General Insurance

Leaving with family for a weekend getaway? Just think of all the assets you possess like your home, car, jewellery and other valuables. What if you lose all of it due to some fire, theft or a natural calamity? It would be all gone even before you might think about saving it.
Well! Nothing would work except a security system that backs us. In other words, we need an insurance cover.
“To insure is to protect and indemnify. It does not mean Prevention of loss”.

Health Insurance

At a time where Inflation in Health Care is increasing at almost double the rate of overall inflation it has become a basic requirement to protect yourself against such expenses. Health insurance also popularly known as Mediclaim is the most basic and foremost need of today’s world.
With advancement in insurance industry it is now possible to compare and buy the Best Health
Insurance policy online in just a few clicks.
There are 2 types of products in Health Insurance

Indemnity Policy

Indemnity plans reimburses the insured for the costs incurred because of the specific events. In case of Health Insurance, costs of medicines, visits to doctors, hospital stays, etc are covered by the insurer. It does not provide any additional cash benefits.

Benefit products

These products pay a predefined amount in case a said event occurs, irrespective of the costs incurred. It includes products such as Maternity Benefit Insurance, Critical Illness Insurance, etc.

It covers more than 35 major illnesses such as

  • Cancer
  • Heart Attack, Open Heart coronary artery bypass grafting
  • Kidney Failure
  • Stroke
  • Major Organ transplant
  • Bone marrow transplant
  • Paralysis of limbs, etc.

Critical illness insurance protects you against such expenses by paying a lumpsum amount on detection of any major illness defined in the list.

Maternity Insurance ensures best facilities for the child and the mother without burning a hole in your pocket. It covers all the expenses such as:

  • Pre-natal tests
  • Medical procedures
  • Expenses related to caesarian delivery or normal delivery
  • Post-natal tests
  • Complications arising from child birth
  • Coverage for new born
  • Ambulance charges
  • Nursing charges, etc.
Daily cash benefit is a defined benefit policy that pays a predefined sum of money for every day of hospitalization. It helps you take care of non-medical expenses without disturbing your monthly finances.

For people above the age of 65 Years planning to buy a Health Insurance Senior Citizen plans are the best option. Senior citizen plans ensure the availability of extra care required at an elderly age. With Nominal premiums you can provide best healthcare to your Parents.

Points to keep in mind while buying Health Insurance for your parents:

  • Compare Various product’s features
  • Co-Payment
  • Waiting Periods
  • Pre-existing diseases coverage
  • Sub-limits on certain diseases
  • Choose a higher Sum Assured

Health Insurance for Heart Patients

Fast changing lifestyles and food habits have contributed to an increase in heart-related ailments by 50% in the period between 1990 and 2016. Standard Health Care Plans may not cover pre-existing conditions and are do not provide enough coverage for huge expenses brought in by Heart ailments.

Dedicated Cardiac Care Plans Provide the following Advantages

  • It covers all Heart related procedures
  • There is an option of lumpsum payment on detection as opposed to actual expenditures incurred
  • Available for patients with Pre-existing conditions
  • Tax benefits are available under section 80D of Income Tax Act, 1961.

Anyone below 65 years is eligible to take this policy, with a wide range of sum insured options available from Rs 25,000 to Rs 3 Lakhs.

  • 100% Sum Insured payable on being tested positive
  • Hospitalization expenses for Quarantine due to Covid-19 covered
  • Initial Waiting period of 15 Days
  • Not available for people suffering from conditions such as diabetes, hypertension, disease related to heart/lungs/kidney/liver, cancer, stroke, etc.
  • Insured member(s) should not have travelled to the countries listed in the “Travel Advisory on Home Isolation/Quarantine and restricted travel” issued by Ministry of Health & FW, Government of India as applicable on date of policy purchase, since 60 days prior to the policy inception date and any time after the policy inception date
  • Child below 18 years can be covered if either parent also takes the policy

Personal Accident

With 11% share, India accounts for highest number of deaths by accidents. Personal Accident Insurance has been designed to provide compensation or financial assistance in case one suffers from Death or Disability due to some External, Accidental and Violent means.

The best part of this policy is that it compensates the amount of salary for that particular period when the insured person is temporarily confined due to some accident and is not able to attend his occupation / profession.

It provides Following benefits:

  • Accidental death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses due to accidental Hospitalization
  • Medical evacuation
  • Child’s Education Expenses
  • Loan Protector
  • Daily Cash Benefits

Auto Insurance

India ranks 1st in the number of road accident deaths across the 199 countries reported in the world road statistics. Auto insurance covers the loss or damage caused to the vehicle or its parts due to natural and man-made calamities. It provides accident cover for individual owners of the vehicle while driving and also for passengers and third party legal liability.

Auto insurance offers the following additional covers:

  • Engine protector
  • Tyre protector
  • Cover for loss of key
  • Road Side Assistance
  • Third Party Damage
  • Cost of Consumables

Types of Auto insurance

Third party liability insurance is mandatory for every vehicle under the Motor Vehicle Act,1988. This insurance protects you only against liability arising out of damage done by your vehicle to another vehicle, property or person.

Comprehensive insurance offers you complete protection against the damage incurred to your vehicle, death of the driver or the passengers as well as damage caused by your vehicle to a third party vehicle or property or a person.

Travel Insurance

Travel insurance covers you from financial risks and losses that can occur while travelling.

Major Coverages include losses due to:

  • Trip Cancelation
  • Flight Delay
  • Missed Connecting Flight
  • Emergency Medical Expenses
  • Home Burglary
  • Accidental Death
  • Loss of Passport
  • Loss due to delay/ Loss of baggage
  • Hijack
  • Fraudulent Charges
  • Emergency Cash Advance, etc.

If you are frequent traveler, you can buy Annual travel insurance policy and skip the hassle of buying a policy for each trip. You can get insured for your last minute trips with single day issuance of policy.

Despite major advancements in other forms of transportation, a surprising 90% of all goods are transported by ship.

The Marine Insurance policy covers the loss or damage to property caused due to:

  • Natural disasters like cyclone, earthquake, lightning, etc.
  • Man-made disasters like theft, violence, and piracy of ships
  • Collision, overturning or derailment of land conveyance
  • Sinking or stranding of ships
  • Expenses such as survey fees, forwarding costs, and reconditioning costs
  • The Marine Insurance Policy covers transits by: Air, Land, Water, Rail Road, Courier, etc.

Marine insurance policies are available in different structures. Based on how frequently you need marine insurance you can select a structure:

  • Annual Turn over Policy (ATOP)
  • Specific Voyage
  • Open Policy
  • Annual Policy.

Fire Insurance protects you from any loss arising out of damages to your property because of:

  • Fire
  • Lightning
  • Explosion / Implosion
  • Impact Damage
  • Aircraft Impact
  • Bursting / Overflowing Of Water Tanks / Pipes / Apparatus
  • Sprinkler Leakage
  • Storm
  • Cyclone/ Typhoon/Hurricane/ Tempest/ Tornado
  • Flood
  • Inundation
  • Subsidence
  • Landslide (Including Rock Slide)
  • Riots, Strikes
  • Malicious Damage
  • Missile Testing Operations​

It covers expenses related to:

  • Actual loss of goods due to fire
  • Additional living expenses due to damage to personal property
  • Loss to adjacent building or property due to fire in the insured building
  • Compensation paid to fire fighters

Additionally, there are options to insure Earthquake and Terrorism risks and a host of extensions including Insurance of rent.

Fire Insurance also helps you cover Consequential Loss: loss of profits of a business due to reduction in the turnover caused by a loss or damage that is covered in the Standard Fire Policy.

Group Mediclaim Policy

GMC is a packaged medical insurance policy whereby we can cover a large group of people under a single umbrella with affordable premiums. It helps the employer in fulfilling his moral responsibilities towards his employees.

  • It is a named policy whereby you have to provide a list of names of the employees in the organization
  • Employees leaving / joining the firm in the middle of the year can be excluded / Included respectively in the policy.
  • Premium for the employees may vary based on their age group
  • You can cover various employee groups for different sum assured based on their designation in the organization
  • Families of employees can also be covered with additional premium
  • There is a minimum number of members required to be covered to avail this policy, this number can range from 20-100 members.
  • All the conditions and diseases are covered from day 1 with no waiting periods applicable
  • Tax benefits under section 37(1) is available.
  • Cashless facility is available.

Group Personal Accident:

Certain Coverages not included in Group Mediclaim but covered under Group Personal Accident policy are as follows:

  • Accidental death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses due to accidental Hospitalization
  • Medical evacuation
  • Child’s Education Expenses
  • Loan Protector
  • Daily Cash Benefits

Workmen Compensation

As per the Workmen Compensation Act in India, the main employer or contractor is liable to pay compensation to employees in case of death, bodily injury or occupational diseases sustained to employees at the workplace. Workmen Compensation Insurance aids the employers in fulfilling their obligations without disturbing their finances.

It protects the employer against liabilities arising because of:

  • Death
  • Permanent Partial Disability
  • Permanent Total Disability
  • Temporary Total Disability
  • Medical expenses arising out of any injury occurring at workplace
  • Legal costs arising because of any accident
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Liability Insurance

Liability insurance is a policy that offers cover to businesses/individuals and companies in case of legal hassles and if they are sued due to harm caused to another person by their products and services. This insurance policy protects the insured from legal payouts and costs for which the policyholder is deemed to be responsible.

There are 2 divisions in this policy:

Professional Indemnity: For Processionals providing services such as Doctors, Lawyers, Chartered Accountants, etc.

Liability Insurance: For Business owners and manufacturers

There are number of liability insurance available such as:

  • Third party liability
  • Public liability
  • Product liability
  • Employer liability
  • Professional liabilities
  • Industrial risks, etc.

 

Trade Credit Insurance

Trade credit insurance protects manufacturers, traders and service providers against losses from non-payment of a commercial trade debt. If a buyer does not pay (often due to bankruptcy or insolvency) or pays very late, the trade credit insurance policy will pay out a percentage of the outstanding debt.

Its features are:

  • Insured is paid when buyer declares bankruptcy/ solvency
  • Insured is paid when buyer delays payment under bankruptcy protection arrangement
  • Insurance policy will pay 75-95% of outstanding debt depending on type of cover purchased
  • You can choose policy with different covers based on the buyer you choose to cover
  • Most common type of cover is Whole Turnover Cover, which covers all buyers of the policyholder

As per the Workmen Compensation Act in India, the main employer or contractor is liable to pay compensation to employees in case of death, bodily injury or occupational diseases sustained to employees at the workplace. Workmen Compensation Insurance aids the employers in fulfilling their obligations without disturbing their finances.

It protects the employer against liabilities arising because of:

  1. Death
  2. Permanent Partial Disability
  3. Permanent Total Disability
  4. Temporary Total Disability
  5. Medical expenses arising out of any injury occurring at workplace
  6. Legal costs arising because of any accident
For Professionals providing services such as Doctors, Lawyers, Chartered Accountants, etc.
 
This policy is tailor-made for each profession and covers all legal expenses, out-of-court settlement, medical negligence for doctors. Contact us for more details.
Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries when the insured dies. The insurance company promises a death benefit in exchange for premiums paid by the policyholder.
Term insurance is the simplest form of life insurance plan. A term insurance provides death risk cover for a specified period. In case the life assured passes away during the policy period, the life insurance company pays the death benefit to the nominee. Except this there is no element of investments or savings in it making it a pure vanilla insurance product enabling it to offers higher coverages at lower level of premiums.
A unit linked Investment plan is a broad combination of insurance and investment. The premium paid towards it is partly used as a risk cover (insurance) and partly is invested in funds. One can invest in different funds offered by the insurance company depending on his risk need. The insurance company then invests the assembles amount in the capital market i.e. in bonds, equities, debts, market funds, or a hybrid funds.

Whole Life Insurance

With whole life insurance, you are guaranteed lifelong protection. Whole life insurance pays out a death benefit so you can be assured that your family is protected against financial loss that can happen after your death.

Endowment Policy

Endowment plan is a life insurance policy which provides you with a combination of both i.e, an insurance cover, as well as a savings plan. Policies are typically traditional with-profits or unit-linked It helps you in saving regularly over a specific period of time, so that you are able to get a lump sum amount on policy maturity, if the policyholder survives the policy term. However, in case of sudden death of the policyholder, the insurance company will pay the sum assured (plus the bonus, if any) to the nominee of the policy. Endowments plans are usually for shorter maturities as compared to whole life insurance.

Child plan

Child plans help to build funds for child’s education and marriage. Most of the child plan provides annual installments or one-time payout after the age of 18 years. In case of an unfortunate event, the insured parent passes away during the policy term, immediate payment is payable by the insurance company to the family. Some child plans waive off the future premiums on death of the life insured and the policy continues till maturity.

Money Back plan

Money back plan is a unique type of life insurance policy, wherein a percentage of the sum collected is paid back to the insured on regular intervals as survival benefit.They are also eligible to receive the bonuses declared by the company from time to time. This way, policyholder can meet short-term financial goals.

Investing is putting money to work to start or expand a project – or to purchase an asset or interest – where those funds are then put to work, with the goal to income and increased value over time. The term “investment” can refer to any mechanism used for generating future income.

A mutual fund is a type of financial vehicle made up of a pool of money collected from many investors, and invested by an experienced fund manager in assets and securities like stocks, bonds, etc.

Categories on the basis of investments in asset classes:

  • Money market Funds
  • Bond funds
  • stock funds
  • Debt mutual funds
  • Balanced funds
  • Monthly income plans (MIP)
  • Gilt funds

Categories on the basis of investment in types of securities with an asset class:

  • Sector-specific funds
  • Index funds
  • Large capital funds
  • Small capital funds
  • Multi-Capital finds, etc

A bond is a fixed income instrument that represents a loan made by an investor to a

borrower where investor receives a fixed interest for a specific time period.

Types are:

  • Corporate bonds
  • US treasuries
  • Municipal bonds
  • Government agency bonds

Portfolio Management Services (PMS), offered by the Portfolio Manager, is an investment portfolio in stocks, fixed income, debt, cash, structured products and other individual securities, managed by a professional money manager. Individuals, partnership firms, sole proprietor firms can invest in PMS, with a minimum investment being 50 lakhs.

Company Fixed Deposit (corporate FD) is a term deposit which is held over fixed period at fixed rates of interest. Company Fixed Deposits are offered by Financial and Non-Banking financial companies (NBFCs). The maturities of various company fixed deposits can range from a few months to a few years.

Its key benefits are:

  • Higher returns
  • Flexibility
  • Liquidity
  • Lower risk
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