LIFE INSURANCE

Term Insurance

 

It is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years. If the insured dies during the time period specified in the policy and the policy is active - or in force - then a death benefit will be paid. If the policyholder survives the term, the risk cover comes to an end.

Term insurance is less expensive when compared to other life insurance policies. No surrender, loan or paid-up values are granted under these policies because reserves are not accumulated.

 

The Insurance plan that is must for every Individual to take care of the financial needs or ensuring the same living standards for his Family in case of any unforeseen circumstances.

 

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Money Back Plans

 

Money Back Plans offer dual benefits of insurance and redemption of money at regular intervals. These policies rank high on the popularity chart.

They fit perfectly in the scheme of things of traditional investors who seek financial instruments that provide insurance and investment, with a low risk element and guaranteed returns.

In short money back plans are meant for individuals who require money at certain intervals in their lifetime to meet fixed long and short-term financial needs (buying a house or car, vacations abroad).

 

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Pension Plans

 

A pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. These plans provide financial stability during your old age.

Pension plans are most suited for senior citizens planning for a financially secure future. They enable you to lead a similar lifestyle as led during your employment days.

 

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Endowment Plans

 

Endowment policies cover the risk for a specified period of time at the end of which, the sum assured is paid back to the policyholder along with the entire bonus accumulated during the term of the policy.

These polices offer you an endowment – representing a return on your premium payments payable to you in your own lifetime when the policy comes to an end.

Premium on endowment policies are usually payable for the full term of the endowment policy unless, of course, death were to take place earlier.

 

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Gratuity Schemes

 

Gratuity refers to the emoluments received by an employee from his employer in gratitude for the services rendered. It is an amount given to employees by employer when they leave the job after completing five years or minimum 240 days per year or after retirement. The number of years may differ from company to company.

Gratuity is payable under the payment of wages act. Gratuity shall be payable to an employee on the termination of his employment after he has rendered continuous service for not less than five years.

(a) On his superannuation, or

(b) On his retirement or resignation, or

(c) On his death or disablement due to accident or disease

 

Superannuation schemes

 

It is a voluntary scheme for the purpose of tax planning. Company contributes up to 15% of basic wages which is an allowable expense in the hands of employer and tax free receipt in the hands of employees. Employee does not contribute to this scheme.

The funds thus accumulated can be invested in house or can be invested with LIC who acts as a custodian of the fund. If the funds are invested in house, then the fund is created under an irrevocable trust recognized under the Income Tax Act, 1961.

A mandatory service clause varying from 1 to 10 years is put in by employers.

 

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