RISK & PROTECTION
A financial plan is incomplete without insurance. When you think that you are financially secure, a sudden or unforeseen expenditure can significantly hamper this security. Depending on the extent of the emergency, such instances may also leave you debt-ridden. Insurance offers you protection against such unforeseen circumstances, risks and thus ensures that your financial plan does not get derailed due to some unforeseen exigencies.
There is a wide range of insurance policies, each aimed at safeguarding certain aspects of your health or assets. Without adequate knowledge about each of them, you may not be able to protect your finances, as well as the financial well-being of your family members or business.
Broadly there are two types of insurances that we offer our clients through our partners.
Life insurance covers the dependents in case of the untimely death of the policyholder. In such cases, the insurance company pays a pre-approved sum to the policyholder’s beneficiaries.
1. Whole Life Plan: Whole life plans provide policyholders with coverage for the entirety of their life (or till 100 years of age). These plans are often used to create an inheritance.
2. Term Plan: Term plans provide a life cover for a specific term. However, no payments are made if the insured person survives the tenure.
3. ULIP: ULIPs provide a life cover, along with investment in equities, debt market, and others. In case of the insured person’s demise, the nominee gets the sum assured or fund value, whichever is higher.
These are policies are for shorter tenures (usually twelve months), but policyholders have the option of renewing them.
1. Health Insurance: Health insurance covers medical and healthcare costs. These policies can be individual policies or group policies. You can also extend coverage to your family.
2. Motor Insurance: Such policies cover two-wheelers, private cars, and commercial vehicles against theft, physical damage from accidents, and natural or man-made calamities. They even cover liabilities arising out of damages/injuries caused to a third party.
3. Travel Insurance: Medical care in others countries is very expensive and contingencies such as baggage loss, passport loss, monetary loss due to pilferage, robbery, natural, man-made calamities etc. can also affect the plans and the finances. These insurance policy ensures the assurance of support in case of unforeseen eventualities.
4. Home Insurance: A home insurance olicy covers your home against losses arising out of fire accidents, weather conditions, theft, amongst others. This insurance includes standalone policies like fire insurance, earthquake insurance, flood insurance etc. to protect your assets.