Life Insurance

Overview of Life Insurance

Life insurance is a contract between an insurance company and an individual or group, in which the insurance company agrees to pay a sum of money to the named beneficiaries of the policy upon the death of the insured. In exchange, the policyholder pays a regular premium to the insurance company.

Under the Life Insurance category, we have 4 main types of insurance, which are:

  1. Term Life Insurance: This is the most basic type of life insurance. It provides financial help to your beneficiaries should the worst happen during the term of the policy.
  2. Endowment Plans: These plans offer a combination of life insurance and savings. You will receive a lump sum amount upon maturity of the policy.
  3. Whole Life Insurance: This type of insurance provides lifelong coverage and builds up a cash value over time.
  4. Unit-Linked Insurance Plans (ULIPs): These plans combine life insurance with investment options. You can choose how your premiums are invested, and the value of your policy will fluctuate depending on the performance of the underlying investments.

5 Reasons Why you should Consider Life Insurance

  1. Providing Financial Security for loved ones: Life insurance can help to replace the financial income that the family would lose if the worst was to happen. This can be especially important if one has young children or dependents who rely on one’s income.
  2. Paying Off Debts: If one has debts, such as a home loan or student loans, life insurance can help to ensure that the loved ones are in a position to pay them with the sum assured that they will receive.
  3. Tax Benefits: Life insurance premiums are often tax-deductible. This means that one can reduce the taxable income by the amount of one’s life insurance premiums.
  4. Leaving a Legacy: Life insurance can be used to leave a legacy for loved ones, such as a down payment on a house or a gift to their favorite charity.
  5. Peace of Mind: One can rest easy knowing that, should the worst was to happen then at the least family is taken care of from a financial perspective.


Our Life Insurance Partners

ICICI Prudential Life Insurance is one of the leading life insurance companies in India, offering a wide range of products and services to meet the needs of individuals and families. The company is known for its innovative products and service. ICICI Prudential Life Insurance also offers a variety of investment-linked products that can help you to grow your wealth over time.

Tata AIA Life Insurance is a joint venture between Tata Sons Pvt. Ltd. and AIA Group Ltd., two of the leading financial institutions in India and Asia. The company offers a wide range of life insurance products and services to meet the needs of individuals and families, including term life insurance, endowment plans, and investment-linked plans.

Headquartered in Gurugram, Pramerica Life Insurance Limited provides a wide range of life insurance solutions for individuals as well as groups. They cater to their customers’ various financial protection needs such as securing their child’s future, retirement planning, savings and wealth creation.

With over 290 million policyholders LIC is India's largest insurance company as well as the largest institutional investor with total assets under management worth Rs. 45.7 trillion as on Mar 23. It is under the ownership of Government of India and administrative control of the Ministry of Finance.

Kotak Life Insurance is one of the fastest growing insurance companies in India, covering over 50 million lives nationwide (as on 30th June 2023). The company offers a wide range of products and services to meet the needs of individuals and families, including term life insurance, endowment plans, and investment-linked plans etc.

PNB MetLife brings together the expertise of MetLife Inc., a leading global life insurance company and Punjab National Bank, one of India's oldest and leading nationalized banks. PNB MetLife’s vast distribution reach combined with global insurance expertise and product range makes it a strong and trusted name in the insurance market of India.

Formerly known as Max New York Life Insurance Comp.Ltd. is the largest non-bank private-sector life insurer in India. It is an 80:20 joint venture between Max Financial Services and Axis Bank and is a subsidiary of the publicly listed Max Financial Services.

The Life Insurance Arm of India’s largest and most trusted financial institution, State Bank Of India. Its diverse range of products caters to individuals through Protection, Pension and Savings solutions striving to make insurance accessible to all, with its extensive presence across the country.

 

Interested in buying a life insurance policy from us, simply click the Interested Button below and our team will get in touch with you and help you get started.

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Disclaimer

Epsilon Money Mart Pvt Ltd (Epsilon Money) having its registered office in Mumbai, Maharashtra India, is an AMFI registered Mutual Fund distributor and IRDAI registered Corporate Agent. Epsilon Money, along with its referral partners, affiliates etc., offers a suite of wealth management products and services to its customers in line with regulatory approvals. Epsilon Money does not underwrite the risk or act as an Insurer. The insurance products offered are underwritten by the respective Insurance Partners only.

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