Life Insurance

Life Insurance plan is the safest and the most secure way to protect your family or dependents against financial contingencies that may arise post the regrettable event of your untimely demise. Under a Life Insurance Contract in India, the insurer assures to pay a definite sum to the policyholder’s family on his/her demise during the policy term.

What is Life Insurance?

Life Insurance is an agreement between an insurance company and a policyholder, under which the insurer guarantees to pay an assured some of money to the nominated beneficiary in the unfortunate event of the policyholder’s demise during the term of the policy. In exchange, the policyholder agrees to pay a predefined sum of money in form of premiums either on a regular basis or as a lump sum. If included in the contract, some other contingencies, such as a critical illness or a terminal illness can also trigger the payment of benefit. If defined in the contract, some other things, such as funeral expenses might also be a part of the benefits.

Life Insurance Policy Types:

1). Term Insurance, 2). Endowment Policy, 3). ULIP - Unit Linked Insurance Plan, 4). Money Back Life Insurance, 5). Whole Life Insurance

Health Insurance

Health Insurance is an insurance policy that ensures that you get cashless treatment or expense reimbursement, in case medical treatments. It is a contract between an insurance company and the customer. The insurance company would pay for your treatment if the medical condition is covered by your policy.

As per IRDAI, the premiums payable towards such an insurance policy have tax advantage under section 80D of Income Tax Act, 1961.

Individual Plans Cashless Hospitalization: Medical expenses are raising everyday! Get health insurance for your medical outlay. With cashless facility, stay tension-free and cure yourself faster. Approved by IRDAI, SRK Insurance Services helps you compare and find the best plan.

Importance of Health Insurance

The treatment cost is getting way too expensive. Health insurance prevents a medical emergency from turning into a financial emergency. It makes sure that health care needs of one are taken care of without depleting one’s savings and compromising on one’s future goals. The contract of health insurance requires the provider to pay some or all of one’s health care costs in exchange of a periodic imbursement. Additional advantages of health insurance policies include regular health check-ups, cashless services, pre and post hospitalization expense reimbursement etc.

Health insurance policies allow you save thousands on taxes under section 80D of Income Tax Act, 1961. The premiums paid towards the policy reduce your annual tax liability, thereby reducing your taxable earnings per year.

Types of Health Insurance Policies in India

One needs to ensure the security of health of oneself as well as of the family. With the increasing cost of healthcare in India, health insurance has become almost mandatory for everyone. Health insurance makes sure not only health security but also hassle-free claim resolution. In today’s world of advancements, people have different choices when it comes to purchasing health insurance. There are various plans readily available in India to include every aspect of a medical emergency. Some popular types of policies are below:

1). Individual Health Insurance Policies, 2). Family Floater Health Insurance Policies, 3). Surgery & Critical Illness Insurance Plans, 4). Senior Citizen Health Insurance Plans, 5). Maternity Health Insurance, 6). Personal Accident Cover

Motor Insurance

Motor insurance is a coverage which is bought for cars, trucks and other vehicles that ply on roads. Its main objective is to give complete protection against physical damage or loss from natural and man-made calamities. In India, motor insurance is mandatory to ply a vehicle on road.

Types of Motor Insurance

Car Insurance: Car Insurance gives coverage against accidental loss or damages to own car or to a third party. While choosing a car insurance policy, a person should always compare premium offered by various insurers to ensure that he got the best deal. The amount of premium would depend on the make & value of car, state from where it is registered and manufacturing year.

Two Wheeler Insurance: It provides protection to bikes and scooters. The features of two wheeler policy are similar to car insurance.

Commercial Vehicle Insurance: Commercial vehicle insurance helps all commercial vehicle drivers to reduce losses they might incur due to damage to their vehicle. Here commercial vehicles include those which are not used for personal purposes, like goods carrying vehicles.

Third Party Insurance Policy: It covers third person who has been injured in an accident involving you and your car.  The policy doesn’t provide any direct benefit to the insured. As per Insurance Regulatory and Development of India (IRDA), no insurer can decline to underwrite third party insurance.

Comprehensive Insurance Cover: This cover is an add-on to the third party insurance plan and protects the owner from financial losses caused by damage or theft of the insured vehicle. Besides insuring vehicles, it also provides third party coverage.

Liability only Policy: It provides third party liability cover for bodily injuries and property damage. It also includes personal accident cover for driver.

General Insurance (Other Insurance)

Travel insurance

When you are making your vacation plans do not forget one vital aspect! Travel insurance is today the need of the hour. Whether you travel international or within the country, out of home signify FOREIGN GROUND. So, keep yourself, your family, and your luggage protected against any eventuality.

Travel insurance includes Domestic Insurance, International Insurance, Student Insurance, Senior Citizen Insurance, and Family Insurance.

Key features include : 1) Cover for trip cancellation, delays, 2) Cover four lost, delayed luggage or passport, 3) Out/in patient hospitalization coverage, 4) Contingency cover for personal possessions, 5) Accident cover against death/permanent disability

However, there are certain exclusions to travel insurance too that you should know about. Insurer’s don't cover you against missed or delayed flights during riots, war conditions, or natural disasters. Also, you won't get any compensation for hospitalization related to pre-existing diseases.

Corporate Insurance

Insecurity, risk, and uncertainty are incidental in Corporate Sector. So, the best you can do for your organization and the employees is to avail the facility of corporate insurance. These are ideal for SMEs, Big Enterprises, and Medium Range Companies. Different types include,

• Asset & Property Insurance: Fire Insurance, Shop Owner's Plan, Office Package & Burglary Insurance
• Group Health & Accident Insurance: Health Insurance, Travel Insurance, Accident Insurance & Life Insurance
• Employee Benefits: Group Gratuity Plans, Key Man Plans & Group Term Plans
• Others: Marine Insurance, Liability Insurance, Officers And Directors Liability Insurance & Professional Indemnity

Benefits associated with corporate are the following,

• Remain protected against unforeseen loss
• Diffuse risk by spreading amidst all
• Risk transfer to insurer improves credit standing
• Optimally use and invest capital with insurance to take care of emergencies

Home Insurance

Secure your property from natural and man-made calamity with a sturdy HOME INSURANCE.

Such policies give protection against,

• Damage by man-made or natural agents
• Burglary or breakage in house
• Damage & break down of gadgets or appliances
• Loss of baggage during travel
• Robbery or theft of valuables
• Injury, permanent disability, or death
• Damage through acts of terrorism
• Public liability
• Injury/death of workers
• Post rental damage
• Rent loss through damage

Coverage amounts generally depend on the reinstatement value of your property or on the current value in the market. However, when buying a home insurance you should also know about the related exclusions. Such plans do not cover damage due to nuclear explosion, radioactive contamination, invasion, military activity, or acts of war.