Life Insurance

Family/dependent/s financial protection for indefinite event of loss of life
Protection against health expenses in case of indefinite event of diagnosis of identified 34 major critical illnesses
Savings for definite events like education, marriage, retirement, vacation

This risk is achieved by way of term policy on the life of the earner. In these policies, the premium is less and the nominee/legal heir gets the sum assured paid in the event of an unfortunate death of the policy holder
In case of survival of the policy holder for the period of policy, no amount is payable either to the nominee or to the policy holder
Return of premiums is allowed in case the same is opted but the premium amount goes up in such a case
No loan is possible under the policy where as assignment is possible
In case of death of the policy holder, benefits are payable to the nominee/assignee either as a lump sum or over 120 monthly installments if opted for the same
Ideal for people with many liabilities and more dependents

Accidental Death benefit is available at an additional premium. In case of death of the life assured due to accident, an additional amount of opted accidental death benefit is payable along with the basic sum assured
In some policies, future premiums are waived in case the life assured’s condition makes him unfit for earning like paralysis or accident etc, but the life cover continues
Income tax benefits available for premium payment under section 80C and under section 10(10D) for the death benefits under the policy
Some term policies provide term up to the age of 75 years
Married Women Protection (MWP) is available which means no assignment is possible and no nominee changes allowed once policy issued under MWP
An employer can take policies on the life of his/her employees for the benefit of his employee’s family and treat the premiums paid as business expense

Critical Illness insurance is the answer to cover one’s major illness risks
Unlike other health insurance policies where the hospital expenses are reimbursed or provide cashless facilities at hospitals for the actual expenses for hospitalisation , a life insurance covering critical illness risk provides for the complete sum assured on diagnosis of critical illnesses
In some policies, there is a restriction on maximum amount payable on angioplasty irrespective of the sum assured
Policyholder is free to use the benefits in a manner he wishes to use without any stipulation from the insurance company
Premium is higher than the term insurance policy
It can be combined with a term insurance policy to avail benefits on diagnosis of critical illness and on death based on sum assured opted against each risk