, consult financial experts. With an informed and planned approach to gold investing, you may be able to take advantage of the precious metal’s timeless appeal and stability in the ever-changing financial landscape.

However, like everything in life, an investment that suits one may not suit the other and just like that investment in gold could flatter the financial needs of some people but maybe a poor security decision for others.

Listed Below Are Some of the Ways of Investing in Gold

• Buying of Physical Gold in the Form of Jewelry – adding to investment, these ornaments are of value as they can be used on daily basis. This is the most common way of investing in gold in most of Middle East and Asia.
• Bullion investment – this is physical form of buying gold in the form of coins or bars.
• Buying gold stocks – these are investments in companies dealing with gold mining but not directly investing in the gold.
• Gold exchange foreign trade funds – these are indirect investments into securities that are backed up by physical gold.
• Additional forms of investments are gold accounts, certificates and trusts. These transact on the price performance of gold but no actual ownership of the same.

Before, you take a decision, take a look at the below mentioned pros and cons of investing in gold.

The Pros of Investing in Gold

• Insurance against inflation – With currencies fluctuating on a daily basis, gold insures a significant stable value. There are policies that hold the currencies steady but once a currency begins a downward spiral, it becomes difficult to control inflation. In such scenarios, gold is a safer option to indulge in. The stock market is a gamble against factors such as company performance and people find it convenient to invest in something they can control at least to some extent.
• Valuable Asset – the demand centered on gold will always be of value no matter how bad the economic conditions. Investing in gold is therefore a way of having a valuable asset against economical and geopolitical crisis or the uncertainties of monetary assets.
• Simple and Easy – Buying gold is way easier than other options such buying stocks, bonds, properties etc. as you need to do a thorough research on them and find the right one to indulge in.
• Physicality – People prefer to invest in things that have a tangible value to them. Shares or crypto currencies are skeptical because people don’t trust the value of an electronic file. While buying gold, the investor can test the content of gold and this gives them long-term assurance of its value.
• Diversification – The value of gold is best known in times of crisis and therefore it is considered one of the best ways of diversifying the investment portfolio. In times of need, when stocks or deposits cannot be easily liquidated, gold can be sold at any point of time and easily converted to cash.

The Cons of Investing in Gold

• No return – if you invest in some form of deposit, you earn interest. If you invest in property, you can collect rent however, investing in gold does not yield any such returns. More often or not, people need to sell the gold they have to get any monetary value. So, the idea here is to buy it and store it away and hope for a good deal in the future.
• Transaction difficulties – Dealers often charge a significant fee towards buying and selling gold. The costs tend to cover factors such as minting, distribution and marketing. You also need to be certain that the seller is an authenticated gold dealer or you might get caught in scam.
• Security – After investing in physical forms of gold, it is also difficult to keep it safely. Keeping it at home can be unsafe due to possibilities of theft or fire. In fact sometimes, it can be considered as a negative yield due the cost of keeping it somewhere safe when it is bringing in no income.
• Uncertainty – it is never clear on how much the value of gold will be in the future. There is always an estimated value of how much a certain quantity of gold would be in the future but this value could fluctuate.

Investing in bonds, shares, stocks, etc. insure some return on investment whereas investment in gold insures a safety net for the future when all of these fail to yield any value. After weighing your options by reading the above pros and cons, it is always a wise decision to consult a financial adviser. Any form of investing comes with certain amounts of risks and a financial adviser will consider the best for your situation and guide you accordingly.

Gold has been valued as a store of value and a sign of prosperity for a very long time. Civilizations have been drawn to this valuable metal for ages, and it’s still a wise choice for investments in the present day. This article is intended to give you a thorough understanding of the gold investment market including pros and cons so that you can make well-informed judgments if you’re thinking about getting started.

Image credit- Canva

SBI Life Insurance is a combined undertaking of BNP Paribas Cardiff and State Bank of India. It was founded in the year 2001 and has its headquarters in Mumbai. SBI holds 74% share of the capital sum of SBI Life whereas BNP Paribas Cardiff holds 26% of the capital sum.

SBI life provides policies under ULIP and traditional plans across all sections and is one of the key players in the insurance domain.

SBI Life Insurance Features

• It is backed by State Bank of India which is one of the strongest banks in India.
• It was awarded the “Life Insurance Company of the Year” in 2016
• Life cover of 1 crore offered at as low premium as Rs. 18*/day.
• 69% claim settlement ratio in the year 2016 – 2017
• In 2016-2017, 99.98% grievances were resolved.
• Has access to more than 100 million accounts across India.
• It has the most productive team with respect to insurance agents and is associated with more than 80000 door-to-door advisors.
• It has wide range of insurance products and financial services.
• Most of the services can be availed online like checking SBI Life Insurance Policy status, buying a new policy, paying the premium etc.

SBI Life Insurance Policy Status

Earlier the checking of SBI Life Insurance Policy status or SBI Life Policy Status was a tedious process. Customers had to visit the SBI Life branch office or an authorized agent and request for the current SBI Life Insurance Policy status.

With the advancement of technology SBI Life launched an e-portal smartcare[dot]sbilife[dot]co[dot]in/SmartCare/onbording[dot]html to ease the process of checking SBI Life Insurance Policy status and Latest Fund Value Online. In fact the e-portal not only provides the facility of checking the SBI Life Insurance policy status but also other features like checking fund value, paying the premium amount, getting premium paid certificate, buying policy online and many more. In short the entire process involving life insurance policies can be done online. This is truly a boon for the customer.

Process to See the SBI Life Insurance Policy Status Online

• Account Set Up/Registration Process

 The process to see SBI Life Insurance policy status online or SBI Life Policy Status and Latest Fund Value Online is very simple. Customers need to do a one time registration process at mypolicy[dot]sbilife[dot]co[dot]in. The process is very simple as the customer has to just key in their Policy Number, Email-ID, Customer ID, and Date of Birth as revealed in the policy document. Once the appropriate details are entered, an email with password reset link will be sent to the customer’s email account. Once the customer clicks on the password reset link, he/she will be automatically re-directed to password reset screen where he/she can set a new password. Once the password is reset, the registration process is complete. Once the account registration is complete, one can add all his/her existing SBI life policies to the account.

• To Check the SBI Life Insurance Policy Status Online

1. Login to e-portal of SBI Life with your login name and password

2. Click on “View Policy”

3. Select the correct policy number

4. The current SBI Life Insurance policy status like renewal date, premium amount, maturity etc will be listed.

• SBI Life Insurance Policy Status SMS Alert

SBI Life also provides the facility to receive policy update on SMS. The SBI Life Insurance policy status can be obtained by

Sending below SMS to 56161 or 9250001848

POLSTATUS<<space>>(Policy Number)

This above activation SMS may be chargeable. Once the customer sends the above SMS, the SBI Life Insurance policy status will be received as SMS in a few minutes of time.

Check Modern Fund Value of SBI Life Policy Online

Most of the policy holders are always eager to find out their fund value. The eagerness is so high that customers end up sharing private information such as policy number or mobile number to complete strangers online who assure to inform about the latest fund value. SBI life has made this process very simple for customers so that they can independently find out their policy’s fund value. In fact the process is exactly similar to the process of checking SBI Life Insurance policy status or SBI Life Policy Status and Latest Fund Value Online.

• Check the Latest Fund Value Online

Firstly the account set up and registration should be complete as described above in the “Process to check SBI Life Insurance policy status online” section. If the registration is already complete, user can login in to the e-portal. Go to “View Policy” and select the correct policy number. Now proceed to see the “Policy Status” and click on “Fund Value” tab. The latest update of the fund value is available.

• Check Fund Value Through SMS Alert

The latest update on investment value can be obtained as a SMS alert too. To activate send below SMS to 56161 or 9250001848 from the registered mobile number:

• Check Fund Value Through Missed Call

One can also receive the latest update of fund value by giving a missed call on 022-27599901

Image credit- Canva

You have heard the famous saying, “Health is Wealth”. And yes, it is true. You work so hard to live a good life, to give your loved ones your children all the facilities. When you do this much in your life, then you also have to care about your health without worrying about the money you have to spend for this purpose. Health Insurance companies always advise you to plan your health insurance earlier, but if you haven’t purchased your health insurance till now, still it is not too late. Consult your health insurance and get the best health insurance for you and your family.

Also, remember to know about the various government schemes on different health insurances which will benefit you more. Just don’t bond yourself if your health cover plan, make its use as much as possible.

1. Recovery benefits from Health Insurance

This benefit is also known as the recuperating or recovery benefit. In this, the insurance company is responsible for the cost recovery of the insured under the project. Benefits given include additional costs that may result from hospitalization, such as loss of income. If the insured is hospitalized for 7 to 10 days, the insurance company will pay a one-time fee.

2. Alternative Treatment from Health Insurance

In recent years, the popularity of alternative therapies has increased in many ways. This has prompted many insurance companies to adopt alternative therapies such as Ayurveda, Homeopathy, and Yoga.

3. Cover Organ surgery related expenses from Health Insurance

For example- the cost of the kidney transplant could range between the Rs. 3 lacs to Rs. 5 Lacs. If you have the health insurance, it ensures that you will not have to worry about the medical expenses before undergoing the surgery. Most of the insurance companies cover organ transplant cost as their regular health insurance coverage.

4. Exceeding the days of Treatment are covered in Health Insurance

Under this section, many insurers have expanded their insurance coverage to include treatment taken under the medical supervision. Though, insurers have covered the amount and number of days for which the benefit is available.

5. Attendant Allowance is covered in Health Insurance

Insurance Companies offers this section, in which adults accompanying the insured at a hospital, provided the insured is a child. Generally, in most of the cases, the numbers of days for which an insurer pays the attendant allowance is fixed.

6. Cash allowance is also available in some Health Insurance

Daily Hospital cash allowance offers additional financial protection, in which it takes care of the expenses which are not covered under the health insurance, such as food and travel.

7. Free regular health check-ups

It is another benefit of the health insurance about which many people don’t know, it says that the policies offer free periodic health check-ups to their policyholders after every 4 or 5 claim-free years. Insurers offer cashless health check-ups if all the tests are done in the listed hospitals or centers.

8. Dental treatment in Health Insurance

Dental treatment is covered by many insurance companies once in a few years with some limits.

After seeing its benefits now, you know the various advantages of having health insurance. It makes you independent, now you are no more dependent on your relatives or any other for borrowing money for health issues. Your insurance policy supports you to get the best medication. Let us look for the reasons that why having a health insurance is important in India.

Why is Health Insurance important in India?

Living in this fast-paced world has become more and more intense and has led to major health conditions, especially among Indians. Millions of Indians die because of heart disease and diabetes. According to the World Health Organization, these are the main cause of death in India. In addition, respiratory diseases, childbirth complications, and infectious diseases are also paralyzed.

Given that Indians are more likely to suffer serious health problems, have you considered protecting your family and yourself from these injuries? Rising health care costs can lead to financial difficulties and this can further raise more difficulties and some time it has been seen that because of financial difficulties many people commit suicide so that their family doesn’t spend much on them. But these problems can be cut off by maintaining proper sanitation, health and having a health insurance.

Health insurance has many benefits, and in India, it is fruitful for those people who are fighting much due to lower financial status. Health insurance is the best way to protect yourself and your family from these kinds of problems.

Health Insurance coverage

Insurance providers offer different types of plans to maximize coverage and benefits. In some of the health insurance coverage, it includes the pre and post-hospitalization expenditure, hospitalization costs, daycare facilities and domiciliary treatment.

Two basic types of Insurance in India-

Benefits that Indian people get from Health Insurance plans

1. Financial stability

In an emergency people don’t have that much money which they can use in the case emergency and also the emergency medical expenses may result in several financial distress. But the health insurance plan helps you in this situation.

2. Best treatment you get

Due to lack of funds, people compromise on the treatment, but with the best health insurance plan, you have the assurance of procuring the best treatment to overcome any health condition.

Conclusion

After all the discussion over here about the health insurance, now you completely know about the health insurance and its benefits. If you have the best health insurance, it make-able to fight any health issue and you won’t get over from your funds and savings. You get best treatment options and many different benefits which are far more than only paying expenses for the hospitalization.

Image credit- Canva

It is a tedious job to calculate the car insurance premium. With the help of the car insurance calculator, you will be able to find out the premium very easily. The calculator will help you understand various features very easily. The online tool will save your time and effort so that you can take the best decision very easily. As you will figure out the premium that you should want to pay for your car, you can manage your finances in a very efficient way.

Benefits of car insurance premium calculator

As the car insurance is paid annually, you can use the online calculator to calculate the precise premium that you can pay without any difficulty. If you can collect few details about your car, you can calculate the premium very easily.

You will want to enter the own damage premium (corresponding to the value of the vehicle) and liability premium (which gives protection from third-party damage). The ‘no claim bonus’ and other discounts should be deducted from the total premium. As you enter the details in relevant text boxes of Car Insurance Premium Calculator, you will figure out the car insurance premium quickly.

Factors of concern affecting Premiums for Car Insurance

The following factors will affect the car insurance premium:

• IDV (Insured Declared Value) – The IDV is the maximum amount that you can claim from the insurance company when your vehicle is damaged or involved in the accident.
• Make and model of the vehicle – The brand name and model of the car will have an impact on the insurance premium.
• Depreciation – The value of the car will decrease every year and it is termed as the depreciation. The depreciation cost will be in between 5% and 50%. The value of the car will be reduced annually. The depreciation on replaced parts will be waived off by the insurance company when your car is covered by depreciation cover. Thus, you can manage higher claim amount.
• Engine size – The premium of the vehicle will increase with the rise in the volume of the engine.
• Location of the vehicle – The location of your home or office will have an impact on the insurance premium. Certain geographical locations bear higher risk factors in terms of accidents, the risk to natural calamities, etc. Hence, the insurance premium is based on the risk factors associated with the location.
• Own damage premium – The events that are outside your control are insured by the ‘own damage premium’. The premium will give your car protection from earthquakes, fire, floods, tsunami, and other factors beyond your control.
• Third party cover – The financial liabilities that occur due to the death of the vehicle owner will be borne by the insurance company. The insurance company will pay the amount on behalf of the vehicle owner. As per Indian law, it is mandatory to possess the third party cover. Hence, you should go for a comprehensive cover to overcome financial emergency when you are involved in an accident.
• Personal accident cover – Accidental death or total disability is covered by the ‘Personal accident cover’. It is not included in all insurance plans. Hence, you should ensure that the benefit is included in your cover so that you can make the most of your money.
• Add-on covers – Certain add-on covers should be included as per the risk perception. Road-side assistance, towing assistance, fueling, accommodation benefits, engine & electronic circuit cover, loss of personal belongings and return to the invoice are some of the factors that you can include in the insurance premium as per your needs.

Steps to work with Car Insurance Premium

• Check the insurance plan (new or renewal)
• Select the make and model of the car
• Select the fuel-type (diesel, petrol, CNG or electric power)
• Enter the car registration place
• Enter the car registration number
• Enter the name, phone number and email address

The above steps will help you choose the best car insurance plan as per your requirements.

You can save as much as 60% by finding the useful information about the car insurance. You should know different plans from various car insurance companies. Reputed car insurance companies manage hundreds of garages spread across the country. Hence, you can get your car repaired very easily and you can manage great peace of mind by subscribing to the best car insurance plan. Car Insurance Premium Calculator will give you various options towards the selection of the plan and the premium.

Conclusion

You should buy a comprehensive car insurance plan to protect yourself, passengers, vehicle damage and third-party liability. Car Insurance Premium Calculator will help you figure out the best car insurance plan to accomplish safe ride on road. You will get best insurance plan by entering the key information in the online calculator. The tool is useful for quick research and you will manage the most appropriate insurance plan as per the make and model of your car.

Image credit- Canva

Health insurance plan can be subscribed to get protection from various kinds of ailments and diseases. Health insurance policies are offered for newborn babies and children by various insurance companies. The life insurance plan covers the death while the health insurance covers the hospitalization. The healthcare costs are increasing in India and a caring parent should choose the best policy to offer best protection for the child. Even though you are covered by a medical insurance offered by your employer, you should go for an additional policy as per your needs.

Purpose of health or medical insurance

Health insurance will cover eventualities such as surgery, hospitalization and medical treatment. There is a difference between Mediclaim policy and health insurance. The Mediclaim is limited to the hospitalization cost. You will want to claim the medical expenses towards the treatment and the insurance company will reimburse the amount.

With the health insurance plan, you will get additional benefits. The health insurance plan will cover the medical consultation fee, medical bills, cost of diagnosis, treatment cost, boarding charges, ambulance charges, pre-hospitalization & post-hospitalization expenses. Hence, it is a comprehensive policy to take care of your health in the best possible way.

There are some life insurance products which offer medical treatment coverage due to accident or sickness. The insurance company will pay lump sum amount and it will be helpful for treatment.

Benefits of health insurance

The following benefits are enjoyed by buying a health insurance policy from a reputed health insurance company which shows Why you need to get your children insured?

• Sufficient health cover – The health insurance cover offered by the corporate health cover will be insufficient to meet your children’s needs. The insurance plan offered by the employer will cease to exist as soon as you quit the job. Hence, you should want to buy a comprehensive health insurance plan.
• Ability to deal with life-threatening diseases – The number of children being treated for life-threatening diseases is increasing at a constant pace. The risk to various kinds of diseases such as anthrax, dengue, measles, rubella, viral hepatitis, mumps and acute diarrhea disease has increased in the past few years. The health insurance is a great option to fight deadly diseases. Even though the medical facilities are available, they are very expensive. With the help of a comprehensive medical insurance policy, you will get treatment and it is possible to save your child. The family will survive the financial hardship as the medical treatment cost will be borne by the insurance company.
• Healthcare planning – Your child’s health may be spoiled due to accident or injuries. If there is medical emergency, it will be borne by the health insurance company when you subscribe to the best plan. The health care planning and financial planning is essential so that you can live with great peace of mind.
• Income tax benefits – The premium paid towards the child health insurance plan will be exempted under the Section 80D of the income tax act. If you subscribe to a health insurance plan, you will get tax exemption up to Rs. 25,000 in a financial year.
• Additional benefits – In addition to the cost of treatment, you will also get additional benefits with the subscription of medical insurance plans in India. The additional benefits include daily cash allowance, recovery expense, and domiciliary treatment. You can also get additional benefits by customizing the plan as per your needs. Some insurance companies offer attendant benefit, alternative treatment and domiciliary hospitalization.
• Lifelong renewal – some health insurance plans are offered with lifelong renewal option. If you do not claim the policy in the previous year, you will get no-claim bonus.

Individual health insurance plan

You can buy an individual health insurance plan as per the needs of your child. If there are some hereditary health risks, you can choose a plan to include those risks. The sum assured will be in between Rs. 1.5 lakh to Rs. 50 lakhs. The individual health insurance plan covers the pre-hospitalization and post-hospitalization expenses.

Most of the insurance companies cover 60-days pre-hospitalization and 90-day post-hospitalization expenses.

You will get access to a network of hospitals managed by the insurance company. You can choose the policy term for 1, 2 or 3 years with a lifelong renewal option. When you buy an insurance policy at a young age, the premium will be very low.

Family floater insurance plan

The family floater plan is an affordable health insurance option. It is possible to cover all the family members with the help of the family floater plan. The insurance premium will be very low. The sum assured can be utilized by one or all the family members. Hence, one or more children plus parents are accommodated in the health plan. You can also include your parents in the family floater plan. However, the insurance premium will be high for senior citizens. Hence, instead of including parents who are above 60 years of age under your family floater plan, you can buy a separate policy to get your children insured.

Top up insurance plans

It is possible to subscribe top up plans so that the insurance coverage will be enhanced. Instead of buying another insurance policy, you can choose a top-up plan. Terminal illnesses such as cancer and AIDS are not covered by a basic health insurance policy. By choosing top up plans, you can get additional benefits. You can also subscribe to super top-up plans to make the most of your health insurance plan.

You should buy the health insurance plan by offering correct information to the insurance company so that your claim will not be rejected by the insurance company. You should also choose the most appropriate policy as per your child’s needs.

Conclusion

You can go through the various kinds of health insurance plans offered different insurance companies. The insurance plan that offers best features at a low premium can be selected so that you can cover various kinds of health-related risks very easily. A health insurance plan can be subscribed online and you will get assistance with claim reimbursement and 24/7 assistance so get your children insured.

Please refer other financial news in Newskart at Business & Finance section, also know top 20 General Insurance and Life Insurance companies in India.

Image credit- Canva

Market is full of insurance players and its tough to choose the best term plan so let us evaluate the benefits of SBI term plan in India.

Anything can happen from the time we are born to the moment we die. Unfortunate situations are not uncommon in the world. This is the core-reason why people turn to insurance to help keep them secure in case something terrible were to happen; especially to the breadwinner of a family.

One of the policies that people look forward to being SBI term insurance plans.

• Also called Life Insurance, these particular investments are designed to provide for your family in case you pass away from unforeseen or unavoidable circumstances.
• Premium rates vary between all major term insurers because the companies are intentionally not competing with one another where this package is concerned.
• While they are all similar to each other, premiums vary depending on your age and how much risk the insurer is willing to take with you.

Here are some of the salient points to keep in mind when you go into the policy market and try to choose best SBI Term Plan in India.

Key Points To Know When Buying SBI Life Term Insurance or Choose Best SBI Term Plan in India

1. Low Premiums of SBI Life Term Insurance Plans

This is one of the first factors that interested customers will be on the lookout for while shopping for SBI term insurance. However, it is NOT as important as you think.

• The other two points on our list highlight your priority-points, after which you can readily sort through premium options.
• While this may come as a surprise to some people, it is nevertheless an important piece of advice, which is not designed to make you pay any premium under the sun, but to help you get your priorities straight.

This mode of approach will definitely serve you in the long run, which is essentially what term insurance is all about.

2. SBI Company Repute

Take the time to do your homework and learn about a company’s financial health and societal standing.

• Do NOT base your judgment on television advertisements or because a famous celebrity endorsed this or that insurer.
• If you have prior experience with, say, SBI term insurance deals, then you will know which one is best suited to you. Otherwise, it is best to do your own research, much like you are now while reading this.
• The State Bank of India is being covered in this article because it has repute and good standing, with tens of millions of customers. Regardless of that, it is advisable that you double-check everything about your preferred SBI life term insurance policy before stamping paid to the investment.

3. Claim Settlement Ratio of SBI Term Plan in India

This is the primary point you need to put under the microscope. Remember, in case something were to happen to you, your family will receive a sum assured and gain financial security from term insurance plans. This is the foundation of all SBI term plans; as well as that from other insurers.

• There is every chance that your claim will be rejected by the insurer. This can happen for several valid reasons. You can learn more about that by simply searching under the broad topic of ‘claim settlement ratios’.
• Do not fully trust agents/agencies who promise to take out a term plan on your behalf. Nobody is out there to help you make money, they are in it for themselves; pardon the harsh revelation.
• Agents aim to pocket their commission and be on their way. They will certainly help get you a competent SBI term insurance policy but will hasten while filling out forms. Any hurried mistakes made on their part can potentially injure your financial capabilities.
• Do not be shy to reveal other insurance plans that you are probably currently paying premiums for. They can be with other insurers, doesn’t matter, mention them. Even if it is endowments or ULIPs, mention them.
• Whatever personal or medical setbacks might be troubling you – alcoholism, drug use, general medical conditions – make note of them in your application form. You do not want omissions coming back to haunt you later.

By following these (and other) points, you increase your chances of having a claim accepted. Let’s look at some of the leading term plans from SBI available today.

Best SBI Term Insurance Plans 2017-2018

• SBI Life Smart Power – This non-participating unit-linked insurance plan is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.
• SBI Life Smart Humsafar – This joint life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years.
• SBI Life eShield – This online SBI term plan is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years.
• SBI Life Saral Sanchay CSC – This participating traditional endowment plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years.
• SBI Life Smart Money Planner – This traditional participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years.

Best SBI Term Insurance Plans 2018-2019

• SBI Life eShield – This is an individual, non-linked, non-participating pure online term plan of SBI which is open to individuals in the age range of 18-60 or 18-65. Its maximum maturity age is 70 years, and the policy term is anywhere from 5-30 or 10-30 years. This eases the way to choose best SBI Term Plan in India.
• SBI Life Smart Money Planner – This traditional (non linked) participating money-back endowment plan is open to individuals in the age range of 18-50, 18-55, or 18-60. Its maximum maturity age is 75 years, and the policy term is set at 15, 20, or 25 years. If you need to choose best SBI Term Plan in India with money back, then you can go with this term plan.
• SBI Life Smart Humsafar – This joint (for married couples) life insurance traditional plan is open to individuals in the age range of 18-46. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years. If you are married and need to choose best SBI Term Plan in India, then you can go with this term plan.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan with benefits of savings and life insurance cover plan is open to individuals in the age range of 18-55 or 18-60. Its maximum maturity age is 70 years, and the policy term is set at 10 or 15 years. If you need to choose best SBI Term Plan in India with the benefits of savings as well as life insurance cover, then you can go with this term plan.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years. If you need to choose best SBI Term Plan in India with low premium and unit linked, then you can go with this term plan.

Best SBI Term Insurance Plans 2019-2020

• SBI Life eShield – It’s an online term plan which can be opted by any individual of age from 18 to 65 years. Its maximum maturity age is 70 years and policy term is 5 to 30 years.
• SBI Life Smart Money Planner – It’s traditional participating money back endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 75 years and policy term is 15/20/25 years.
• SBI Life Smart Humsafar –It’s traditional joint life insurance plan which can be opted by any individual of age from 18 to 46 years. Its maximum maturity age is 65 years and policy term is 10 to 30 years.
• SBI Life Saral Sanchay CSC – This traditional, joint life, non-linked, participating endowment plan which can be opted by any individual of age from 18 to 60 years. Its maximum maturity age is 70 years and policy term is 10/15 years.
• SBI Life Smart Power – This is simple, low premium, non-participating unit-linked insurance plan which is open to individuals in the age range of 18-45. Its maximum maturity age is 65 years, and the policy term is anywhere from 10-30 years or 15-30 years.

Conclusion

You have options! You merely need to sit down and explore them in detail. The concept of SBI term insurance is to grant you long-term peace of mind and is easy to choose best SBI Term Plan in India based on above. You can go on paying premiums and work until retirement knowing that your family is safe under these schemes, in the occurrence of your death or permanent disability. As you can imagine, this is no laughing matter. If you are looking for short-term options, those are also available from SBI.

An important point that you must follow, go for medical examinations rather than Tele-medical examination in which Life Insurance companies question about your health details in the phone and during claim settlements, in future, they take this report as a base to reject your claim.

This will really clear the doubts arising in your mind about future claim settlements and in future, insurance companies can’t find any reasons to reject the claim on health ground which is not based on Tele-medical examinations.

Image credit- Canva

Proper Tax Planning not only reduces the amount of Income Tax that you are liable to pay but it also encourages you to save and invest your money so that you can fulfill your financial goals. There are a number of ways by which you can minimize the burden of Income Tax on you.  Here you will find the best five investment options for saving tax.

1. Equity Linked Savings Scheme

Equity Linked Savings Scheme or ELSS is considered as one of the best Tax saving options in terms of returns, liquidity, transparency, and taxability of income. The average returns from the ELSS category in last three years have been around 17.8%.

There is quite a high amount of risk involved with ELSS funds. But if you look at the long-term picture of 3 to 5 years of investment, you will find that ELSS funds have outperformed any other investment instruments in the market.

ELSS, however, is not the best option for everyone. Retired taxpayers, for instance, should prefer other tax saving instruments over ELSS. The best option for them is to invest in senior citizen saving’s scheme or in immediate Annuity Pension plans as there is less risk involved with them.

2. Unit-Linked Insurance Plans

Unit-Linked Insurance plans or ULIPs are the second best Tax saving options after ELSS. It has given 9.8% returns in the past three years. ULIPs are insurance cum investment products offered by Life Insurance Companies. They are cheap and offer greater flexibility to switch between funds.

All reputed Life Insurance providers in India offer ULIP products. The best part of ULIP products is that it offers life coverage. In case of the policyholder’s death, a ULIP pays out the sum assured to the nominee chosen by the Life insured.

Being market-linked products, ULIPs also involve certain amounts of risk. But if you have a good understanding of market timing, you can switch fund from equity to debt or vice versa. Moreover, you can enjoy absolute tax exemption under section 10(10d).

3. National Pension Scheme

National Pension Scheme or NPS is the third best tax saving options in our list.  NPS has become more attractive among taxpayers after the budget 2017-18 as it has offered an additional tax deduction of Rs. 50,000/- . Moreover, the fund managers are now allowed to invest more and more in stock which is expected to give better returns.

In the last three years, the NPS returns have been 9.5% which is quite an attractive number for encouraging more investment in this scheme.

The only downside of NPS is that the annuities you receive after the maturity of the scheme are taxable. However, requests have been made and the Government is considering income tax exemption for NPS annuity income.

4. Pension Plans

Retirement plans are the best tax saving options for you if you are on the verge of retirement. Pension plans allow you to save for your post-retirement life.  It allows you to maintain a regular flow of income while providing comprehensive life cover.

Pension plans are good investment option as shows the last three years’ return rates. Pension plans can get you 7% returns, if not more. Moreover, you can enjoy tax benefits and other benefits by investing in a pension plan.

The only problem with Pension schemes is that they are expensive. So if you want a cheaper option, go for mutual funds. Pension plans launched by mutual funds are cheaper than those offered by Insurance companies.

5. Child Education Plans

If you are concerned about your child’s higher education, you should invest in a child plan. Child education plans offer risk coverage on the life of the child while bearing the cost of his or her higher education.

Child education plans guarantee that your child’s education never gets hampered in case of any unfortunate event in the future. If you die before the completion of the policy, the insurer will pay all future premiums on your behalf till the date of maturity.

Child education plans are offered by most of the life insurance providers in India. Though many people are of the opinion that insurance plans are not good investment options in terms of returns, but child education plans are worth investing because of the benefits they provide.

There are a lot of other options where you can invest your hard earned money. But in our opinion, the ones discussed above are the best investment options that you can consider for growing wealth as well as for saving tax.

Image credit- Canva

Life insurance plans are a great way to save tax. They are the most sought-after tax-saving instruments that also guarantee insurance. There are seven different kinds of life insurance plans in India.

Of them, the most preferred ones are term insurance plans, money back plans, and endowment plans. These life insurance policies come with certain guarantees. These plans are always a hit amongst those preferring tax benefits because they come with a guarantee.

Most life insurance companies endorse their best life insurance plans with guarantees. Unlike the regular policies that offer a declaring bonus that differs based on the profits made by the insurers, the plans with guarantees offer a specific amount as returns instead of the bonus. There are guaranteed returns at every stage of the policy however there are myths about the investments. The basic returns that are guaranteed include:

• A specific amount upon maturity
• Monthly payouts

Understanding Guarantees of Life Insurance Plans

Guarantees are offered as a part of certain life insurance plans and term insurance plans. They include the payment of a certain percentage of premiums per annum or a payout of a certain percentage of the annual premium each year.

The percentage of premium payments that are promised per annum vary between 7 to 10% per annum. Some insurance companies also offer maturity benefits and/or death benefits that are more than 100 of the sum assured. Certain insurance companies also offer cash benefits every month that range anywhere between 1 to 3% of the overall maturity benefit that is guaranteed.

Be it endowment plans or term insurance plans or any other kind of life insurance plans, the guarantees offered are not the same across plans. These vary from one insurance company to another. Some companies offer guarantees based on the premium the customer pays every month while some offer the guarantees based on the overall sum assured.

Some of the aspects in which the guarantees vary are:

• • The policies of the insurance company
  • The overall policy term
  • The term of premium payment (monthly/quarterly/half-yearly/annual)
  • The year in which the guarantees get added to the scheme
  • Method of payment of guarantees (monthly or lump sum)

In some plans, the guaranteed amount gets added to the plan as returns from the second year of policy induction whereas in some plans it may take a few years to receive guaranteed returns. In some plans, the returns are added to the term insurance plan or life insurance plan monthly or every quarter like a regular income whereas in some plans the guaranteed amount is paid as a lump sum only after maturity.

How Do Returns Work in Life Insurance Plans?

The guaranteed amount that is offered as benefits accumulates only on maturity. The actual returns are not what the customer perceives by calculating promised percentages. What is commonly not understood by the customer is that be it any form of life insurance like a term insurance or a money back plan, the guaranteed amount comes at a cost. The returns that a customer receives after the costs are adjusted are pretty low.

Here are some of the factors that influence the guaranteed returns:

• • Age of the customer
  • Term of the plan
  • The premium amount paid through the period of the plan
  • The mean average of the internal rate of return

For most life insurance plans including the term insurance plans, the calculated internal rate of return falls in between 4% to 6% per annum. The plans that offer exclusive guarantees offer even a lesser percentage of this return.

A Look At Life Insurance Plans That Offer Guarantees

The life insurance environment including plans like term insurance has undergone a sea of change in the last few decades. The terms that govern the plan are explained with jargon and terms that a common man may not be able to comprehend.

The following is an example of how a life insurance plan with guarantees typically works. Suppose if there is a plan with guarantees with a ten-year term in which the customer has to pay premiums for eight years. If the plan were to offer guarantees of 150% of the premium after maturity every year for a total time-frame of eight years, a customer paying a premium of Rs 10,000 for the first eight years will receive a payout of Rs 15,000 from the tenth year of the policy to the 17^th year.  In such a scenario, the internal rate of return for the above plan comes only to about 2.9% per annum.

While customers always believe in the percentage stated by the insurance company, in this case, 150%, they forget to count the number of maturity years and the internal rate of return.

Conclusion:

Choosing the right plan for you should ideally depend on the way the payouts are made. If you are someone who is looking for a regular income, choose a plan that makes payments regularly after maturity and don’t fall on the guaranteed life insurance plans rather look and go through the documents carefully. If you are not in need of such an income, choose a plan that hands out the payment as a lump sum on maturity from these life insurance companies.

Some tips to remember while choosing guaranteed plans:

• Choose it if you are looking for fixed returns
• Choose this if you have financial targets for the future
• Choosing guaranteed plans only to save tax is a bad idea
• Do not forget to calculate your ideal returns in the long term and decide if the plan is worth it
• A financial adviser would be able to offer you the best-guaranteed plans while considering your needs

Image credit- Canva

Life Insurance is an indispensable part of everyone’s life now. It is very important to have a good life insurance from a renowned insurance brand. Having a life insurance means you have complete protection for your family and home in the event of any unforeseen mishap.

Who Needs to Be Covered with A Life Insurance?

Whether you are single, married or parents, life insurance policy is a must for everyone. People should not be swayed away from making their individual life insurance policies thinking that what is provided by the employer is good enough. Employers usually get you an insurance policy equal to double or triple of your salary. This amount naturally cannot be enough to serve your family’s needs in the future in your absence, when the earning of the family is not there anymore, if you happen to be the sole bread earner of the family.

What Family Needs Can Be Met with Life Insurance?

The insurance money can be used by your family to pay off important liabilities and meet other important expenses of your family, like:

• • Mortgage
  • Medical Expenses
  • Education Expenses
  • Loans etc.

Why Should You Buy Life Insurance from a Brand?

When you buy life insurance policy from a brand, you gain the trust of the insurance company and feel safe and secured for your family. You get a peace of mind knowing that your money is safely deposited as a tool for savings which your loved ones can make use of when the time comes. Moreover, this big financial instrument stays with your family forever.

What Are the Benefits of Buying Life Insurance from Good Companies?

Good Insurance companies provide with multiple life insurance policy choices to fit every individual’s needs and pocket. Depending on your family’s requirements in the future and based on the amount that you can plan to save for your family, you can choose a policy.

Why Should You Buy Life Insurance Policy at an Early Age?

You can save some amount on your premium if you plan to buy a life insurance policy at an early age in life, before the medical complications arise. You also get more insurance choices at a younger age. However, if you already have an old life insurance, you might think about reviewing it and buying more insurance with added coverage to meet the new requirements of your upgraded family life and size.

How to Analyze Life Insurance Coverage Amount?

Deciding on how much coverage should your life insurance policy be, might sound confusing to some individuals. But this can be calculated based on the following of the individual:

• • Family size
  • Financial situation
  • Future financial requirements of your family

What Are the Varied Life Insurance Options You Can Expect from Brands?

Good life insurance companies usually have varied life insurance plans. You may choose from one of the following based on your requirement:

• • Term plan
  • Health plan
  • Savings plan
  • Child plan etc.

What Should You Research On Before Buying Your Life Insurance Policy?

Every company will offer you different life insurance plans. It is very important for an individual to research on the benefits and conditions before investing in your life insurance policy. Remember, you are buying this life insurance policy to secure your family and their needs when you are not around them anymore. So, a careful study is advisable to understand the benefits of the policy better.

1. Calculating The Premium for Your Life Insurance

It is a wise step to calculate the premium for your life insurance carefully and not just buy a life insurance cover of any amount. You are the best person to know the standard of your family and the needs of your family. No one wishes to see their loved ones in trouble when they are not around anymore.

So, try to foresee their future and anticipate their needs. As everyone knows, money can never go unwanted and no money is huge enough to meet people’s needs, so it is better to plan for a premium that should be good enough for your family, keeping in mind that future is always more expensive.

2. Understanding The Offer Document Provided By Your Insurance Company

Once you have decided where to buy your life insurance from and which plan to choose, it is time to understand the offer document provided by your insurance company. You should take time and clarify your queries regarding the policy. This is a crucial step as once you are satisfied with your life insurance policy, you really feel safe, secure and happy.

3. Free Look Period – An Advantage of Buying Life Insurance from Brands

Although you analyze, research, understand and then buy a life insurance, if it happens that you are not contented with your life insurance policy, you can return your policy to the insurance company and safely back off, provided you buy the policy from a good insurance company. Brands usually have a Free Look Period during which time policy holders can return the policy if they want so.

Image credit- Canva

Travel insurance is a part of general insurance that can help you to travel anywhere in your country or abroad in a safe and secured manner without any hassle. This covers your trip and keeps you protected against many unfortunate incidents that can happen while traveling. It is vital for you to go through the inclusions and exclusions and then choose the best travel insurance plan with a comprehensive cover.

What Travel Insurance do Cover?

1. Medical Cover

This is the most significant components of a travel insurance plan, you can make a health claim and get treated. Hospitalization costs, OPD expenses, chemist bills and first aid charges are some of the medical provisions included in a standard travel insurance plan.

2. Air Ticket Cancellations

A good travel insurance plan protects you against the flight, air ticket, hotel reservation cancellations as these cancellation charges are very high. Cancellation charges, up to a certain limit, are included in a travel plan.

Also in case if need to return back home leaving your trip in between due to any unavoidable reasons then this cover helps you to do so.

3. Missed Flights

Sometimes it also protects you from if you missed your flight or a connecting flight, a travel insurance plan assures you a ticket on the next available flight if such an incident takes place.

4. Lost or Misplaced Luggage

If you lost your luggage or belongings then a travel insurance plan includes this factor and so you can get compensated for your lost baggage.

5. Lost Passport

If you lost your travel documents while on a trip then your insurance provider will assist you in every possible way and make provisions for you to get an emergency, temporary passport so that you can continue with your trip in a hassle free manner.

What Travel Insurance do not Cover?

1. Pre Existing illness

Any pre-existing illnesses are not covered in the travel insurance plan.

2. Acts of Terror or War

Any damage, cancellation or injury stemming out a war or terrorism won’t be covered under a travel insurance plan.

3. Sports Injuries

If this results due to any adventurous sport or a hazardous activity, you cannot make a claim on your travel insurance plan.

4. Maternity Costs

Any expenses related to pregnancy and childbirth is not covered under a standard travel insurance plan. However, some insurance providers offer this cover at as an add-on cover that you can get at an added cost.

Disclaimer- The information provided in this article is intended as a broad summary of benefits and services most of the travel insurers provided and it is meant for the informational purpose in a broad & general way only, which meant to change. If you are looking for any specific scenario then you need to consult your travel insurance provider, we don’t have any recommendation.

Image credit- Canva

SBI constitutes to be one of the largest financial institutions in the country. In the third quarter of the year 2017-18, SBI Life Insurance Co. Ltd witnessed a substantial growth of around 41.9% in the new business premium. However, now that the growth engine is in full swing, SBI now needs to focus on the quality part. Scroll down to know more…

1. Propellants of the Growth Engine

SBI is also the largest insurance provider in India. As reported by SBI, this substantial growth in the premiums has been largely fostered by the retail individual business. Not just fresh premiums but renewal premiums have also contributed to the reported growth.

2. Growth in Assets under Management

Owing to the growth in premiums, SBI Life has also undergone an impressive growth in assets under management. The growth in assets under management was around 17.6% in 2016-17 until the end of nine months in December. However, in this financial year, by the end of December, the growth was reported to be 23%.

3. New Business Acquisitions

New business acquisitions refer to an increment in costs. Although marginal, SBI has shown an increment in the percentage corresponding to the new business premiums.  Earlier, the percentage was 12.3%, which has now gone up to 12.6%.

4. Persistence Ratios

Improvement in persistence ratios has been another vital aspect. It indicates that SBI Life continues to leverage on the incomparable reach of its parent distribution network. It also indicates that SBI Life products are not just sold in the market but also are held on to.  However, this is quite natural given that the sale of insurance products contributes to more than 65% of the entity’s business.

5. Featuring on the Stock Exchanges

Lately, insurance companies have started to feature on the stock exchange. According to investors, this calls for potential growth, and therefore investors look at these events in a positive manner. In the past five years, SBI life’s market share has grown from 13% to around 20%.  No wonder, analysts have given SBI Life Stock the ‘buy’ rating. Further, December figures indicate that the Profitability of SBI Life has increased.

6. Future Prospects of SBI Life

The current picture appears to be positive and promising. Similarly, future prospects also appear to be positive and secure. An improvement in the persistence ratios has been indicating the safety of the future prospects. Now, if you take a look at SBI Life’s persistence ratios, there have been a lot of changes. For instance, persistence ratio for the thirteenth month was at 79.81%. However, it increased to around 81.51% in the last year. Similarly, the persistence ratio, which was around 67.48%, increased to around 68.81% in the 37^th month.

But surprisingly, the ratio for the 61^st month considerably fell down to 59.48% from 69.59%.

7. Traditional Policy Options Still Continue to Lead the Race

Strong equity markets have in turn strengthened the sales of market-associated products for most of the insurance companies, including SBI. Despite this, it is the traditional policy options, especially the protection plans that earn long-term profits. It is not surprising that the traditional policy options offered by SBI still lead the product portfolio. This fact is supported by the 18% growth exhibited by SBI.

8. SBI Life Focusing on Quality

For any business entity, small or large, local or global, what matters the most is quality! With the growth patterns that have appeared last year, SBI appears to be on a growth spree. However, now that the growth wagon is running steadily, SBI should now focus on the quality of business, and that is the protection plans. As mentioned earlier, protection plans have been traditional, tried and tested profit tools for SBI. Hence, it is necessary for them to further strengthen this area quantitatively as well as qualitatively.

No doubt, SBI has struck the right chords when it comes to business profitability. SBI has shown substantial growth in almost all the areas. However, what lies ahead are more challenges, and therefore, it is imperative for the organization to concentrate on quality by focusing on its protection plans.

Refer our section to read about other Life Insurance Companies in India.

Image credit- Canva

Kotak Life insurance is a private life insurance company in India. At the present date, the company caters to more than fourteen million customers. Also, the company has 232 branches across various cities in the subcontinent. Kotak Life has an agency potency of over ninety thousand agents.

Benefits of the Kotak Mahindra Life Insurance

As far as the customer benefits of Kotak life is concerned, it is important to note that it is one of the quickest growing organizations in the insurance sector today. At present, Kotak life has a total of more than three million policyholders across the Indian subcontinent.

A very significant feature of the Kotak life is that its portfolio is facilitated to be able usher the customer to the most lucid and comprehensive insurance policy. According to the range of subjective investments, Kotak life ensures efficient solutions for both individuals and group entities.

Apart from the aforesaid features, the company also has the best claim settlement ratio in the industry. The company offers assistance in a number of fields that include savings and investments instruments, protection plans, child plans, or even superannuation policies. Therefore, it is due to the fact that Kotak Life is the most comprehensive outlet pitched to provide for long term goals, the proficiency of the company can be assured.

Kotak Mahindra Protection Plans

So far as the Kotak Mahindra Protection Plans are concerned, following are the various significant plans offered by the company:

• Kotak Saral Suraksha: The said plan, it is important to note, is valid for a tenor of five years or ten years. It is a quintessential term plan with premiums that are considerably affordable.
• Kotak Preferred Term Plan: So far as this plan is concerned, it chiefly offers two death benefit payout options. One is popularly known as the Recurring Payout and the other, Immediate Payout. Apart from this, it also offers rates for female customers and non-smokers.
• Kotak Preferred e-Term Plan: It is chiefly a protection plan that offers a significant standard of protection for a price of Rs. 6975 per annum.
• Kotak Term Plan: So far as Kotak term plan is concerned, it also caters to female customers while offering them a significant standard of protection at prices that are considerably feasible.
• Kotak Income Protection Plan: Chiefly it offers a monthly income that augments at six percent per annum. Apart from this, the plan also offers a lump sum amount to guarantee the family of the insurer has enough funds to use even in the absence of the concerned insurer.

Kotak Mahindra Savings and Investments Plans

One of the more popular plans offered by the insurance company, it is in vogue due to the fact that it provides affordable plans and policies that let customers earn and also save their money. Following are some of the major important plans under this policy:

• Kotak Assured Income Accelerator: This plan promises guaranteed maturity along with hefty death benefits. Apart from this, the plan also promises incremental definite income during the payout period.
• Kotak Gramin Yojana Bima: It offers a single premium product with maturity along with subsequent death benefits. It is chiefly concerned with the rural sector of customers.
• Kotak Premier Money back Plan: This plan chiefly shells out lump sums at regular intervals.
• Kotak Classic Endowment Plan: So far as the Kotak Classic Endowment Plan is concerned, it is important to note, it offers considerable protection benefits to the customers along with bonus in the policy tenor.
• Kotak Platinum: Chiefly concerned with providing protection benefits to the customers, it also offers opportunities of wealth accumulation. Also, it offers guaranteed maturity benefits to the customers.
• Kotak Single Invest Advantage: It is important to note that this plan offers good returns and is one of the more popular single premium life and investment plan.
• Kotak Ace Investment: It is interesting to note that the said plan offers a choice of seven funds to choose from along with the ability to switching between the funds.

How Can One Claim Insurance with Kotak Life?  

In case of the decease of a life insured, the concerned nominee must insinuate the company about the claim by sending a precise letter to the Claims Department.

What are the Documents Needed to Claim Insurance with Kotak Life?

Before claiming the insurance, it is necessary to be detailed about the important dossiers needs to be accompanied by the concerned insurer. They include:

• Death claim intimation form (the form should be carefully and precisely filled)
• Original policy documents
• Original death certificate
• A photograph, photo ID proof and current address proof of the claimant concerned.
• A copy of the bank passbook
• Medical questionnaire
• Settlement option form
• A copy of driving license (in case)

Please refer other Life Insurance companies in India.

Image credit- Canva

Income tax is a tax that governments levy on the financial income generated by the different establishments in their jurisdiction. The funds thus obtained are used to finance its various functions. There are two types of taxes-Direct and Indirect. Income tax is a direct tax and other taxes like VAT, Service tax, Goods and Service tax are indirect taxes.

Taxes provide financial stability that is helpful in even distribution of wealth among the people of the country. Taxes play an important part in withstanding the upheavals of the economic cycles. The guidelines for the payment of income tax are based on the guidelines of the Income Tax Act.

As per this act, income from these sources can be taxed-

• Salaries
• Capital gains
• Income from house/property
• Profits from profession or business
• Income from other sources

Sum of income from all these sources is estimated as per the Income Tax Act. The tax rates are based on the earnings of a person and are termed as Income Tax Slabs. The Income Tax rates are revised every year during the budget.
Income tax is calculated yearly. Financial year begins on the 1st of April in a given year and ends on the 31st March the following year. Tax is imposed on the income earned in the previous year which is called as Assessment year.

The income tax deadlines for the financial years are-

• 31st July- The last date of filing returns for non-audit cases
• 30th September –The last date of filing returns for audit cases.

Filing of Income Tax for Salaried Persons

People earning income can file the income tax returns as per Form 16. The details of income are mentioned in Form 16 issued by their employers.

Income Tax Returns (ITR)

Tax Returns are a statement of earnings from different sources of income and these include tax liability, details of tax paid and other refunds that they should get from the government.

Late Filing of Income Tax Return

Income Tax Returns should be filed before the deadline to avoid the penalty for non-filing of tax returns.

The clause ‘losing relief in case return not filed within due date’, was apparently not completely and clearly understood by the people and they concluded that complete Chapter VI A deduction is covered. The general public seems to have understood that deduction u/s 80C (payment of School Fee/LIC/PPF), 80G (Donations), 80D Mediclaim, 80TTB & 80TTA (interest from the bank) will no longer be allowed if the filing of the Income Tax Return is done after the due date. This is not true as only Part C of Chapter VIA is included in the budget proposal.

There are chances of loss of relief in case of some incomes mentioned in Part C and this is when the ITR is filed after the due date. The relief permitted under the other four parts will remain undisturbed by the proposed amendment. The Chapter VIA of the Income Tax Act 1961 covers the “Deductions to be made in Computation of Total Income”.

There are five parts to this chapter.

• • Part A is General and covers Sections 80A, 80 AB, 80AC, and 80B.
  • Part B covers deductions in respect of some payments (containing Sections 80C to 80GGC)
  • Part C includes deductions in respect of some incomes (this includes Sections 80H to 80TT)
  • Part CA covers deductions with respect to other incomes (covering Sections 80TTA and projected 80TTB)
  • Part D includes other deductions (covering Sections 80U).

Payments of Life Insurance Premiums, investing in school fee, provident fund, health insurance, medical treatment, preventive health check-up, interest for loans taken for house property/education, charity given to some institutions, rent paid, and political parties etc. are included in Part B of Chapter VIA and will remain unaffected by the proposed amendment. This amendment will not affect the deductions of Bank interest u/s 80TTA and proposed 80TTB and person with disability u/s 80U will remain unaffected by this amendment.

As per this proposed amendment, the people who are eligible to claim deductions covered in these sections only will not get deductions under Part C of Chapter VIA if their IT return is filed after the due date. This includes Section -80-IAC, Section 80-IBA, Section -80JJA, Section 80LA, Section 80P, Section 80 QQB, Section 80 RRB.

The following sections under Part C of the chapter VIA have been in force under section 80A I case of filing IT Return after the due date. These are Section 80IA, Section -80-IAB, Section 80-IB, Section -80-IC, Section-80-ID, and Section-80-IE.

A study of Part C shows that even though this part had 41 sections only 14 are applicable in the present context. Thus the general public should not feel anxious about losing the deductions available to them under Part B, CA and D even if they file the Income Tax Returns after the due date but prior to the relevant Assessment year or before completion of the assessment whichever takes place earlier.

Image credit- Canva

Financial year FY 2018-19 started and the new budget brought some changes to income tax laws for this year. We must be aware of these changes and should plan our taxes and investments accordingly. There are some relief points and some pains in this Budget. Let’s see the top 10 changes Budget 2018 made & all of these changes are applicable from April 1, 2018.

1. Transport Allowance & Medical Reimbursement not Tax Exempted

The Transport Allowance & Medical Reimbursement are no longer tax free. Currently the transport allowance was tax free up to Rs 19,200/- and medical reimbursement up to Rs 15,000/- so free from submitting above bills to the employers.

2. Standard Deduction of Rs. 40,000/- for salaried persons

A standard deduction of Rs. 40,000/- for salaried tax payers as well as for pensioners too. This deduction can be availed without submission of any proofs.

If point #1 is considered and subtracted from this deduction then there would be additional Rs. 5,800/- tax exemption for the salaried persons.

3. Cess hiked to 4% and named as Health and Education Cess

From FY 2018-19 the existing Cess of 3% (Education, Secondary and Higher Education Cess) has been increased to 4% and named as Health and Education Cess.

4. Reintroduction of LTCG on stocks and equity based mutual funds

Budget 2018 has reintroduced long term capital gains (LTCG) tax of 10%+Cess (i.e. 10.4%) on gains made of sale of equity or equity oriented mutual funds. To qualify for long term capital gains the stocks/mutual fund should have been held for at least 1 year. Capital gains up to Rs. 100K are tax free.

5. Dividend distribution tax on Equity mutual funds

The dividends from equity mutual funds would attract dividend distribution tax of 10%. However the dividend received would be tax free in hands of investor. This will affect schemes that were distributing dividends as a strategy.

6. Increased tax exemption upto Rs. 50,000/- on interest income for senior citizens

As per New section 80TTB, senior citizens would be able to claim interest income up to Rs 50,000/- as tax exempted income.

7. Tax deduction for Single Premium Health Insurance Premium

If you buy single premium health/medical insurance policy covering multiple years say for 5 Years then the  the tax exemption u/s 80D would be available proportionately for all the years.

8. Long Term Capital Gains Bond only eligible for capital gains from property

The long term capital gains tax exemption by investing in long term capital gains bond from specified companies (NHAI, REC or PFC) u/s 54EC would only be available for capital gains from sale of property including land, residential or commercial building.

9. Tax exemption on NPS for the Self-Employed

Till now, employees contributing to the National Pension System (NPS) were allowed to withdraw up to 40% of the total corpus without any tax at the time of maturity or closure of the account. The same benefit has now been extended to self-employed subscribers.

10. Senior citizens get Rs 20,000/- additional deduction on health premiums

Senior citizens will get a deduction for health insurance premium under section 80D of Rs 50,000/- up from Rs 30,000/- last year. There is also a hike in the deduction limits for medical costs on specified critical illnesses from Rs 60,000/- – Rs 80,000/- for senior citizens and Rs 100,000/- for very senior citizens who are 80 years and above.

Image credit- Canva