Life Insurance
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Endowment plans offer both risk and maturity benefits. In endowment plans, the rate of tax is different in the first year and it changes from the second year onwards. Before the implementation of the Goods and Services Tax (GST), while buying an insurance plan, the policyholder paid a service tax of 3.75% on the first year premium amount. From the second year onwards, the policyholder paid a service tax of 1.88% on renewal premium amount. However, post-GST, the policyholder will pay a service tax of 4.5% on the first year premium amount while buying a new policy, and 2.25% on renewal premium amount from the second year onwards.
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Purchase and maintenance of insurance policies has changed its definition over the last decade. With rapid growth and exposure to insurance at pan India level, the consumers are being more and more aware of insurance products & processes, which brings-in the need for personalized service-support. OneInsure enables the consumers to buy, know, maintain and renew their policies through its APP. This facilitates them to access 60+ premium services delivered with global standards of user experience & technological support.
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Rajesh had purchased a life insurance policy through OneInsure. After 11 months of buying the policy, he suffered a massive paralytic stroke, which left him disabled and he was no longer able to work. However, he continued paying his monthly insurance premiums. It was only after we contacted him for a policy review that he realized that his policy covered disability. This meant that his monthly premiums would now be waived and he could even receive a monthly check from the insurance company. We were happy that we could be of some help to Rajesh during his difficult times.
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When you talk about Life Insurance it normally freaks out every individual. The main reason behind is the confusion everyone has about the benefits received through a Life Insurance Cover.
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SBI Life Insurance has recently launched a High Income Group Unit-Linked, Non-Participating Life Insurance Plan – Smart Privilege. This plan gives you the option of choosing the fund and switching fund at no additional cost. We have decoded the entire product details in the article.
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After the birth of his first child, Rajiv, a 28-year-old Accounts Professional, decided to purchase a Life Insurance Policy to secure his family’s future. He got online to check options but got confused with the various terms such as Endowment Plan, ULIP, Whole Life Plan, etc. and he simply logged off. As a result, his decision to purchase a policy got pushed back by a few weeks. This is exactly what happens with a lot of new customers who don’t understand the jargons and terms of Insurance policies.
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A lot of people fail to understand the difference between savings and investments and often use these terms interchangeably. While both are equally important, their purpose differs. The keywords that distinguish the two terms are Risk and Liquidity.
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Life is never easy for a working mother like Swati, who has to juggle work and family life. With a full-time job, household chores and responsibility of raising kids, she hardly found time to relax or discuss any financial matters with her husband, Anup.
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That Friday night, Rajiv was elated. After so many long nights toiling in the office, the Boss had finally awarded him with a promotion. Exiting the office that night, Rajiv felt like everything was falling into place. Bidding his fellow employees goodbye for the weekend, he opened his car door and started on the long journey home.
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