Welcome to SkyFire Insurance Broking LLP!
Welcome to SkyFire Insurance Broking LLP!
Life Insurance is a mutual contract between an insured and the life insurance company, where the insurance company promises to pay a sum of money to the nominee (if something happens to the insured/policyholder) in return for a premium.
A life insurance premium is a payment that is to be paid to avail the life insurance benefits. The life insurance premium is paid yearly; however, the mode of premium payment can be selected from monthly or half-yearly also. This premium also aids to grow the cash value of life insurance.
The insurance company decides the premium payable by the policyholder to the insurance company. Despite that, the insurance buyer gets to select the term of the policy and the sum assured.
In order to calculate the sum assured of a life insurance policy, the insurance provider takes various factors such as your lifestyle, occupation, number of dependents, finances, sum assured etc. into consideration.
The benefits of buying a life insurance policy are beyond protecting policyholder’s family in tough times. Indeed, it's a necessity for a breadwinner to protect their dependents in case of their unfortunate and untimely demise, accident or physical disabilities that lead to a loss of income. Despite that, there is a long list of other benefits that make life insurance plans a must-have.
Sadly, most people are not aware of the many benefits provided by a life insurance plan. All they care about are disability and death benefits. However, there are plenty of other benefits offered by life policies such as maturity benefits, tax benefits, pension schemes etc.
Let's take a look at the benefits provided by life insurance plans:
In the view of planning for retirement, there are few units as powerful as a life insurance policy. Being that you will be saving money over a period of time, life coverage policies will help in supplying a steady source of profits after your retirement.
Folks that enjoy life insurance could have the choice of availing a mortgage towards their insurance coverage that may help them meet their unplanned life degree requirements without hampering the advantages supplied utilizing the policy they've purchased.
Along with financial aid, it also serves as a long term investment option. Many popular life insurance plans, such as traditional endowment plans offer specific maturity benefits via multiple product options like maturity values, cash values, money-back, etc.
Life insurance offers appealing tax advantages and helps you save an extensive sum of money. Almost all the Life Insurance policies provide you the benefit of the tax deduction on payment of premiums and also provide tax-free Sum Assured under Section 80C and 10(10)D of the Income Tax Act, 1961 respectively.
Till this time, many people don't know that life policies can also be used as loan collateral. Based on the type of the life insurance policy and the surrender value, the policyholder can choose for a loan from a bank or NBFC (Non-Banking Financial Company) as per applicable terms and conditions.
It is the basic form of life insurance plan that provides the coverage of risk at the bare minimum cost. The sum assured is provided at the time of death during the tenure of the policy period.
It is a plan that provides death benefit cover during the tenure of the policy along with maturity benefit at the end of the policy term in case of survival. The premium charged is higher in this plan, which is being invested in the asset market - Debt and Equity.
It offers financial coverage to your child's future needs and allows you to plan his/her future in a better and stabilized way. Basically, it is a combination of insurance cover and investment that secure multiple stages of your child.
This plan helps you in securing your post-retirement life financially. It is an investment/saving tool that caters to future retirement. For planning your retirement, there are lots of pension plans available in the market. These pension plans are different from each other. Their benefits, features, and exclusions are different too.
It is a plan that offers different opportunities to save and reserve a fund for the future needs . It helps to invest systematically so that an individual can achieve its long term goals with any tensions and hindrances.
It is the insurance plan where the allocation fund of the premium paid is converted into units at the prevailing market rates. It gives investors both insurance and investment under a single integrated plan.
Life Insurance Policy is the best means to fulfill the goal which has been set by you. In the case of any tragedy to the insured/policyholder, life insurance serves as the best way to help the families. Even the needs of the children are safe as the policy can help when the main bread owner dies. These policies can protect you from taxes, which are a great benefit. Premiums that are paid get a tax deduction. The policy can be taken for a special motive like the education of children or their wedding. Also, retirement life can be secured by taking the policy. So, taking a Life insurance policy is beneficial.
The moment when you feel that your family or loved ones are dependent on you for their needs, without even thinking for a minute you should buy the insurance policy. As there is no age limit so it's good to get it the moment you think the requirement arises.
Yes, older residents who're above the age of 60 can also purchase life insurance regulations. There are numerous types of insurance policies like term policies, whole life policies, and guaranteed life coverage guidelines that are designed to provide cover to older individuals. LIC and Reliance offer life insurance plans specially designed for senior citizens.
Age Proof: Birth Certificate, Driving License, 10th or 12th marksheet, Passport, Voter ID, etc.
Identity Proof: Aadhar Card, PAN Card, Passport, Driving License, Voter ID.
Address Proof: Ration Card, Electricity Bill, Telephone Bill, Driving License & Passport.
Some plans may require a medical check-up in order to make sure that the insured does not suffer from any chronic illness. Other documents like claim form and death certificate will be demanded by the insurer.