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About Life Insurance
The value of life is something too precious to place a cost on. Money cannot buy back our deceased loved ones or fund personal joy and happiness. But it can help us better understand the purpose of existence. As long as someone may lose their primary source of income, a family’s survival is in danger. It is particularly disturbing to lose a loved one. Even though difficulty can be used to create strength, an individual’s absence can create a void that is hard to bear, but it should not disrupt the family’s financial stability.
Having a member in grief is a considerable loss; perhaps financial considerations should not cause many concerns and melancholy. Therefore, it is essential to realize the significance of life and consider taking out life insurance coverage, as it is a way to prevent financial loss resulting from the insured’s loss of life. In legal terms, life insurance is a condition between an insurer and insured, where the latter agrees to pay back in the occurrence of the insured person’s death or another event, such as critical illness or terminal illness. The insured agrees to pay the cost of service by premium.
Life insurance will offer you coverage for all risks in addition to capital growth that your family members could experience after your death. It also gives a prosperous future since your wealth is ready to get transferred to your inheritor. It could be considered a long-term investment design that allows you to save the money needed for your child’s future or your retirement expenses.
Clients like different insurance company plan options because of their sundry requirements. These plans have diverse details and are custom-made to suit the needs of a majority of individuals.
Benefits of Life Insurance
Financial Security
Life insurance can make your loved ones financially secure. By choosing a substantial life you can ensure that they can maintain their standard of living even in your absence.
Wealth Creation
Life insurance plans can be used to save for your future needs. They offer options to cover different types of risks and goals
Disciplined Investment
With regular premium payments, life insurance plans inculcate financial discipline. They offer investment opportunities with a wide range of products, unit linked investment plans, guaranteed savings plans, etc.
Retirement Planning
Life insurance products like annuity plans, savings plans, endowment plans, and other help you build a retirement pool.
Tax Savings
The premiums paid are tax` deductible under Section 80C and 80D of the Income Tax Act, 1961. The maturity benefits also enjoy a tax-free` status under Section 10(10D) in most cases
What are the factors affecting insurance premium
The premium amount for your life insurance plan can depend on a number of factors. Some of these have been mentioned below:
Age
Age is one of the chief factors that impact the life insurance premium. As you age, the possibility of the insurer paying the claim also increases. This is why the premium rises with age
Gender
Women tend to live longer than men. Hence, they pay the premium for a longer period. This results in a comparatively lower life insurance premium
Present health and medical history
You have to undergo a medical test before purchasing a life insurance policy so that the insurer can assess your health status. Having a history of medical issues can increase the premium for life insurance. Family health history and hereditary diseases can also impact the life insurance premium
Lifestyle
Poor lifestyle choices like smoking and drinking can increase the risk of certain ailments. This impacts the premium amount for a life insurance plan
How to Make Claim a MAKS Finserv Life Insurance Policy
You can file a life insurance claim in the following steps:
- You can file a claim online, or on our central ClaimCare helpline through SMS or e-mail
- You can visit the Claims section of the MAKS Finsev website to submit an online claim
- You can e-mail us at claim [email protected]
Please submit the following information along with the claim:
- Claimant statement form
- Death certificate in case of death claims
- Medical papers, diagnosis reports, and other necessary documents
- Your identity proof, address proof, and a cancelled cheque or copy of your bank passbook
- The team will assess your claim and get back to you if they need any more
Contact MAKS Finserv Customer Care
If you are a new customer who is looking for information about the
MAKS Finserv Life Insurance
- Visit our branch by finding us on Google
- SMS HELP to +91 9717708810
Frequently Asked Questions
Life insurance can be a must-have financial tool for the following people:
Newly married couples: Life insurance can offer newly married couples peace of mind and financial security. It can help your spouse live their life comfortably and meet all financial liabilities
Parents with young children: Parents with young children can purchase life insurance to ensure that their children have a financial cushion to fall back on if they are not around to take care of them. Insurance plans can also help parents save for their kids’ future needs
People nearing retirement with fewer savings: Life insurance plans allow you to save and invest your money. You can opt for low-risk options and secure your retirement and old age
Business owners: Life insurance benefits can help your family carry on your business in your absence. The pay-outs can also help them pay off creditors or clear your debts
Types of life insurance in India:
Term life insurance plan: Term insurance plans offer your nominee a fixed sum assured amount in exchange of regular premiums, in case of an unfortunate incident during the policy term
Health insurance plan: Health insurance plans reimburse insured customers for their medical expenses, including treatments, surgeries, hospitalisation and the like which arise from injuries/illnesses, or directly pay out a certain pre-determined sum to the customer
Unit linked insurance plan (ULIP): A unit-linked insurance plan offers investment and insurance under the same policy. A part of your premium gets invested in equity/ debt/ balanced funds as per your choice and the other part is used to secure your loved ones with a sum assured
Endowment plan: An endowment plan allows you to build risk-free savings and protect the financial interests of your family in your absence
Annuity plan: An annuity plan is a type of retirement plan that offers you a regular payment in return for a lump sum investment. In simple words, you pay the life insurance company a premium in lump sum and your money is returned to you as regular income either immediately or after a certain period of time. The life insurance company invests your money and pays back the returns generated from it to you as payouts
You can also buy life insurance policies online. You can compare different life insurance products, their premiums, sum assured amounts, features, and more on the internet. You can also compare the claim settlement ratio of several insurance companies and pick a suitable life insurance policy. Life insurance can be useful for several reasons like:
It protects your loved ones and allows them to lead a dignified and comfortable life in your absence
It lets you create an additional source of income to meet your goals
It helps you cover medical costs with add-on coverage
It offers you peace of mind
It helps you save for your old age
It ensures a regular stream of income even after retirement
It helps you provide for your child’s education and future needs
The simplest way to calculate the minimum sum assured amount for a life insurance plan is to multiply your current annual income by 10$ if you’re under 55 years of age. For example, if your current annual salary is ₹ 10 lakh, you should buy a life insurance cover that is worth at least ₹ 1 crore. Another way to calculate life insurance is by analysing your current and future expenses.
Here are some of the most important factors that you must consider before choosing a sum assured amount for life insurance:
Debt: Financial liabilities like loans can become a burden on your family in your absence. Take cognizance of your debt and pick a life insurance amount that can be used to repay it
Dependents: Consider the expenses of dependent family members like minor children and ageing parents. Different circumstances may necessitate different coverage needs. So, pick an appropriate amount of life insurance as per their lifestyle and requirements
Financial goals: Financial goals like retirement planning, children’s higher education, marriage, medical expenses, and others must also be considered while selecting the sum assured for life
Age: Different stages of life present different financial needs. Hence, keep the age of your dependents in mind while calculating your life insurance coverage
