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Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably.


There are a number of life insurance products which offer protection and also coupled with savings.


A term insurance product provides a fixed amount of money on death during the period of contract.


A whole life insurance product provides a fixed amount of money on death.


An Endowment Assurance product provided a fixed amount of money either on death during the period of contract or at the expiry of contract if life assured is alive.


A money back assurance product provides not only fixed amounts which are payable on specified dates during the period of contract, but also the full amount of money assured on death during the period of contract.


An annuity product provides a series of monthly payments on stipulated dates provided that the life assured is alive on the stipulated dates.

A linked product provides not only a fixed amount of money on death but also sums of money which are linked with the underlying value of assets on the desired dates.


There are a variety of life insurance products to suit to the needs of various categories of people-children, youth, women, middle-aged persons, old people; and also rural people, film actors and unorganized labourers.


Life insurance products could be purchased from registered life insurers notified by the IRDA. Insurers appoint insurance agents to sell their products. Public who are interested to buy life insurance products should receive proper advice from insurance agents/insurer so that a right product could be chosen to suit particular financial needs.

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An Investment policy is a combination of insurance and investment: Investment policy has typical maturities of ten, fifteen or twenty years up to a certain age limit. The life of the individual taking the policy is insured for a certain amount. This life cover is referred to as the sum assured. Investment Policy combines the risk cover with financial savings. Historically Investment policies have been the most popular policy in the world of life insurance. This is because people still consider "Investment plan" as an investment rather than "pure insurance".
An Investment policy may declare a bonus every year: The money that is invested generates a certain return every year. This return may be declared as a bonus. The bonus is typically generated as a certain proportion of sum assured or life cover as it is popularly known. However, the bonus declared does not compound it, only accumulates over the life of insurance; thus, returns are low.
An Investment policy may declare a bonus every year: The money that is invested generates a certain return every year. This return may be declared as a bonus. The bonus is typically generated as a certain proportion of sum assured or life cover as it is popularly known.
However, the bonus declared does not compound it, only accumulates over the life of insurance; thus, returns are low. For example- if an individual taking the policy has a policy of sum assured Rs. 20 Lakh and the company declares a bonus of Rs. 10 per thousand of sum assured, then the bonus works out to be Rs. 20,000. Now since this bonus is not compounding every year, it will remain Rs. 20,000 till it is paid out. Hence, you could see a disadvantage here that you are essentially loosing interest on that money. This bonus may accrue to the insurance holder till the maturity or it may be paid out before the maturity as well.
In a money-back plan, you keep getting a percentage of the sum assured during lifetime of the policy. In case of the insurer outliving the term, he/she gets the remaining corpus with accrued options like bonus. In the event of his/her death before the full term of the policy, his/her nominee or legal heirs get the sum assured irrespective of the number of installments received, with accrued benefits. Money back life insurance policies offer the dual benefits of insurance and redemption of money at regular intervals. These policies fit perfectly in the scheme of things of traditional savings, for people who seek financial instruments that provide insurance and savings elements, coupled with low risk element and guaranteed returns.
It creates a long-term savings opportunity with a reasonable rate of return, especially since the payout is considered exempt from tax except under specified situations.