CAN YOU BE SURE AS TO WHAT MAY HAPPEN TO “U” IN THE NEXT FEW MINUTES???????
DO YOU LOVE YOUR NEAR AND DEAR ONES AS MUCH AS YOU LOVE YOURSELF????
DO YOU WANT TO BE FINANCIALLY SECURE IN THE EVENT OF ANY UNFORSEEN CALAMITY???
Invest the next 15 minutes of your time to understand INSURANCE in the right perspective...
What is insurance? Insurance is a contract between two parties where one party (the insurer) agrees to protect the other party (the insured) in the event of any loss or unforeseen event. Insurance can be broadly classified into two categories – Life Insurance and Non Life Insurance. What do you mean by Premium payable on an insurance policy? Premium is the periodical amount that the insured needs to pay to the insurance company to enjoy the benefits of the insurance policy.
What do you mean by “sum assured”? Sum assured refers to the amount for which the insurance cover is taken. What is meant by death benefit? The amount received from the insurance company on the death of the insured is known as death benefit. What do you mean by “riders”? Riders are additional benefits that are added on to an insurance policy to make it more compatible to the needs of the policyholder. Riders are generally applicable only for life insurance and not for general insurance. .
What is surrender benefit? The sum of money an insurance company will pay to the policyholder in the event his or her policy is voluntarily terminated before its maturity or the insured event occurs What is maturity benefit? The amount received on the maturity of the policy is known as maturity benefit.
Insurance and its products available in the market
The tax implications of insurance
COMPANY PROFILE Launched just before 9 years but still managed to be amongst leading player(7th) in private insurance industry. Strong fundamentals based on the Aditya Birla Group’s local insight and Sun Life financials global expertise. Birla Sun Life Insurance pioneered the unique Unit Linked Life Insurance Solutions in India Having 1, 68,090 active advisors, and sold 2.5 million policies. Current AUM of BSLI stands Rs. 8165 crore as on February 28, 2009 In April 2009, achieved the landmark of processing 100% of its claims.
Birla Sun Life Insurance Secure 58 Plan BSLI Secure 58 is the right plan for you if :
You are 18 to 80 years of age
Looking to vest anytime between 10 years - 40 years from the entry age. Maximum vesting age is 90 years.
You are looking to invest at least Rs. 9,600 per annum for retirement planning. While there are no limits on the amount you can invest in this plan, you can choose your annual base premiums only in multiples of Rs. 1,200 per annum over the minimum premium of Rs. 9,600.
Tax benefits under section 80CCC and Section 10(10A).
Tax Benefits in Insurance The benefits under income tax are of two types 1.Deductions: Sec 80C Deduction is available amounting to Rs. 1,00,000 The benefit for life insurance premium u/s 80C is restricted to 20% of the actual capital sum assured. Surrender of Plan before premium has been paid for two years will result in reversal tax benefit
80CCC Deduction in respect of contribution to pension funds Maximum Rs. 1,00,000 Flexi Secure Life Retirement Plan and Freedom 58 from Birla Sun Life Insurance provides all the benefits. Sec 80 CCE Under Section 80CCE, the overall limit for deduction u/s 80C, u/s 80CCC and u/s 80CCD is Rs. 1,00,000.