Life Insurance
Typically, Indians have bought life insurance as a tax-saving or investment option.
However, we believe insurance is a pure risk-cover instrument. It ensures financial
security of your family in case of the pre-mature demise of the breadwinner.
There are hundreds of insurance plans available in the market. We have access to
the offerings of all the public and private insurers. Choosing the right plan for
you goes beyond comparing the cost of insurance policies or the insurance premia.
We have the expertise to help you choose the best life insurance plan to secure
your loved ones.
Common mistakes people make while choosing life insurance is as follows:
I don't require so
much insurance cover. I already have adequate insurance
Individuals usually do not know the amount of insurance coverage required by them.
Most of the time they end up being under-insured or over-insured. You have to ensure
insurance worth the economic value that you have for your family. A good way to
get some idea about how much life cover you require is by using our calculator
My Life Insurance is a form of investment
It’s a common belief that life insurance is a risk-free investment . This is incorrect.
These are two different financial instruments - Insurance is a risk coverage if
an earning member dies unexpectedly. Investment, on the other hand is to achieve
a goal and build wealth. If we mix the two justice is not done to either. A truly
professional guide will put you on a safe path of adequate insurance for risk coverage
and get your money invested in well diversified portfolio for wealth creation
Life Insurance is the best way to save
tax
For many, the primary motive for buying life insurance is tax savings. However not
all insurance premiums are tax free. Tax deductions for life insurance is subjected
to the upper limit under various sections of the Income Tax Act. You should also
keep in mind that this exemption limit may not exclusively be for insurance products
and may be clubbed with other savings such as PF Contributions, Housing loan interest,
etc. Life insurance should only be treated as a risk coverage instrument.
Health Insurance
Health care costs in India are rising twice the rate of inflation. In a scenario
where most Indians borrow in order to get medical treatment it is extremely important
to financially secure yourself with adequate health insurance.
Health Insurance: Common Myths
I have a company cover. Hence I do not
need a separate health cover for my family.
Most companies provide a conservative cover of anywhere between Rs. 2 to 5 lakhs.
This leaves you unprepared for any major medical emergencies which may cost a lot
more in today’s times of rising medical costs. Secondly, the cover is provided till
the time you remain employed with the company. In the event that you move to a new
job or quit your current job, the track record that you have built in health insurance
at your old employer will not transfer to the new company policy. Moreover, the
health insurance provided by the employer stops on retirement – just when you need
it the most. At that age not only is health insurance more expensive, if one has
already developed some medical problems it could be impossible to get yourself insured.
The wise thing is to buy a health cover for your family when you are young and in
good health and secure a stable financial future.
Choosing a health insurance cover is
a simple process entailing comparison of premiums. Why do you need expert advice?
The amount of health insurance cover that your family needs requires an analysis
of prevalent cost of common medical surgeries, family medical history and your current
lifestyle.
Today there are various types of health insurance products in the market – Mediclaim,
Fixed Benefit Cover and Critical Illness Cover. Each product has its unique features
and sub-limits on various expenses. We help you choose the most appropriate plan
for you.
We also help you with documentation and reminders in advance of your policy renewal
date
We ensure that you have future enhancement options
General Insurance
There are insurance policies that protect you against damages other than those covered
by life insurance. Certain risks such as fire, theft, accidents and natural calamities
are covered, to ensure that you and your family are protected from unforeseen losses.
The coverage period for most such plans is usually one year, and premiums are normally
paid on a one-time basis.
Some of the risks that are covered by general insurance are:
Motor Insurance:
This covers the risk of damage to your vehicle in case of accidents, thefts etc.
The level of coverage indicates what you claim if your vehicle sustains losses.
Home Insurance:
This covers the risk of damage to your vehicle in case of accidents, thefts etc.
The level of coverage indicates what you claim if your vehicle sustains losses.
Property Insurance:
This provides protection to property against risks such as weather damage, lightning,
natural calamities (earthquakes, floods), fire etc
Travel Insurance:
This coverage is usually limited to the period of your travel (overseas or domestic).
Amongst others, this would insure you against travel related losses such as personal
accidents, hospitalisation, delayed baggage, hi-jacking, loss of money, passport
or baggage and cancellation of journey.
Credit Insurance:
This is an insurance that repays some or all of a loan under circumstances such
as unemployment or death of a borrower.
Personal Accident Insurance:
This is a policy that provides compensation against an accident, disability or injury.
It is different from life, medical or health insurance.
Every insurance policy should be taken after carefully assessing the coverage and
exclusions under the policies. We at I-Can offer guidance in evaluating the suitability
of the available insurance products for you.
We also offer insurance solutions for corporates and institutions. Please contact
us for customised proposals.