Insurance
Insurance is the only tool that takes pennies and guarantees rupees.
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- Call us at +91 91106 08590
What is
Insurance?
An insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances.
Legally insurance has been defined as a contract where the insurer agrees to compensate the insured against the losses incurred due to any unforeseen contingency. The contract also involves a consideration which is called a premium. The maximum available benefit amount is called sum assured or sum insured.
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Why should you consider Fin System
as your Insurance Advisor?
Here are some of the main reasons
why you should consider us:
Fin System staff are knowledgeable about various insurance products and can provide valuable insights and advice. We will help you understand the complexities of different policies, assess your insurance needs accurately, and recommend the most suitable coverage for your specific situation.
Fin System works with multiple insurance companies, giving you access to a wider range of options. We will compare policies and premiums from different insurers to find the best coverage at the most competitive price.
Fin System can customize insurance solutions based on your unique requirements. We take the time to understand your needs, financial situation, and risk tolerance, ensuring that you get coverage that aligns with your specific circumstances.
Buying insurance can be time-consuming, especially if you have to research and compare various policies on your own. Fin system can handle this process for you, saving you time and effort while still ensuring you receive appropriate coverage.
In the unfortunate event of a claim, Fin System can act as an intermediary between you and the insurance company. We will help you navigate the claims process, ensuring that you receive fair and timely compensation.
Fin System provides ongoing throughout the life of your insurance policy. If your circumstances change or you need to modify your coverage, we will help you make the necessary adjustments.
Using an advisor for insurance will not usually cost you extra money, despite what many people think. The insurance companies typically pay advisors; therefore, the client frequently receives their services for free.
Engaging an insurance advisor can give you peace of mind, knowing that you have expert guidance and support to make informed decisions about your insurance coverage.
What are the Different Types
of Insurance Available
While there is a wide range of Insurance types available in the market, all of them can be broadly
classified into two main categories:
What are the Tax Benefits
on Insurance?
Along with providing financial security, insurance also offers tax benefits. Here are some of the tax benefits offered by insurance :
- You can claim a life insurance premium of up to Rs 1.5 lakh under Section 80C.
- Under Section 80D, you can claim a medical insurance premium of up to Rs 25,000 for self and family and additional Rs 25,000 for parents. The deduction limit rises to Rs 50,000 if the insured are senior citizens.
- Under Section 10(10D), the life insurance benefits you or the nominee receives from the insurance company are tax-exempted. This means both maturity value and death benefits received from a life insurance policy will be tax-free.
Frequently Asked Questions (FAQs)
Several factors determine the premium of a life insurance policy, such as your age, gender, health condition, income, lifestyle, and profession.
Waiting period refers to the period for which an insurance policyholder must wait before the insurance coverage comes into effect. He/she may not receive insurance benefits for claims filed before the waiting period is over or until the insurance coverage begins. Also, this period varies from one type of insurance policy to another.
The insurance policies need timely renewal to offer continued benefits to the policyholder. They are renewable within the grace period post the expiry date and may get lapse if the premium is not paid timely. Also, the insurance company is entitled not to offer coverage for the period for which no
premium is received..
You are allowed to make a certain number of claims only basis the type of insurance you have bought. Also, under policies like health and motor you can get a bonus/discount in the next year for not filing claims under the policy in a year.
Cashless facility is available with certain types of insurance policies like health and motor insurance. Under this facility, the insurance companies pay the expenses incurred by a policyholder directly to the hospitals or network garages.
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