Insurance
"No one can surely predict the future. But we can protect it"
Life Insurance
This subject is something that not everybody is comfortable talking about, or even thinking about. When we are young and healthy, we feel immortal. The unexpected death of a loved one or us is the furthest thing from our minds.
However, the fact of the matter is that it is never too early to start thinking about your family’s protection in the event of tragedy. All insurance related professionals agree that the sooner you start thinking about how to cover yourself in the future, the more options and the more affordable this type of insurance can be. There are many logical answers to the question
Types of Life Insurance
What is Life Insurance? At its most basic level, is a contract between you and a company to pay a sum of money to your beneficiaries in the event of your death, to cover expenses and make up for the lack of your income. Premiums are based on the type of insurance you buy, the benefit amount, and your chances of dying based on your overall health and lifestyle during the period when the policy is in effect.
There are basically two types. You may have heard of them – Term Life Insurance and Permanent Life Insurance. In this discussion we will review in broad terms the difference between the two. You can find more details any time by accessing these links.
Term Life Insurance – As the name implies, Term Life is a product that you purchase for a specific length of time, usually 5, 10 or 20 years. At the end of the term you are given the option of renewing the policy. Term life is strictly that, only insurance that pays a death benefit, as opposed to Permanent policies that accrue cash value. Term Life pays a lump sum single benefit at the time of death. Your family can use that money to cover funeral expenses, immediate bills, and invest in annuities to make up for the loss of salary to pay on-going monthly expenses. Term is the easiest and most affordable life insurance to obtain. A Term policy is great for young families just starting out.
Permanent Life Insurance – Unlike Term Life, there is no fixed time limit to Permanent Life, as long as you keep making your monthly premium payments the contract between you and the insurance company remains in effect. The other key difference between permanent and term life insurance is that a Permanent policy gains “cash value.” Part of your monthly premium goes into a tax-deferred investment account that you do have access to while you are alive. There are various types of Permanent Life such as Whole Life, Universal Life and Variable-Universal Life
Age
- Maximum age of applicant at loan maturity: 60 years
Income
- Minimum Net Monthly Income: Rs 25,000
Credit Rating
- Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
For Salaried
- Application form along with photograph, Salary slip , Appointment letter,Form-16.
- Relieving letter, Salary Account Statement.
- Address proof, ID Proof, Signature Proof,Vehicle quotation
For Self employed
- Application form along with photograph, 3 years ITR, Business profile.
- Current account statement, Saving a/c statement,License for running business, 3 years P/L account & balance sheet, Address Proof.
- ID Proof, Signature Proof, Vehicle quotation.
For Professionals
- Application form along with photograph, 3 years ITR, Individual profile.
- Current account statement, Saving a/c statement, Professional Qualification proof, 3 years P/L account & balance sheet.
- Address proof, ID Proof, Signature Proof, Vehicle quotation.
Below are fees and charges that you may be required to pay:
Types of fees Charges applicable
- Rate of interest – Up to 8.75% – 10%
- Processing fees – Up to 2%
- Loan statement charges – Nil
- Interest & principle statement charges – Nil
- EMI bounce charges – Rs 20 for every bounce
- Secure fee – NA
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
Health Insurance
- Health insurance takes care of your medical expenses and ensures that out-of-pocket expenses are curtailed upto the Sum insured
- A health insurance policy ensures that you can avail cashless treatment at a network hospital without having to pay for them, typically covering 30 days and 60 days pre and post hospitalization, respectively, in most of the Health Insurance plans.
- One can add value to the Base Health Insurance Plan by complementing them with additional add-on products such as Personal Accident (PA) Cover, Critical Illness (CI) Cover and Top-Up. These products are available at a very nominal cost adding benefits which are not part of the Base Health Insurance plan. For Example, A PA plan helps by providing coverage for disability, which is typically not covered under Health Insurance. An individual need not go through any waiting period and medical checkups for a PA cover.
- One can also invest on one of the popular senior citizen health insurance policies and ensure comprehensive security for their elderly parents or secure their old age that often brings along several ailments that require expensive medical treatment.
Age
- Maximum age of applicant at loan maturity: 60 years
Income
- Minimum Net Monthly Income: Rs 25,000
Credit Rating
- Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
For Salaried
- Application form along with photograph, Salary slip , Appointment letter,Form-16.
- Relieving letter, Salary Account Statement.
- Address proof, ID Proof, Signature Proof,Vehicle quotation
For Self employed
- Application form along with photograph, 3 years ITR, Business profile.
- Current account statement, Saving a/c statement,License for running business, 3 years P/L account & balance sheet, Address Proof.
- ID Proof, Signature Proof, Vehicle quotation.
For Professionals
- Application form along with photograph, 3 years ITR, Individual profile.
- Current account statement, Saving a/c statement, Professional Qualification proof, 3 years P/L account & balance sheet.
- Address proof, ID Proof, Signature Proof, Vehicle quotation.
Below are fees and charges that you may be required to pay:
Types of fees Charges applicable
- Rate of interest – Up to 8.75% – 10%
- Processing fees – Up to 2%
- Loan statement charges – Nil
- Interest & principle statement charges – Nil
- EMI bounce charges – Rs 20 for every bounce
- Secure fee – NA
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
Term Insurance
Term plans are typically affordable insurance plans that provide full protection and financial stability to your loved ones in case of any unforeseen events. HDFC Life presents term insurance plans and policies in India to best meet your needs.
Term insurance is a life insurance product offered by an insurance company which offers financial coverage to the policy holder for a specific time period. In case of death of the insured individual during the policy term, the death benefit is paid by the company to the beneficiary.
Among life insurance plans, term insurance provides the highest life insurance coverage for the lowest premiums during the period of the plan.In your absence, not only does your family remains financially independent, but also is able to fulfill its future needs like a young child’s higher education.
Why Should You Get a Term Plan?
Some of the powerful benefits of term plans are:
- Term Plans provide large life insurance cover at affordable prices
- Term Insurance helps to protect your loved ones from any unforeseen eventuality
- They can cover your financial liabilities
- They also offer tax benefits on premiums paid and the payout received.
Age
- Maximum age of applicant at loan maturity: 60 years
Income
- Minimum Net Monthly Income: Rs 25,000
Credit Rating
- Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
For Salaried
- Application form along with photograph, Salary slip , Appointment letter,Form-16.
- Relieving letter, Salary Account Statement.
- Address proof, ID Proof, Signature Proof,Vehicle quotation
For Self employed
- Application form along with photograph, 3 years ITR, Business profile.
- Current account statement, Saving a/c statement,License for running business, 3 years P/L account & balance sheet, Address Proof.
- ID Proof, Signature Proof, Vehicle quotation.
For Professionals
- Application form along with photograph, 3 years ITR, Individual profile.
- Current account statement, Saving a/c statement, Professional Qualification proof, 3 years P/L account & balance sheet.
- Address proof, ID Proof, Signature Proof, Vehicle quotation.
Below are fees and charges that you may be required to pay:
Types of fees Charges applicable
- Rate of interest – Up to 8.75% – 10%
- Processing fees – Up to 2%
- Loan statement charges – Nil
- Interest & principle statement charges – Nil
- EMI bounce charges – Rs 20 for every bounce
- Secure fee – NA
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges
Car Insurance
Car insurance is a type of insurance policy that efficiently takes care of expenses arising from unfortunate events, such as an accident, theft, and any third-party liability. Car insurance is the best way you can protect yourself and your car from financial emergencies, including any legal liability, resulting from physical damage, traffic collision, bodily injury caused to you, your car, or a third party. Various car-insurance-specific terms & conditions are subject to vary with legal regulations in different regions of the country.
Car insurance is mandatory so choose a plan wisely. You can now save money, get discounts and find the best deal through PolicyBazaar. Compare various plans and buy hassle-free.
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Car Insurance or motor insurance covers for losses that you might incur if your car gets damaged or stolen. The premium amount of your car insurance is decided on the basis of Insured Declared Value or IDV of the vehicle. If you increase the IDV, the premium rises and if you lower it, the premium reduces. It is important for any policyholder to compare various auto insurance options before going for a car insurance renewal or buying a new policy.
Age
- Maximum age of applicant at loan maturity: 60 years
Income
- Minimum Net Monthly Income: Rs 25,000
Credit Rating
- Applicant should have the bank specified credit score.
The following documents are required along with your Personal Loan application:
For Salaried
- Application form along with photograph, Salary slip , Appointment letter,Form-16.
- Relieving letter, Salary Account Statement.
- Address proof, ID Proof, Signature Proof,Vehicle quotation
For Self employed
- Application form along with photograph, 3 years ITR, Business profile.
- Current account statement, Saving a/c statement,License for running business, 3 years P/L account & balance sheet, Address Proof.
- ID Proof, Signature Proof, Vehicle quotation.
For Professionals
- Application form along with photograph, 3 years ITR, Individual profile.
- Current account statement, Saving a/c statement, Professional Qualification proof, 3 years P/L account & balance sheet.
- Address proof, ID Proof, Signature Proof, Vehicle quotation.
Below are fees and charges that you may be required to pay:
Types of fees Charges applicable
- Rate of interest – Up to 8.75% – 10%
- Processing fees – Up to 2%
- Loan statement charges – Nil
- Interest & principle statement charges – Nil
- EMI bounce charges – Rs 20 for every bounce
- Secure fee – NA
*Service Tax and other Government taxes, levies etc. applicable as per prevailing rate will be charged over and above the Fees and Charges