Life /General Insurance

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Things to know


Applicability of claim

Ram for his factory took Fire Insurance Policy. The premium for the factory was Rs 10 Lakhs and sum insured was Rs 1 crore. In case of fire or peril, the insurance company will pay the claim amount after the deductible (as applicable).

Amount of Reimbursement

Leena got car insured for Rs 5 lakhs. She got her banged and bumper came off. Rs 20000 was repair charges for the bumper. The insurance company will pay off the amount after the deductible. General insurance works as per the policy limits and conditions.

Payment of Premium

Madhavi got her car and go its insurance also. Next year she sold her car and got a bike. She didn’t renew her car. Under the General Insurance Policy, the premium will be paid for one year till the renewal. She sold her car, so no need for renewal or payment of premium.

Functional Period

Parag bough a Fire Insurance for his factory and got the building, equipment and other fixtures. The policy was issued on 2.03.2019 and will be renewed on 1.03.2020. The General Insurance Policies are issued for a period of 1 year.

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Life Insurance

Everyone needs insurance to cover up their different risks or to plan for particular goals at particular age.

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What is Life Insurance?

A contract between an insurance policy holder and an insurer and where the insurer promises to pay a certain sum of amount (the benefit) in exchange for a premium, upon the death of an insured person, is known as Life insurance.

Life Insurance Policy Details:

There are different types of policies details available in India. Following are some of them:

  1. Term Life Insurance:-  Its simplest form of life insurance plan and easy to understand and affordable to buy. In case of an untimely death of insured person, with an enormous amount of money, his family is supported. The sum assured helps them to replace the loss of the income. Moreover, the money could be utilized to pay off loan, monthly household expenses, child’s education expense, etc.
  2. Unit linked Plans (ULIPs):- A comprehensive combination of insurance and investment is ULIPs. Long term investment option with much more flexibility to invest. As per your risk appetite invest money. Through the life insurance company with complete transparency, you can invest either in equity, debt or hybrid funds.
  3. Endowment Plans: is a combination of insurance and savings. Long term saving option for people with much lower risk appetite for investment. Long term financial planning and an opportunity to earn returns on maturity.
  4. Money Back Life Insurance:- The benefit of this policy is short term financial planning an opportunity to earn returns on maturity. This is a unique type of life insurance policy wherein the insured is paid back a percentage of the sum assured on periodic intervals as survival benefits.
  5. Whole Life insurance: Unlike term plans which cover specific period, whole life insurance policy covers the life assured for whole life or in some cases up to the age of 100 years. As compared to term plans, the premium are higher. After completion of premium payment term, whole life insurance plans also offer partial withdrawals.
  6. Child Plan:- To build funds for child’s education and marriage, Child plans help a lot. The immediate payment of the policy term is payable by the insurance company, in case of insured person passes away. In some the policy continues till maturity, but future premium of child plans is waived off, on the death of the life insured.
  7. Retirement Plan:- To build corpus funds for your retirement, you can take help of Retirement Plan. In case of life assured passes away during the policy term, immediate payment is payable by the insurance company to the nominee. Death benefit will be higher of coverage or fund value or 105% of premiums paid. If the life assured survives the maturity age, vesting benefit will be payable. In which case, payout will be fund value which has to be utilized for buying an annuity.

Life insurance Tax benefits:

In number of ways, life insurance helps to save tax. Premium paid on life insurance are tax deductible. Under section 80C of the Income tax act, 1961, tax deduction allows exemption up to Rs 1,50,000 per annum. You can also claim deductions for premiums paid towards life insurance policies of:

  • Yourself (assessee)
  • Your spouse
  • Your dependent children.

Under section 10(10D) of the income tax act, 1961, life insurance payouts  received as a benefit to the nominee or on maturity as a survival benefit, to the insured including bonuses if any is exempted from tax.

Tax benefit on health insurance is allowed under section 80D of the Income tax act, 1961. Maximum Rs 25000 can be availed as tax deduction. For premium paid towards health insurance policies of following can be claimed as deduction:

  • Yourself
  • Your spouse
  • Your dependent children
  • Parents (whether dependent or not)

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