What is Life Insurance ?

Life Insurance plan is the most secure way to protect family or relatives against financial contingencies that may arise post the unfortunate event of premature death. Under a Life Insurance policy, the insurer assures to pay a specific amount to the policyholder’s family on his death during the policy terms.

Life insurance plans and policies depends upon plans and specific products like protection, savings & investments, children education and marriage, retirement, health related and women specific. Insurance policy help to become financially independent so than anybody can live their life on their own terms.

Types of Life Insurance

Health Insurance

Health Insurance policy that ensures that policyholder get cashless treatment or expense reimbursement in case if your health is weak, expense consider incurred when availing treatment, insurer would pay for treatment if the medical condition is covered by insurance policy.

Individual plans cashless hospitalization for medical expenses are much costly to get health insurance for your medical outlay, but in cashless facility provide best treatment to recover good health with no worries.

Health Insurance Plans :-

  • – Individual Health Plan
  • – Cancer Insurance Plan
  • – Critical Illness Insurance
  • – Senior Citizen Health Plan

Child Insurance

Child Plan is a insurance and investment plan that financially secure your child future, higher education and marriage. This child plan is designed to protect the future of your child in case of sudden death at the same time, it builds a corpus to be utilized to provide secure finance service for your child life.

Child Insurance Plans :-

  • – Vision Star Plan
  • – Child carrier plan
  • – Metlife Smart Child
  • – Children Money Back Policy

Women Insurance

Women life insurance plans are specially designed for take care of women requirements and their needs. This plans is for proper planning of their finances and it helps them to secure their future and who attached with them. Women insurance plan covered with financial and medical terms in different stage of their life.

Women Insurance Plans :-

  • – Child Insurance Plans
  • – Health Insurance Plans
  • – Retirement Insurance Plans

Retirements Insurance

Retirement plans manage your savings to accumulate in a period of time and give a steady income after retirement, good amount of savings in this plan is the best pension scheme helps to secure your cash flow for daily needs in routine

When regularly invest your money in retirement plan it transform your investment into compounding effect give a extra savings to your investment, then choose a best retirement plan which gives you a best comfort in your entire life.

Retirements Insurance Plans :-

  • – Financial Freedom
  • – Returns on reinvestment
  • – Protect from unforeseen expenses
  • – Balanced Health & Medical Treatment

NRI Insurance have foreign nationalities and live in foreign countries, and to know more about policy, how to identify the appropriate type of policy and details are given as below.

In case of an unexpected event, financial protection of the family states that due to accident, the main purpose of death, illness, disability, insurance is the provision of old age, house construction. Policies are used to get income tax exemptions, and to include such as financial institutions as collateral security, housing loans in various types of financing facilities are included.

To meet the diverse social needs of different people, many policies, such as whole life policy, endowment policy, joint life policy and money back policy, provide periodic integrated payments, term insurance policies which have a lower premium but higher risk cover. Different types of benefits are covered in each NRI scheme, but its depend upon the plan and selection.

Premium Calculations:

Once the short list of plans is made, additional rates like premium rates and calculations, more details such as a policy, insurance, premium payment method (Annual, Half Yearly, Quarterly or Monthly) also need to complete the formalities to get the required kind of policy benefits.

Life Insurance Calculator

Benefit of Life Insurance

  • – Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death..
  • – Many life insurance policies are exceptionally flexible in terms of adjusting to the policyholder’s needs. The death benefit may be decreased at any time and the premiums may be easily reduced, skipped or increased.
  • – A cash value life insurance policy may be thought of as a tax-favored repository of easily accessible funds if the need arises; yet, the assets backing these funds are generally held in longer-term investments, thereby earning a higher return.
  • – Life insurance enjoys favorable tax treatment unlike any other financial instrument.


One of the most important reasons to purchase life insurance is to ensure your loved ones are provided for financially. Life insurance is also useful in helping your survivors pay bills and debts after your death, as well as for funeral expenses. It may be used for wealth accumulation and distribution as part of an overall financial strategy.

You could apply for a duplicate document from the insurance company. You will receive a duplicate policy after paying the necessary fees and executing an indemnity bond.

Typically, when you buy an insurance policy, it is a contract or an agreement that you are entering into with the insurance company. It is a fixed price that you are willing to pay in order to remain insured for the term of the policy. Thus, such a price is pre-fixed and the insurance company cannot increase the same later.

The age at which the receipt of pension starts in an insurance-cum-pension plan.

Ideally, the term of your policy should be equal to the number of years your family will be dependent on you financially. However, ensure that your insurance payment period is also equal to the number of years you plan to work.
If you are one of those gentlemen who have been lucky to have a wife that has always been a homemaker, please ensure that you have a pension policy or a whole life policy that takes care of your wife’s needs, in your absence as well.

The policy can be surrendered for cash only after the premiums have been paid for at least three years. The minimum surrender value allowed is equal to a certain percentage of the total amount of premiums paid excluding the premiums for the first year and all extra premiums or additional premiums for accident benefits that may have been paid.

The disinvestment of unit funds and reinvestment into others is called switching. It does not impact the investment allocation of your future contributions.

It implies changing of your current contribution allocation percentage into various funds from now onwards. It does not affect the allocation percentage of the contribution already invested.

Policy holders are expected to pay premium on due dates. A period is 15-30 days is allowed as grace to make payment of premium; such period is days of grace or grace period.

Period between the date of subscription to an insurance-cum-pension policy and the time at which the first installment of pension is received. Such policies generally prescribe a minimum and maximum limit on the deferment period.

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