Life Insurance

India has a growing market economy and this is very well reflected in the Indian Life Insurance sector. In fact it is one of the growing financial domains not only in the country but also in the market and is the world's largest insurance domain in just 10 years. All this is possible because of the growing personal income, younger work force, regulatory initiatives as well as market competition. Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. These factors have made it a market to watch out for.

With financial planning on your mind, you will make the correct selection if you opt for Life Insurance. At Nostra Wealth, our team of professionals is well aware of the growing demands of the younger workforce generation as well as the changing trends in the financial market. With the rupees value changing every fortnight, this is the correct time to invest in insurance if you want to have a safe and secure future. Life insurance is one of the best investments that one can opt for as it not only safeguards your money but also ensures its growth, thus providing you with complete financial well being.

Life Insurance in general term means a sum of money, it can be any amount that an individual deposits with the insurer for a certain period of time. The amount can vary from a few hundred rupees to lakhs and can be deposited on a monthly, quarterly or annual basis. And this amount of money can be deposited for any number of years say 5 yrs and so on. What happens is the person will get the money after it is matured i.e. on the completion of the year or will get the money if he dies. In case of his death, the individual whom he has made a nominee will get the money. However there are certain terms and condition that needs to be met in order to get the money. But all in all, it is one of the most effective means of saving money for a long term basis.

Types of Life Insurance in India:

Life Insurance Policies are available in a variety of offerings so that it meets the individual needs and requirements of different kinds of investors. Some of the popular types include:

Term Insurance Policies

This helps to secure the immediate needs of the nominee or the beneficiary after the death of the policy holder. In case of the policy holder, he gets tax benefits as long as he is alive. In general these policies are relatively cheaper to the other insurance products.

Money-back Policies

As the name suggests, the investor will get a certain amount of money at regular intervals as long as the policy is valid. After his demise his nominee will get full sum of the money. These policies are an extension of endowment plans.

Unit-linked Insurance Policies (ULIP)

These policies are very much similar to mutual funds except in one area. Here one gets the benefits of both insurance as well as mutual funds. Here a certain part goes on to pay the insurance premium cover while the remaining amount is invested in different funds for investment purpose.

Pension Policies

As is evident from the name, it is basically a pension scheme. Here the individual investing the money will get a certain amount of money after his retirement. The amount of money depends on his age at the time of retirement, the amount invested as well as the timeframe of the investment.

Advantages of Life Insurance

Many of us are of the opinion that Life Insurance is one of the best ways to avail of tax benefits, but trust us; it is much more than that.

• Risk Cover – When Life is full of Surprises and unforeseen events at every turn, it is best not to take any risk. Life Insurance Policies ensure that you and your family's requirements are taken care of both in your presence as well as in your absence.
• Planning for life stage needs – Life Insurance is the ideal way to meet most of the requirements of your Life – be it your student's education, your children's wedding, buying your dream house and so on. And as such you can plan the different stages of your life without any worry or tension.
• Protection against rising health expenses – With the ever increasing medical costs as well as the hospital expenses, Life Insurance ensures that your health is take care of in the most convenient manner.

• Assured income through annuities – One of the best ways to plan for your retirement, life insurance ensures a steady income when you are relaxing and enjoying your retired life.
• Facility of loans without affecting the policy benefits – One can opt for loans against their policy. This can be done without affecting the policy and its terms and conditions at all. This ensures that you can easily meet the sudden and unexpected events in your life.
• Mortgage Redemption - One can make use of their Insurance to pay off their mortgages and loans so that, in case of any unforeseen event, the repayment issues don't become a burden for the family members.

The moment you contact our team of experts for a Life Insurance policy you will not only be informed of its benefits but we will make sure that the entire process is carried out in the most effective and smooth manner without any kind of hassle.