Most of us see Investment as a Tax Saving option. When someone from Insurance company approach us, we feel that they are trying to lay a trap for us and reject their appointment outright. Do we know Insurance plays a vital part both for us and our family? Unlike those days, we all are well educated now and after globalization and liberalization, we have seen some of the top level brands from across the world entering our country in order to expand their business. We are of the mindset that only Life Insurance Corporation of India is the genuine service provider and not others but little do we know that all the Insurance companies which runs business in India are regulated by IRDA with which they need to deposit an advance and also need to show their liquidity ratio on regular intervals. This ensures all the companies function as per the set rules and regulations and the most important one is “No insurance company will offer a specific percentage of returns”
Insurance can be taken for Short Term and Long Term. A Short Term insurance may attract higher premiums when compared to the Long Term Insurance. Long Term Insurance is usually opted for occurrence of various life events in the future which includes higher education, marriage, building a house etc to name a few. Short Term Insurance may be to do with health or possession like Health Insurance and Vehicle Insurance.
A Term Insurance differs from Life Insurance. In case of Term Insurance, whatever the premium we pay will not come back to us as return/refund whereas in case of Life Insurance, it will come back after a specific period of time or at the time of death, which ever occurs earlier.
Even though we all would love to live for long, life is uncertain and we would not know when our life will end. Hence rather than taking a chance of spending all the money we get, it would be wise/apt to dedicate some portion of it towards Insurance. This will ensure that even during our absence, the lifestyle of our near and dear will be taken care of. They might miss us physically but our moral support of providing the financial assistance even after our life will certainly go a long way. Will it not be better if we get both – Investment and Protection? If you are wondering as to where you could get one, head straight to #InvestShield and if you are wondering where to check the info, do click -> https://onlineinsurance.canarahsbclife.com/lifeinsurance/portal/iulip/iINVESTSHIELD
With this, you are not only creating an Investment or a Corpus for yourself and your family but also giving protection. What appeals more to me is the company which is offering this. It is being offered by Canara Bank,HSBC and Oriental Bank of Commerce. You can buy this at your convenience online and what adds more value to this is the option of “Premium Funding” whereby in an unforeseen event of the Life Insured’s demise, in addition to immediate benefit payout of higher of Sum Assured or 105% of the premium paid, the remaining premium gets paid by the Insurance Company themselves for the remaining policy term and the fund value will be paid on maturity. As a customer, you also have the flexibility to switch between funds a well as systematic investment.
It’s time to come out of conservative opinion. Let us make the full use of the tax benefits. It is not only saving tax but also giving life to someone, after our life.