Life Insurance
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term and in return, we provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.
There are two basic types of Life Insurance plans -
- Pure Protection
- Protection and Savings
Overview
- We provide wide choice of insurance products of all life and general insurance companies in India.
- We represent clients, are totally independent of insurance companies and render impartial advice to protect client’s interests.
- Major non-captive insurance broker in India.
Our Edge
- A team of professionals with strong Domain knowledge and expertise
- Pan India Presence
- Robust Infrastructure
- Quality of services and best in industry processes
- Strong National brand
Individual Plans
Human life is unpredictable and thus a person need to plan about his future as there may be a loss of income to the household. An individual can protect himself or herself against such contingencies through life insurance. Though Human life can not be valued but it is always better to have protection against uncertainties in life & protection required can be reached through loss of future cash inflows.There are different types of life insurance product which not only provides protection but also return on money invested in such policies.
Investment plan provides an optimal mix of insurance and investments, thus protecting your family against any odds and building a corpus for your future. The idea of investment plan is to provide regular long-term savings and systematic accumulation of wealth.
Child insurance plans have traditionally played an important role in securing the child's future. Child plan is specially designed to meet the increasing educational and other needs of growing children. Today, providing a good education, establishing a professional carrier, securing a good future etc. can be done with the help of these plans.
Term insurance plans are pure form of insurance. It is low-cost insurance that is valid only for a stated period of time and has no cash surrender value. You can avail high insurance with very low premiums. Some insurance companies have also come up with Term Insurance policies with premium return features to make these plans more attractive to customers.
Endowment Insurance Plans
An endowment policy is a combination of insurance and investment. Under a plain vanilla endowment plan, the policyholder pays regular premiums for the policy term. If the policyholder dies during the policy term, the nominee gets the death benefit i.e. the sum assured and accumulated bonuses. On survival, the policyholder gets a survival benefit, including vested bonus and terminal bonus, if any.
Money back policies provide for periodic payments of partial survival benefits during the term of the policy so long as the policyholder is alive. An important feature of this type of policies is that in the event of death at any time within the policy term, the death claim comprises full sum assured without deducting any of the survival benefit amounts, which may have already been paid as money-back components. Similarly, the bonus is also calculated on the full sum assured.
A whole life policy provides coverage for the entire life of the policyholder (provided he/she continues to make premium payments). When the policyholder dies his/her beneficiaries receive the death benefit. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy covers till the person is alive. Unlike term life insurance, which covers the contract holder until a specified age limit, a traditional whole life policy never runs out.
A Unit Linked Insurance Plan (ULIP) is a life insurance policy that provides a combination of risk cover and investment. Since investments are linked to the dynamics of the capital market, client has risk attached to such investments. In simple words, it gives protection along with return on investment.
NRI Plans
Indian laws permit Non-Resident Indians to buy insurance. Insurance policies can be obtained by NRIs from several insurance companies available at SMC Insurance. The range of products offered by these companies cover almost every requirement that provide security as well as return on investment.
Keeping in view growing number of High Networth Individuals (HNIs), many insurance companies have come out with a wide product range for this promising segment. These pans offer security, return on investment along with capital protection.
Handicapped Dependant plan provide life insurance cover offered to a person who has handicapped dependant satisfying conditions throughout the life time of the purchaser .The benefits under the plan are for the handicapped dependant which are partly in lump sum and partly in the form of an annuity.
Group Insurance Plans
Group insurance Plans are insurance plans that cover a group of people, usually who are the members of societies, employees of a common employer, or professionals in a common group. These plans allow you to enjoy group benefits at really low costs.
The Employee Liability Solutions is the best way to invest and manage your employee’s future. Group Superannuation and Group Gratuity schemes can help your employees to make their future safe and bright.
This plan protects your employees from any mishap from accidents and disabilities for life. It also provides your employees a feeling of being part of a family and also shows them that you take care about their well-being.
General Insurance
What is general insurance?
General insurance is an agreement between a policyholder and insurer wherein the insurance company protects your valuable assets from fire, theft, burglary, or any other unfortunate accident.
Often, general insurance is confused with life insurance. But, the two terms have vast differences. Let’s understand better with the table below:
General Insurance
| Life Insurance
|
Covers non-life assets
| Covers life of an individual
|
It is not a type of savings
| This insurance helps you accumulate savings for future
|
Annual contract with a lumpsum premium
| Long-term contract with the option of installment premiums
|
Pays sum assured in case of an eventuality such as theft or accident
| Pays sum assured to the nominee in case of the death of the policyholder
|
General insurance should be your priority as your assets may get damaged due to an accident or theft. Let’s understand its importance with an example:
Mr. ABC has got a new car, and he is slated to hit the roads. But while driving, his car suddenly gets hit by the other vehicle trying to overtake. This dislocates the left mirror of his car. Mr. ABC is stress-free as he has motor insurance, which will provide financial cover for the damages and he doesn’t have to pay for the damages.
This shows how general insurance can help to eliminate the dent in your pocket by providing cover for tangible assets.
There are various types of general insurance; these include:
- Motor Insurance
- Home Insurance
- Travel Insurance
- Health Insurance
Motor Insurance:
When you’re driving, you cannot be sure that a road mishap will never take place or there may be an instance of your vehicle getting damaged due to a man-made or natural calamity. In such circumstances, you can rely on your motor insurance cover. It gives you financial protection and safeguards you from any legal complications.
There are two types of Motor Insurance in India:
- TherThird-party Motor Insurance
- Comprehensive Motor Insurance
Whether you own a bike or car, you need to have at least Third-Party Motor Insurance. It is compulsory to have a third-party insurance cover as per the mandate by the Motor Vehicles Act. The insurance offers to protect you if there’s an accident and offers liability cover for third party damages. However, if you are looking for overall protection, then you can opt for comprehensive motor insurance that includes third-party cover and all types of accidents caused due to a man-made or natural calamity.
Home Insurance:
Home is where we all feel protected and where numerous memories are created. When buying or renting a home, we invest our hard-earned money, but we forget to realize that it needs security too. With natural calamities and riots prevalent in India, you need to make sure your home and belongings are well-taken care of. This is where home insurance becomes a necessity.
Common features of home insurance:
- Offers cover against natural calamities and man-made calamities
- Covers personal computer, TV, and Video equipment
- Cover for damages caused to the building such as terraces, foundation, swimming pool, etc.
- Financial protection against your home and belongings
Travel Insurance:
While traveling abroad, you only look forward to happy memories. However, unfortunate incidents never come knocking on the door. For instance, when you’re traveling on a flight, your baggage may go missing, or there may be theft of your asset. In such situations, travel insurance will help you remain stress-free by offering protection for any loss/damage incurred. You love to travel, but does the fear of losing belongings always keeps you worried? Travel insurance would be an ideal choice for you.
Common Features of Travel Insurance:
- Cover for loss of baggage, including delays
- Emergency assistance
- Loss of passport
- Covers health expenses, transportation to the impaneled hospital, and hospital daily allowance
- Personal Accident cover
Travel Insurance provides financial security in case of an unforeseen mishap whether you’re flying domestically or internationally.
Health Insurance:
The healthcare costs are skyrocketing, and it is going to rise exponentially in the coming years. With inflation taking a toll on our lives, how would you ensure that you and your loved ones get the best health services? When it comes to top general insurance, health is also considered an asset. Make sure you protect the health of you and your family by investing in a health insurance policy. This type of general insurance offers financial coverage for medical expenses when someone is hospitalized. There are many types of health insurance policies; these include:
- Individual health insurance
- Family floater health plan
- Senior Citizen health insurance
- Group health insurance
Common features of a health insurance policy include:
- Cover pre & post hospitalization expenses
- Financial protection for room rent charges including hospital registration
- Cashless medical treatment
- Coverage for ambulance cost
- Avail coverage for health check-ups once in a block of four claim-free years
Now that you’re aware of how general insurance can be useful in protecting your life’s precious assets, it’s time you buy it from the best insurance companies. If you’re searching for the best general insurance plan,
