Smart Steps to Buy RIGHT Insurance

The overall reason for buying insurance is to leave behind financial resources for who or what is important to you.

Insurance helps in your hour of need and provides compensation to mitigate the loss.

Premiums payments to the insurance company go toward the death benefit, the financial payout after your death. Many people plan for this money to take care of their final arrangements, cover living expenses for loved ones, or support a favorite cause. 

However, you can also use a insurance policy to accumulate savings, maximizing the income you will have for your retirement or providing an income stream after your death for your survivors. 

There are various kinds of policies and plans to cater to your financial goals and requirements.  

The Investor Bazaar understands your needs and provides the best tailor suited plans and policies to create a secured tomorrow for you and and your family.

We has the best financial advisors who have in-depth knowledge of the industry. They listen carefully to the clients requirements and then provide trustworthy advice.

We are partnered with the top insurance and investment companies. We have range of plans, policies and investment options to fulfil each and every sort of financial need of client.

Getting Insured in Investor Bazaar is easy and hassle-free: 

  1. Choose advisor and plan for your financial needs
  2. Fill in the relevant form with attached documents
  3. Pay timely premiums after confirmation of plan

Once the policy is purchased, tell your beneficiaries which company issued it, where to find the paper copy of the policy, and any specifics about what you want them to do with the insurance benefit. 

While it is rare for people to be unaware they are the beneficiary of an insurance policy, it does happen, and benefits may go unclaimed. 

Don't forget to store your documents so that your beneficiaries can easily access them.

Also share the relevant insurance details with the beneficiaries time to time about the premium, coverage etc.

Facts & Questions

Investor Bazaar clears all doubts of clients for a worry-free and comprehensive Policy Plans

Which type of insurance is the most important?

There are two types of insurance needs – long-term and short-term. Short-term needs are usually for less than one year to up to 3 years. Long-term insurance needs can last for a lifetime. Long-term insurance needs such as life insurance and health cover needs are usually permanent.

However, insurance needs such as car insurance, travel insurance, etc. would be there for a limited period only.

What is the difference between life insurance and general insurance?

The technical difference is that one of the key principles of insurance, the ‘principle of indemnity,’ does not apply to life insurance policies. This principle says that the compensation from insurance can never exceed the magnitude of loss. However, in the cases of death magnitude of loss is unclear.

Thus, the benefit would be limited to certain times the annual income. Generally, insurers limit the benefit to 20 times, however, it can go up if your financial health is better.

How many claims can I file under my insurance policy?

For life insurance policies you can only file one claim per incident. For example, if your life insurance policy covers total and permanent disability you can file a claim for it only once. Even though your life cover will continue after this, the insurer will not entertain another disability claim on the same policy.

With general insurance policies, however, you can continue to file claims until your sum insured is completely exhausted. For example, family health insurance of Rs 5 lakhs will entertain hospital bills for any covered family member until the reimbursements reach the limit of 5 lakh.

What are the Tax Benefits of Insurance?

Insurance gives your safety and security benefits and also income tax benefits. The benefits are as follows:

a) You can claim a life insurance premium of up to Rs 1.5 lakh under Section 80C.

b) Under Section 80D, you can claim a medical insurance premium of up to Rs 25,000 for self and family and additional Rs 25,000 for parents. The deduction limit rises to Rs 50,000 if the insured are senior citizens.

c) Under Section 10(10D), the life insurance benefits you or the nominee receives from the insurance company are tax-exempted. This means both maturity value and death benefit received from a life insurance policy will be tax-free.

However, the maturity benefit is tax-free only if your annual premium for the policy does not exceed 10% of the base life cover in the policy.

" Zindagi Ke Saath bhi
Zindagi Ke Baad bhi "