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Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
For long-term investors, India is an attractive investment destination and short-run corrections are opportunities to increase equity investments.
For long-term investors, India is an attractive investment destination and short-run corrections are opportunities…
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Top Ten Insurance Brokers in India: Protecting Your Tomorrow
In a rapidly changing world, insurance has become an essential part of our lives. Whether it's safeguarding your health, securing your assets, or ensuring your family's financial stability, insurance is the safety net that provides peace of mind. However, navigating the complex world of insurance can be a daunting task. This is where insurance brokers step in to simplify the process and help you make informed decisions. In this blog, we'll explore the top insurance brokers in India who have earned their reputation for excellence in the industry.
SMC Insurance Brokers
SMC Insurance Brokers stands as a prominent name in the Indian insurance industry, known for its unwavering commitment to delivering top-notch insurance solutions. With a track record of excellence, they have carved a niche for themselves and are recognized as one of the top insurance brokers in India.
What sets SMC Insurance Brokers apart is their comprehensive approach to insurance. They offer a wide spectrum of services, from risk assessment and coverage selection to claims management, all designed to cater to the diverse needs of their clients, whether they are individuals or businesses.
Visit Website: https://www.smcinsurance.com/
Marsh India Insurance Brokers Pvt. Ltd:
Marsh India, a subsidiary of Marsh & McLennan Companies, is a global leader in insurance broking and risk management. They provide a wide range of insurance and risk management solutions, including property and casualty, employee benefits, and more. With their vast experience, they have earned the trust of businesses and individuals alike.
Aon India:
Aon is another global giant in the insurance and risk management industry. Aon India offers a broad spectrum of services, from risk consulting to insurance broking. Their commitment to delivering innovative solutions and their extensive network of experts makes them a preferred choice for many clients.
Willis Towers Watson India:
Willis Towers Watson is known for its expertise in risk management and insurance brokerage. They offer specialized services in various sectors, including construction, energy, and aviation. Their commitment to understanding client needs and tailoring solutions accordingly is one of their standout features.
Bharti AXA Insurance Brokers:
Bharti AXA Insurance Brokers is a subsidiary of Bharti Enterprises and AXA, a global insurance leader. They offer a wide range of insurance products and services for both individuals and businesses. Their dedication to transparency and customer satisfaction has helped them build a strong reputation.
Edelweiss Insurance Brokers Limited:
Edelweiss Insurance Brokers is part of the Edelweiss Group, a diversified financial services conglomerate. They provide risk advisory and insurance broking services to a wide range of clients. Their strong focus on innovation and technology sets them apart in the industry.
Bajaj Capital Insurance Broking Limited:
Bajaj Capital is a well-known name in the Indian financial services sector. They offer a wide array of insurance products and services, ranging from life and health insurance to general insurance. Their vast network of offices and expert advisors make insurance accessible to people across the country.
IIFL Insurance Brokers:
IIFL Insurance Brokers, a subsidiary of IIFL Group, is a growing player in the insurance broking sector. They offer a range of insurance solutions for individuals and corporate clients. Their commitment to providing the best advice and ensuring a seamless experience for their customers is commendable.
Anand Rathi Insurance Brokers:
Anand Rathi is a well-established financial services group in India. Their insurance broking services cover various aspects, including risk assessment, policy selection, and claims management. Their in-depth knowledge of the insurance market ensures clients receive the most suitable policies.
Alankit Insurance Brokers Limited:
Alankit Insurance Brokers is part of the Alankit Group and provides a variety of insurance services. They have a reputation for delivering tailor-made insurance solutions to meet the specific needs of clients.
Choosing the right insurance broker is a crucial step in securing your financial future. These top insurance brokers in India have consistently demonstrated their dedication to helping clients make informed decisions and find the best insurance solutions for their needs. Whether you are an individual seeking life or health insurance, or a business looking to protect its assets, these reputable insurance brokers can guide you through the complex world of insurance, ensuring you make choices that safeguard your tomorrow.
Here you can find our reference post: https://insurancecompanyinindia.blogspot.com/2023/10/top-ten-insurance-brokers-in-india.html
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Individual Health Insurance Market is set for a Potential Growth Worldwide: Excellent Technology Trends with Business Analysis
Latest added Individual Health Insurance Market research study by AMA Research offers detailed outlook and elaborates market review till 2027. The market Study is segmented by key regions that are accelerating the marketization. At present, the market players are strategizing and overcoming challenges of current scenario; some of the key players in the study are HDFC Ergo (India),Niva Bupa (India),Kotak General Insurance (India),IFFCO-Tokio (India),Bharti AXA Life (India),Zurich Insurance Group (Switzerland),Munich Re (Germany),Aetna Inc. (United States),Anthem (United States),Cigna (United States),Blue Shield of California (United States),Humana Inc. (United States),Kaiser Permanente (United States),PingAn Insurance (China),Aon plc (United Kingdom)etc.
The individual health insurance plan offers benefits to the individuals its doesn't cover family members. Among the employers, individual health insurance is becoming much popular due to its low cost and availability of discounts on the premium. The individual health insurance plan comes with great flexibility as users can change policy coverage according to their requirements and also allows controls over co-pays and deductibles. Increasing health expenses and outburst of coronavirus around the world has created significant opportunities for the individual health insurance market. Another reason for buying individual health insurance is that it offers the maximum sum insured to the policyholder compared to the group insurance.
Influencing Trend: The Inclination Towards the Digital Platforms to Gain Insights and Buy Insurance
Challenges: Unable to Claim During the 30 Days of Commencement and Long Waiting Periods for Specific Diseases and Surgical Procedures
Opportunities: Portability, Availability of Discounts on Premiums, and Better Control on Deductibles and Limits
Market Growth Drivers: Surging Demand of Individual Health Insurance in SMEs for Their Employees Due to Low Premiums Compared to Group
Growing Popularity of Individual Health Insurance As It Holder Can Avail High Sum Insured
The Global Individual Health Insurance segments and Market Data Break Down by Sales Channel (Online, Offline {Agencies, Brokers, Bancassurance, Others}), Coverage (In-Patient Hospitalization Expenses, Day Care Procedures, COVID-19 Treatment, Domiciliary Hospitalization, Pre and Post-Hospitalization Expenses, Alternative Treatment, Organ Donor Expenses, Preventive Health Check-up, Emergency Road Ambulance), Gender (Men, Women)
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AMA Research & Media LLP
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The Ultimate Guide to Finding the Cheapest Term Insurance for All Age Groups in India
Introduction: Cheap Life Insurance
Life is full of uncertainties, and it's impossible to predict what will happen next. This is where term insurance comes in - it provides financial security to your loved ones in case of an unfortunate event. However, with so many options available in the market, finding the cheapest term insurance can be a daunting task. In this comprehensive guide, we'll take you through the best options for affordable term insurance in India for all age groups.
What is Term Insurance?
Term insurance is a type of life insurance that provides financial protection to your loved ones in case of your untimely death. In exchange for regular premium payments, the insurance company provides a lump-sum payout to the nominee in case of the policyholder's death during the policy term. Term insurance is an excellent option for those who want to ensure their loved ones' financial stability in case of their untimely demise.
Factors to Consider When Choosing Term Insurance
Before purchasing term insurance, it's essential to consider the following factors:
- Premium: The premium is the amount you pay to the insurance company in exchange for the policy. It's crucial to choose a policy with a premium that fits your budget.
- Policy Term: The policy term is the duration for which you want to be covered under the policy. The longer the term, the higher the premium.
- Sum Assured: The sum assured is the amount that the insurance company will pay to the nominee in case of the policyholder's death during the policy term.
- Riders: Riders are additional benefits that can be added to the policy to enhance its coverage. These include critical illness cover, accidental death benefits, and waiver of premium.
- Claim Settlement Ratio: The claim settlement ratio is the percentage of claims settled by the insurance company in a given year. It's essential to choose an insurance company with a high claim settlement ratio to ensure your nominee receives the payout in case of your untimely death.
Cheapest Term Insurance for Different Age Groups in India
The following are the cheapest term insurance options for different age groups in India:
Cheapest Term Insurance for the 20s
- LIC e-Term Plan: LIC e-Term Plan is an affordable option for those in their 20s. The premium for a 30-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 7,000 per year.
- Max Life Online Term Plan Plus: Max Life Online Term Plan Plus is another cost-effective option for those in their 20s. The premium for a 30-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 5,000 per year.
Cheapest Term Insurance for 30s
- HDFC Life Click 2 Protect 3D Plus: HDFC Life Click 2 Protect 3D Plus is an affordable option for those in their 30s. The premium for a 35-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 8,000 per year.
- ICICI Pru iProtect Smart: ICICI Pru iProtect Smart is another cost-effective option for those in their 30s. The premium for a 35-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 7,000 per year.
Cheapest Term Insurance for 40s (continued)
- Aegon Life iTerm Insurance Plan: Aegon Life iTerm Insurance Plan is a low-cost option for those in their 40s. The premium for a 45-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 12,000 per year.
- Bharti AXA Life eProtect: Bharti AXA Life eProtect is another affordable option for those in their 40s. The premium for a 45-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 10,000 per year.
Cheapest Term Insurance for 50s
- PNB MetLife Mera Term Plan: PNB MetLife Mera Term Plan is an economical option for those in their 50s. The premium for a 55-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 15,000 per year.
- SBI Life eShield: SBI Life eShield is another cost-effective option for those in their 50s. The premium for a 55-year-old non-smoker for a sum assured of Rs. 50 lakhs is around Rs. 14,000 per year.
Conclusion
In conclusion, term insurance is an essential investment to ensure your loved ones' financial security in case of your untimely death. When choosing a term insurance plan, it's crucial to consider factors like premium, policy term, sum assured, riders, and claim settlement ratio. By considering these factors and choosing the right plan, you can provide your loved ones with financial stability even in your absence.
Remember, different age groups have different needs and requirements when it comes to term insurance. We've outlined the cheapest options available for different age groups in India. Choose the plan that suits your budget and provides adequate coverage to ensure that your loved ones are financially secure.
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Top 10 Insurance Companies in India
Top 10 Insurance Companies in India
Life insurance is an agreement between a person and an insurer that commits the latter to guarantee payment of a certain sum to the policyholder's family in the terrible event of a sudden death.
Without a death, a maturity benefit—a sum assured—is given when the insurance achieves its maturity. Many insurance companies also provide optional coverage for serious conditions.
The best life insurance provider is one that gives customers the most coverage at the lowest price.
1. Max Life Insurance Company
Max Financial Services Ltd., was founded in 2000. This life insurance company strives to give its clients the right level of financial security. Each of these insurance plans that Max Life provides is brimming with benefits and other essential features, depending on the individual's needs.
2. AEGON Life Insurance Company
AEGON Life Insurance Company was established in 2008, employs a multi-channel marketing strategy to help individuals make better decisions. AEGON N. V., a leading supplier of asset management, pensions, and life insurance products, created AEGON Life Insurance in partnership with Bennett Coleman and Company, the Times Group, India's largest newspaper company.
The business has launched several services to provide clients with opportunities to meet their financial objectives. Numerous reasonably cost life insurance products are available from AEGON Life Insurance Company.
3. Bharti AXA Life Insurance Company
The Bharti AXA Insurance Company Ltd. frequently appears in a list of Indian life insurance providers. It is a recognized corporate organization in India with links to the farming, finance, and telecommunications industries. There are several insurance alternatives available from Bharti AXA Life Insurance Company.
4. Bajaj Allianz Life Insurance Company
Bajaj Allianz Life Insurance Ltd. was established by a collaboration between Bajaj Finserv Limited and Allianz SE, one of the leading insurers in the world. On May 2, 2001, the Company was granted a registration certificate by the IRDA, enabling it to conduct general insurance business in India. In response to shifting consumer needs and desires, Bajaj Allianz Life Insurance Limited has released new insurance products.
5. HDFC Life Insurance
HDFC Life Insurance Company is a joint venture between Standard Life Aberdeen PLC and Housing Development Finance Corporation Ltd. Business operations began there in the year 2000, and the company's headquarters are in Mumbai, Maharashtra.
6. LIC Life Insurance Company
LIC is one of the financial institutions that was established in India for several nation-building programs. This insurance provider is frequently recognized as among India's best. After collecting funds from customers through life insurance contracts, LIC's main responsibility is to invest in different government holdings and global financial markets.
7. Pramerica Life Insurance Company
Pramerica Life Insurance Company was established as a consequence of the cooperation between Prudential International Insurance Holdings Ltd. and Dewan Housing Finance Co. Ltd. There are 138 sites for insurance firms around the country. Before becoming DHFL, it was formally known as Pramerica Life Insurance Limited. The corporate office of Pramerica Life Insurance Company Ltd. is located in Gurugram.
The business has given its clients' families more than $1 billion in life insurance payouts throughout its more than 40 years of existence. It offers a selection of business and private life insurance coverage. All of these insurance plans were established specifically to satisfy the needs of the subscribers. Primerica offers term life insurance alone.
8. Exide Life Insurance Company
Exide Life Insurance is one of India's top 10 most reliable companies. Providing long-term security and financial solution plans is the company's main objective. In the insurance sector, it has a great track record of incentive payouts as well as a strong traditional product line. The business has gone above and beyond basic life insurance by offering choices for need-based insurance coverage. It is a private, independent life insurance company.
9. Kotak Mahindra Life Insurance
Kotak Mahindra Life insurance business Ltd. is a collaboration between Old Mutual Ltd. and the pan-African banking, investment, and savings organization Kotak Mahindra Bank Ltd. Indian-based Kotak Mahindra Life Insurance Corporation Ltd offers individual life insurance. The company was started in 2001. On April 8, 1986, the company adopted Kotak Mahindra Finance Company Limited as its legal name.
10. Reliance Life Insurance Company
Reliance Capital & Nippon Life collaborated to establish the Reliance Nippon life insurance company. It began operations in 2001 and quickly became one of the most well-liked life insurance companies among individuals acquiring insurance plans.
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Guaranteed Return Investment Plan
A guaranteed return investment plan is a superior choice since it combines a set interest rate with a greater rate of return for the investor. These investments give a return rate of 6% to 6.5%, which is greater than the choices we previously described.
Some of the Guaranteed Return Investment Plan Companies are:
· Aditya Birla Sun Life Insurance Company
· Aegon Life Insurance Company
· Bajaj Allianz Life Insurance Company
· Bharti AXA Life Insurance Company
· Canara HSBC OBC Life Insurance Company
· Edelweiss Tokio Life Insurance Company
· HDFC Life Insurance Company
· ICICI Prudential Life Insurance Company
· Kotak Life Insurance Company
· Max Life Life Insurance Company
· PNB Metlife Life Insurance Company
· TATA AIA Life Insurance Company
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Insurance Providing Company
Bharti AXA is an insurance providing company. They will help you in choosing the plans/policies according to your requirements and needs. They have different types of policies such as life insurance, savings plan, term insurance and many more. They even have a plan for child better future a child education plans.
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Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
Daily Voice | India uniquely positioned as a structural, domestic growth story in medium to long term: Rahul Bhuskute of Bharti AXA Life
For long-term investors, India is an attractive investment destination and short-run corrections are opportunities to increase equity investments.
For long-term investors, India is an attractive investment destination and short-run corrections are opportunities…
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#axa#bharti#bhuskute#daily#domestic#economy#growth#india#life#long#medium#positioned#rahul#story&8217;#structural#term#uniquely#voice
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भारती एक्सा लाइफ इंश्योरेंस प्लान – विशेषताएं, प्रीमियम और लाभ
Bharti Axa Life Insurance Plan in Hindi - भारती एक्सा लाइफ इंश्योरेंस प्लान हिंदी मेंBharti Axa Life Insurance Plan in Hindi - भारती एक्सा लाइफ इंश्योरेंस प्लान हिंदी में
भारती एक्सा लाइफ इंश्योरेंस अपने ग्राहकों की आवश्यकताओं के अनुरूप बीमा प्रोडक्ट्स की एक महत्वपूर्ण श्रृंखला प्रदान करता है। इन प्लान्स में प्रोटेक्शन प्लान, इन्वेस्टमेंट प्लान, सेविंग प्रोडक्ट्स, ग्रुप इंश्योरेंस प्लान, स्वास्थ्य बीमा और सशस्त्र बलों के लिए इंश्योरेंस प्रोडक्ट्स शामिल हैं। Bharti Axa Life Insurance Plan in Hindi - भारती एक्सा लाइफ इंश्योरेंस प्लान हिंदी में
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Individual Health Insurance Market Will Hit Big Revenues In Future | Biggest Opportunity Of 2022
Research on Global Individual Health Insurance Market research focuses on latest market trend, opportunities and various future aspects so you can get a variety of ways to maximize your profits. Individual Health Insurance Market predicted until 2027*.
The individual health insurance plan offers benefits to the individuals its doesn't cover family members. Among the employers, individual health insurance is becoming much popular due to its low cost and availability of discounts on the premium. The individual health insurance plan comes with great flexibility as users can change policy coverage according to their requirements and also allows controls over co-pays and deductibles. Increasing health expenses and outburst of coronavirus around the world has created significant opportunities for the individual health insurance market. Another reason for buying individual health insurance is that it offers the maximum sum insured to the policyholder compared to the group insurance.
Some of Key Players included in Individual Health Insurance Market are HDFC Ergo (India),Niva Bupa (India),Kotak General Insurance (India),IFFCO-Tokio (India),Bharti AXA Life (India),Zurich Insurance Group (Switzerland),Munich Re (Germany),Aetna Inc. (United States),Anthem (United States),Cigna (United States),Blue Shield of California (United States),Humana Inc. (United States),Kaiser Permanente (United States),PingAn Insurance (China),Aon plc (United Kingdom)
Market Trends: Individual Health Insurance
Drivers: Surging Demand of Individual Health Insurance in SMEs for Their Employees Due to Low Premiums Compared to Group
Growing Popularity of Individual Health Insurance As It Holder Can Avail High Sum Insured
Challenges: Unable to Claim During the 30 Days of Commencement and Long Waiting Periods for Specific Diseases and Surgical Procedures
Opportunities: Portability, Availability of Discounts on Premiums, and Better Control on Deductibles and Limits
The titled segments and Market Data are Break Down by Sales Channel (Online, Offline {Agencies, Brokers, Bancassurance, Others}), Coverage (In-Patient Hospitalization Expenses, Day Care Procedures, COVID-19 Treatment, Domiciliary Hospitalization, Pre and Post-Hospitalization Expenses, Alternative Treatment, Organ Donor Expenses, Preventive Health Check-up, Emergency Road Ambulance), Gender (Men, Women)
Presented By
AMA Research & Media LLP
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India Travel Insurance Market Size More than Triple at a CAGR of 19.8%
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study estimated India Travel Insurance Market size at USD 85.6 million in 2021. And BlueWeave forecasts India Travel Insurance market to grow at a robust CAGR of 19.8% during the forecast period (2022–2028) to reach a value of USD 281.4 million by 2028, as deepening penetration of mobile internet enables travelers to choose convenient options for online travel bookings, and a comprehensive suite of packages for different types of travelers. However, a lack of understanding regarding insurance policies may hinder the market growth.
India Travel Insurance Market – Technology Advancements
Convenient choices for purchasing travel insurance through online comparison-shopping websites such as direct airline sites and online travel agents (OTAs) are driving the expansion of the travel insurance industry. Insurers are projected to strengthen existing travel insurance distribution networks with the help of innovative technologies, such as geolocation, application program interface (API), artificial intelligence (AI), data analytics, and global positioning system (GPS). Hence, the increasing use of innovative digital technologies could boost the growth of the travel insurance market in India.
Booming Tourism Sector to Drive Demand for Travel Insurance
The main driver of the travel insurance business is the increase in tourism. When traveling to a foreign country, a majority of Indian travelers seek abroad travel insurance in India, implying that there is a huge market for travel insurance in India. Not just among international tourists, but also among domestic travelers, there has been a significant increase. According to recent estimates, 30 million Indians travel within India each year, and they also seek domestic travel insurance. Travel has become a part of academic, business, and personal life as people have become more mobile, exposing people to travel-related contingencies. Hence, an increasing number of travelers are expected to drive the demand travel insurance products and services in India.
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Segmental Coverage
India Travel Insurance Market – By Insurance Coverage
Based on insurance coverage, the India travel insurance market is segmented into three categories: single trip, annual multi-trip, and long stay. Due to the development in business travel combined with rising disposable income, single trip travel insurance accounts for a substantial market share among them. However, more accessible and less expensive travel has made it easier for various families and fully autonomous travelers to take multiple trips in a year, resulting in a significant increase in annual multi-trip travel insurance.
Impact of Covid-19 on India Travel Insurance Market
Due to government-imposed severe lockdown measures, the COVID-19 pandemic slowed the growth of the travel insurance market in the first half of 2020. Due to the enormous worldwide health, social, and economic disaster created by the COVID-19 pandemic, travel and tourism are among the most affected businesses. After the gradual relaxation of the mandated lockdowns, the market gained traction in the second half of 2020. There will be an increase in the number of travelers in the coming years as a result of various industry participants providing coverage for COVID-19 related medical expenses.
Competitive Landscape
IFFCO Tokio Travel Insurance, TATA AIG, Apollo Munich (now, HDFC Ergo), Bharti AXA, Bajaj Allianz, SBI General Insurance, Future Generali, Royal Sundaram, HDFC Ergo, ICICI Lombard, Reliance, and Religare (now, Care Insurance) are the leading participants in India travel insurance market. Major travel insurance players in India are increasing their investments in developing new insurance plans to expand their customer base and geographic reach.
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Child Insurance Plan: Why and When to Opt for a Child Plan
A child insurance plan is a form of policy that pays out a lump-sum pay-out if the insured dies. So, how does it differ from any other type of insurance policy? All future premiums of a child insurance policy are waived and the insurance company continues to invest the money on behalf of the policyholder in the event of his or her untimely death. Some of these child insurance policies are market-linked, allowing policyholders to participate in both stocks and bonds, while others are classic, only investing in debt.
When to Opt for a Child Insurance Policy?
The moment you get your baby in your hands, it is your responsibility, at least, until your child is on his/her feet, and for that, you should purchase a child investing plan as soon as possible because the more time you devote, the more money you will save. Furthermore, you won't have to worry about paying a hefty fee because you can save little sums and expect large returns over time.
However, you should begin investing early in order to get the full benefits of a child insurance plan. It uses the magic of compounding to help your money grow. Long-term ULIP investments also help to mitigate capital market swings, resulting in total fund growth. As a result, you may try investing in Bharti AXA’s child insurance plan policy to ensure your child's bright future.
Why Opt for a Child Insurance Policy?
· Financial Security
Your income ensures that your child has everything he or she needs in life. A child insurance plan, on the other hand, serves as a safety net in the event that financial support is interrupted. It provides life insurance with a lump sum payoff in the event of a disaster. This amount of money, which you specify when you purchase the policy, can cover your child's needs throughout their childhood. Maturity sums from children's insurance policies can be used to meet future demands if necessary. You will have a corpus towards the conclusion of the term that will enable you to fulfil your child's goal and provide your son/daughter with a bright future.
Customised Payouts
Wondering whether the money can be partially withdrawn? Yes, it is a common concern. Well, this is one of the most significant benefits of a child insurance policy. You might choose a child insurance policy that pays out in instalments which is a defined proportion of the total amount insured. At various periods of a child's development, periodic payouts are planned, making it easier to meet short- and long-term demands.
Investing Component
Child insurance policies include an investment component in addition to life insurance. Furthermore, ULIP child plans allow you to take advantage of the capital market's high-return potential.
You can also diversify your investments by investing in shares, debt bonds, or hybrid funds, depending on your risk tolerance. Market volatility is reduced as a result of this diversity. Furthermore, if your funds aren't delivering the desired results, you can move to another fund that is.
Death Benefit
When it comes to insurance plans, it's usually preferable to think about the worst-case scenarios first and then evaluate how the policy will benefit you. In the event that the policyholder passes away, the child's future is still protected by a child investment plans. Yes, as previously stated, in the event of the policyholder's death, all future premiums will be waived. In addition, when the child reaches adulthood, he or she receives a lump-sum death benefit.
Flexibility
You have the option of selecting your investment mix based on your preferences or requirements. You can select between high-risk equity and lower-risk debt options. Parents can choose to govern the investment mix on their own or choose an automatic mode, depending on the risk factor and financial needs. The safety of the child's financial corpus is crucial.
Riders/ Add-Ons
Riders are included in child insurance plans, and certain policies include the riders as a part of the basic policy structure. Personal accident insurance is one such rider. Only in the event of the policyholder's death will a child investment plan waive the premiums. Adding accident insurance as a rider, on the other hand, gives an additional benefit in the event of unexpected death due to an accident. Of course, the decision to use riders is totally up to you. Please note that riders are not mandatory and are available at additional cost.
Collateral loan
One of the most significant advantages of a child insurance plan is that it can be used as collateral for a student loan. You can use your child’s investment plan as collateral for an education loan if you need additional money for your child's further studies or wish to transfer him or her abroad for higher studies, in addition to the pre-determined quarterly instalments. As a result, you won't have to worry about providing collateral security for a school loan if you have a child plan.
Partial withdrawals
ULIP child plans allow you to take a portion of your money out to satisfy your child's immediate needs. You can cash out some of your units after the lock-in period to pay for school fees or unexpected medical expenditures if any.
Tax Benefit
Child plans are life insurance coverage for your children. As a result, the premiums are tax-deductible. You can deduct up to 1.5 lakh in child insurance premiums under Section 80C of the Income Tax Act of 1961.
In addition, the distributions are exempt under Section 10 of the Internal Revenue Code (10D). This service ensures that your child's savings are not depleted by taxes. However, tax laws are subject to change from time to time.
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Guaranteed Return Plan - Everything You Want To Know
Life Insurance products offer protection from the possibility of an early demise. They assist the family in coping with the financial loss if the insured person passes away as a result of an illness or accident by paying a death benefit. Additionally, there are Life Insurance policies that emphasise savings that provide a maturity benefit if the insured lives out the policy's term. In fact, if you examine the different forms of Life Insurance policies on the market, you can find the following kinds of policies:
· Term insurance
· Whole Life Insurance
· Endowment plans
· Money back plans
· Pension plans
· Health plans
· Unit Linked plans
What is Guaranteed Return Plan?
Traditional, savings-oriented Life Insurance investment plans are endowment plans. They combine the advantages of wealth accumulation and insurance protection. A guaranteed benefit is paid out under endowment arrangements upon maturity or upon an early death. As a result, the endowment plan would provide a guaranteed death benefit if the insured passed away while the policy was in effect. As an alternative, the guaranteed savings plan would provide a guaranteed maturity benefit if the insured lives over the policy's term.
Guaranteed Return Investment Plan Companies are:
· Aditya Birla Sun Life Insurance Company
· Aegon Life Insurance Company
· Bajaj Allianz Life Insurance Company
· Bharti AXA Life Insurance Company
· Canara HSBC OBC Life Insurance Company
· Edelweiss Tokio Life Insurance Company
· HDFC Life Insurance Company
· ICICI Prudential Life Insurance Company
· Kotak Life Insurance Company
· Max Life Life Insurance Company
· PNB Metlife Life Insurance Company
· TATA AIA Life Insurance Company
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Know why an endowment plan is a preferred saving tool
The world was fighting a global health crisis and in this fight, many people lost their loved ones, their jobs, and even savings. The Covid-19 outbreak ascertained one thing – you need to be financially and mentally prepared for all sorts of emergencies. No one ever imagined that we would face such a health disaster, and only those who had substantial savings could sail through the pandemic. When it comes to savings, Indians need no convincing. However, with so many new best investment schemes in the market, choosing the right one can be tough. For example, endowment plans and child education plans are a must-have in your portfolio, but people don’t know about them and hence, are hesitant. In today’s article, we’ll shed light on why endowment plans should be your preferred savings tool:
Flexibility: Most endowment plans offer customers the flexibility to pay, as well as the option to get their money back via lump sum or regular income method. Depending on your preference, you can choose the type of outcome you want.
Long-term income: If you work in the private sector, you know that after retirement, you are usually not entitled to earn a pension. In such a scenario, one must plan early and choose to invest in endowment policies that work as pension plans as well. So, if you are planning for your golden years, you ought to invest in an endowment plan by a reputable insurance company like Bharti AXA.
Guaranteed income: Endowment plans and child education plans are for securing the future, and hence, offer guaranteed income. With guaranteed income, you can be rest assured that you’ll have financial stability. If you are concerned about your child’s future, you can choose to invest in a child education plan. These plans are designed especially for those who want to secure their child’s future.
Tax benefits: One of the main reasons why people choose endowment plans is because of the tax benefits it offers. The premium paid towards the endowment plan can be deducted under Section 80C of the Income Tax Act. The limit under this section is set at Rs. 1,50,000.
Survival benefits: Most people think endowment plans are great for the family, in case something happens to the insured. However, new endowment plans now offer survival benefits. Under this, the survivor gets 50% of the sum assured on maturity. It is a type of life insurance plan that also offers savings and wealth creation.
Extended life cover: Companies like Bharti AXA are now offering extended life cover at an additional premium. Through this, you can further protect your family’s financial future.
These are all the reasons why you should opt for an endowment plan. If you have questions about the best endowment plan for you or want to invest in a child education plan, feel free to reach out to the experts. To know the best investment schemes in the market that will help you create wealth in the long run, click here. Remember, when it comes to endowment plans or the best investment schemes that protect life as well as create wealth, Bharti AXA is the one you can rely on.
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Bharti AXA Life premium income rises 14 pc
Bharti AXA Life premium income rises 14 pc
Bharti AXA Life Insurance has posted a 14 per cent growth in total collected premium at Rs 2,602 crore in FY22 from Rs 2,281 crore in FY21. Renewal premium grew by 11 per cent and stood at Rs 1,666 crore in FY22. It posted a 25 per cent growth in weighted new business premium (WNBP) to Rs 730 crore from Rs 582 crore last year, outperforming the overall and private industry growth which stood at…
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