"Insurance & Investment should be done
when you are rich & healthy;
so that it may help you
when you're not so rich & not so healthy"
Benefits and Need for a Insurance Policy!
Benefits of TaxaJ Insurance Service
All types of insurance you can buy from our expert Team here. Our Insurance Advisors will suggest the best plans according to your income Tax return and human life value. Unlike the local insurance agents that we come across daily in the form of a relative or Just a flying nomad in our office who preaches only about benefit under section 80c, i.e. Rs. 1,50,000/- and knows nothing about any other element of savings. Our advisor will educate you about your Human Life Value and suggest the best insurance tool according to the prevailing marketing situation and your current Income tax report.
In case of hospitalisation of the policyholder, the insurer settles the bill directly with the hospital.
Insurance is an agreement under which insurance firms consensually concur to guarantee compensation subject to medical costs incurred. At the same time, a policyholder is hospitalized due to falling ill or getting injured due to an accident. To ensure this offering, insurance firms hold the tie-ups with many hospitals and clinics to provide cashless treatment to the insured individuals. In the absence of any backup, the insurer reimburses the medical expenses. The govt also encourages it by rendering the tax deductions.
A life insurance policy is something that provides a dedicated sum of money on the demise of the policyholder or after a certain period of time; whichever occurs earlier
Life insurance is a contract wherein an insurance company offers an individual financial coverage in exchange for a payment for a certain period. The payment made is pooled together for a particular purpose and is referred to as the premium. If the premium payer passes away during the policy tenure, the insurance company will offer a lump sum amount to their nominee. This amount is called the sum assured on death or the death benefit. Upon completion of the policy term, the policyholder receives a sum assured on maturity or the maturity benefit from the insurer and some bonuses.
A pure protection plan, like term insurance, offers mainly the death benefit. Not to forget, few insurance companies will give you all the sum insured if you are detected with some terminal illness disease. Moreover, there are life insurance policies that provide savings plus protection. The savings can be a bonus or a maturity benefit. Premiums paid and benefits received are taxable benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961.
The damage to the Motor vehicle due to any of the perils are covered under Motor Insurance
Motor Insurance, also called vehicle insurance is necessary to buy for trucks, scooters, cars, bikes, etc. This insurance is compulsory that offers cover if your vehicle gets physically damaged, lost, or theft, etc. due to the human-made or natural disasters. People save every penny to purchase a vehicle to speed up their rides for work and personal needs.
Slow down & Get a Motor Insurance Now
Motor Insurance for your vehicle is a mandate, compare plans and features with Policy and buy the right plan to save money from unavoidable expenses.
Its better to be late than never
Renew your motor Insurance within a few minutes by following some simple steps online, and you are good to go for a long drive with your loved ones.
Takes care of you & Third party
Motor Insurance acts as a boon by providing the right assistance at the right time. Met with an accident and hurt the other person, donʼt worry! This insurance will help you!
Frequently Asked Questions
Q. What are the documents required to buy Health Insurance Online ?
There are a few documents that you must be able to show to buy a health insurance policy online.
👉 Age proof: Aadhar Card, PAN Card, Birth Certificate, 10th or 12th mark sheet, Driving License, Passport, Voter’s ID, etc.
👉 Identity proof: Aadhar Card, Passport, Driving License, Voter ID, PAN Card, which proves one’s citizenship.
👉 Address proof: Either of-Electricity bill, Ration Card, Telephone Bill, Passport, Driving License with your permanent address clearly mentioned on it.
👉 Medical check-up: Some plans require health check-up to ensure that the individual is not suffering from any chronic illness.
Here are the eligibility criteria-
👉 Entry age for adults- 18-65 years (exclusive plans are provided for people above 70 years of age.)
👉 Entry age for children-90 days-18 years.
Buying a health insurance policy during early age can be cost-effective as one might not necessarily have to undergo medical tests conducted by the insurers.
Who Should Buy Life Insurance?
Life insurance provides financial support to surviving dependents or other beneficiaries after the death of an insured. Here are some examples of people who may need life insurance:
- Parents with minor children – If a parent dies, the loss of his or her income or caregiving skills could create a financial hardship. Life insurance can make sure the kids will have the financial resources they need until they can support themselves.
- Parents with special-needs adult children – For children who require lifelong care and will never be self-sufficient, life insurance can make sure their needs will be met after their parents pass away. The death benefit can be used to fund a special needs trust that a fiduciary will manage for the adult child’s benefit.
- Adults who own property together – Married or not, if the death of one adult would mean that the other could no longer afford loan payments, upkeep, and taxes on the property, life insurance may be a good idea. An example would be an engaged couple who took out a joint mortgage to buy their first house.
- Elderly parents who want to leave money to adult children who provide their care – Many adult children sacrifice by taking time off work to care for an elderly parent who needs help. This help may also include direct financial support. Life insurance can help reimburse the adult child’s costs when the parent passes away.
- Young adults whose parents incurred private student loan debt or cosigned a loan for them – Young adults without dependents rarely need life insurance, but if a parent will be on the hook for a child’s debt after his or her death, the child may want to carry enough life insurance to pay off that debt.
- Young adults who want to lock in low rates – The younger and healthier you are, the lower your insurance premiums. A 20-something adult might buy a policy even without having dependents if there is an expectation to have them in the future.
- Wealthy families who expect to owe estate taxes – Life insurance can provide funds to cover the taxes and keep the full value of the estate intact.
- Families who can’t afford afford burial and funeral expenses – A small life insurance policy can provide funds to honour a loved one’s passing.
- Businesses with key employees – If the death of a key employee, such as a CEO, would create a severe financial hardship for a firm, that firm may have an insurable interest that will allow it to purchase a life insurance policy on that employee.
- Married pensioners – Instead of choosing between a pension payout that offers a spousal benefit and one that doesn’t, pensioners can choose to accept their full pension and use some of the money to buy life insurance to benefit their spouse. This strategy is called pension maximisation.
How Life Insurance Works
A life insurance policy has three main components.
A. Death Benefit – The death benefit or face value is the amount of money the insurance company guarantees to the beneficiaries identified in the policy when the insured dies. The insured might be a parent, and the beneficiaries might be their children, for example. The insured will choose the desired death benefit amount based on the beneficiaries’ estimated future needs. The insurance company will determine whether there is an insurable interest and if the proposed insured qualifies for the coverage based on the company's underwriting requirements related to age, health, and any hazardous activities in which the proposed insured participates.
B. Premium – Premiums are the money the policyholder pays for insurance. The insurer must pay the death benefit when the insured dies if the policyholder pays the premiums as required, and premiums are determined in part by how likely it is that the insurer will have to pay the policy’s death benefit based on the insured’s life expectancy. Factors that influence life expectancy include the insured’s age, gender, medical history, occupational hazards, and high-risk hobbies. Part of the premium also goes toward the insurance company’s operating expenses. Premiums are higher on policies with larger death benefits, individuals who are higher risk, and permanent policies that accumulate cash value.
C. Cash Value – The cash value of permanent life insurance serves two purposes. It is a savings account that the policyholder can use during the life of the insured; the cash accumulates on a tax-deferred basis. Some policies may have restrictions on withdrawals depending on how the money is to be used. For example, the policyholder might take out a loan against the policy’s cash value and have to pay interest on the loan principal. The policyholder can also use the cash value to pay premiums or purchase additional insurance. The cash value is a living benefit that remains with the insurance company when the insured dies. Any outstanding loans against the cash value will reduce the policy’s death benefit.
Features & Benefits of Motor Insurance
There are several features and benefits offered by the insurance companies to the customers to keep them and the other party safe and secure on the track. Add-ons are also applicable by paying a little more premium amount. Letʼs check out some primary advantages of motor Insurance:
👉 Instant and hassle-free purchase of policy online without wasting a minute.
👉 Online renewal of insurance policy is also available within a few clicks.
👉 It provides huge coverage against theft, loss, fire, damage due to accident, etc. for both two-wheeler or four-wheeler.
👉 Inclusive of the third-party liability coverage for any damage or loss by the owner of the vehicle.
👉 It offers cashless claim benefit to the policyholders for easy claim anywhere, anytime.
👉 Network garages are available by insurance companies where you can easily repair your bikes or cars whenever required.
👉 You can also choose your preferred garage and reimburse the claim amount later.
👉 No Claim Bonus facility is available to the insurance holders and they can also transfer it from any insurer to another insurer.
👉 Claim assistance and constant customer support are provided by the companies along with SMS updates for the status of your claim.