|Edelweiss Tokio Life Insurance||₹504/month|
|Aditya Birla Capital||₹512/month|
Risk Management: Insurance helps manage financial risks associated with unforeseen circumstances like health issues, accidents, or property damage. A car insurance, for instance, can cover repair costs after an accident.
Financial Security: It ensures your dependents' financial stability, especially in the event of your untimely death. A term life insurance can provide this kind of security.
Legal Compliance: Many insurance policies are legally required. Vehicle owners, for instance, must have at least third-party liability insurance.
Peace of Mind: Insurance provides a sense of security that if the unexpected occurs, financial support is available.
Savings and Investment: Certain policies like endowment and unit-linked plans offer savings and investment options alongside insurance cover.
Retirement Planning: Pension plans from insurance companies can help in building a retirement corpus, providing financial security during retirement.
Tax Benefits: Premiums paid towards insurance policies offer tax deductions under Section 80C, and the payouts are tax-free under Section 10(10D) of the Indian Income Tax Act.
Loan Collateral: Insurance policies, particularly life insurance, can be used as collateral for loans.
Encourages Savings: Regular premium payments instill a habit of saving money, which helps in long-term financial planning.
Supports Business Continuity: Business-related insurance policies, such as key person insurance, protect against the loss of important personnel, ensuring business continuity.
Policy Exclusions: Some events or conditions may not be covered by insurance. For instance, a standard health insurance policy might exclude certain pre-existing diseases.
Waiting Period: Certain benefits might not be available immediately after buying the policy. Like, in health insurance, you often have to wait a specific period before you can make a claim.
Premium Costs: Regular premium payments can be a financial burden for some, especially for policies with high premium rates.
Claim Denials: If you provide incorrect information when purchasing a policy, your claim could be denied later on. For example, not disclosing a smoking habit in a life insurance application could lead to claim rejection.
No Cash Value: Some insurance types, like term insurance, do not provide any maturity benefits or cash value if the policy term outlives the policyholder.
Prices are inclusive of taxes
¹Source: Insurance Company’s website
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*All savings/offers/Discounts are offered by insurance companies as approved by the IRDAI for the product under applicable file & use guidelines. For more details on risk factors, terms and conditions, please read the sales brochure of respective insurers carefully before concluding a sale. The premium may vary as per the plan chosen by you. Tax benefits are subject to changes in applicable tax laws. The visitors are hereby informed that the data collected through our website/mobile application shall be shared with insurance companies.
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Finzoomers Services Private Limited - [Registered address: 624-625, 6th Floor, Suncity Success Tower, Golf Course Extension Road, Sector - 65 Gurugram – HR- 122005] [IRDAI Corporate Agent (Composite) Registration No- CA0744 Validity till - 02/03/2024] Principal Officer- Mr. Ankur Goyal Principal Officer email id- email@example.com] [CIN: U74990HR2020PTC086201] [Email id: firstname.lastname@example.org]
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