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YOUR FAMILIES FUTURE DEPENDS ON YOU , SECURE IT WHILE YOU CAN

If you want to protect your family you don't need a supper power, you need a life insurance . Do it now because sometimes later becomes never














What is Life Insurance ?

Life Insurance is defined as a contract between the policy holder and the insurance company, where the life insurance company pays a specific sum to the insured individual's family upon his death. The life insurance sum is paid in exchange for a specific amount of premium. Life is beautiful, but also uncertain. Whatever you do, however smart and hard you work, you are never sure what life has in store for you.

It is therefore important that you do not leave anything to chance, especially ‘life insurance’. As death is the only certain thing in life, apart from taxes, it pays to insure it well in advance.

Who Should Buy Life Insurance ?

When you consider the possibility of investing in life insurance, one of the first questions you'll be faced with is this – who should buy life insurance? The answer to this question focuses on the financial situation of the investor. Typically, anybody who has a financial dependent would benefit from investing in life insurance. Financial dependents could include children, a spouse, a sibling, or even dependent parents.

Another category of people who should buy life insurance includes investors who want to enjoy the benefits of tax savings coupled with long-term capital appreciation. A life insurance policy is one of the few investment options that offers both these advantages. Aside from these benefits, there are many other ways in which life insurance can help the investor.

Why You Need Life Insurance Now

Plan for life goals
Build Capital for a business or a corpus for old age.
Prepare for Retirement
Get a post-retirement income with a pension plan
Support Your child
Fund your child's education or wedding with a child plan.
Clear Debts
Investment-linked plans help settle your debt burden
Provide For Your Family
Dependents get a lump-sum pay out after your death
Reduce Your Tax Outgo
Save income tax on up to Rs. 1.5 lakh of premium

Benefits of having a Life Insurance

We all know that life is unpredictable and such uncertainties can cause problems for individuals and his/her family at any time. So, availing a life insurance policy will make sure that your family and dependents can easily enjoy and can maintain their standard of living in case of any unwanted emergencies. There are several benefits that life insurance offers to the policyholders. Let's have a look at the most significant ones.
Guaranteed Annuity
On the subject of planning for retirement, there are few units as powerful as a life insurance policy. Due to the fact that you will be saving money over a period of time, life coverage policies will help in supplying a steady source of profits after your retirement.
Comprehensive Plans
Along with financial support, it also serves as a long term investment option. Many conventional life insurance plans, such as traditional endowment plans offer specific maturity benefits via multiple product options like maturity values, cash values, money-back, etc.
Boom Through Dividends
Traditional life insurance policies provide clients with the possibility to participate in the monetary boom of the insurance company while taking no funding threat in any way. At the same time as the policyholder breaks up the funding earnings through yearly announcements of bonus/dividends, the policyholder will earn maturity benefits.
Tax Benefits
Life insurance offers appealing tax benefits and helps you save an extensive sum of money. Almost all the Life Insurance policies offer you the benefit of the tax deduction on payment of premiums and also provide tax-free Sum Assured under Section 80C and 10(10)D of the Income Tax Act, 1961 respectively.
Loan Reimbursement
Life insurance offers appealing tax benefits and helps you save an extensive sum of money. Almost all the Life Insurance policies offer you the benefit of the tax deduction on payment of premiums and also provide tax-free Sum Assured under Section 80C and 10(10)D of the Income Tax Act, 1961 respectively.
Insurance with Savings
In life insurance, the policyholder is required to make a set periodical payment. It enables the policyholder to inculcate the addiction to financial savings. Saving cash over a lengthy time frame enables in building a very good corpus with a view in meeting your economic necessities at unique levels of existence.
Loan Facility
Folks that avail life insurance could have the choice of availing a mortgage towards their insurance coverage that may help them meet their unplanned life degree requirements without hampering the advantages supplied by means of the policy they've purchased.

Thinks to keep in Mind while Buying Life insurance Policy ?

Buying a life insurance plan is a crucial decision that must be done carefully. It doesn’t just provide a lump sum amount for your loved ones but also looks after their dreams that you have planned for them.
  • Get adequate Insurance Cover: Deciding on how much cover you should get is a crucial decision and should be taken very carefully.A lot of people pick a random number, like Rs. 1 crore, which seems adequate to them. Don’t make that mistake. You need to have adequate coverage to cover all your liabilities (like home loans), living expenses of your family for at least 30 years and the future goals like a child’s marriage, their education, etc.Do remember when you are calculating these expenses; you need to consider the rate of annual inflation (the increase in cost) and you must know your Human life value before choosing for life insurance
  • Disclose all the information correctly You might have heard and agreed with the fact that you should never lie to your doctors or lawyers, right? It is advisable not to lie to your advisor (fusec advisor) either. Do not hide the details like smoking and drinking to save on the extra premiums. If you do so, you are actually breaching the contract with the company and later on your claim will be rejected. Therefore, you should disclose all the information in the policy forms correctly; even verify it properly before submitting the same. .
  • Always add the nominee name : While filing the insurance proposal form, make sure you put the nominee name. Ideally, a nominee can be your wife, or your children to whom you wish to pass on the benefits of the term insurance cover. Additionally, you can be certain that the sum assured will be passed on to your children and wife by taking a term insurance plan under the MWP Act (Married Women Protection Act).
  • Disclose all of your Existing Policies : It is imperative to disclose all the details of your current insurance policies (including the name of the insurance company, the sum assured, and the policy number) before purchasing a new term insurance plan. Most often, it is observed, people avoid mentioning this information in the proposal form, only because they find it cumbersome to sift through old documents to retrieve the details. However, at times, hiding these details could be one of the reasons for claim rejection. .

Documents Required when buying a Life Insurance Policy ?

  • Age Proof: Any one of Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter ID, etc.
  • Identity proof Driving License, Passport, Voter ID, PAN Card, Aadhar Card, which proves one’s citizenship.
  • Address Proof : Electricity Bill, Telephone Bill, Ration Card, Driving License, Passport, should clearly mention the permanent address.
  • Income Proof : Salary Slips , Income Tax Return, Latest 6 Months bank Statement, Latest form 16

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