Make Your Money Work for You with the Right Insurance | Edelweiss Tokio
  • 12 OCT 2017

    Make Your Money Work for You with the Right Insurance

    Robert Kiyosaki aptly mentions in his famous book, Rich Dad Poor Dad, that, “Poor people work for money, while rich make the money work for them.” Investing in the right opportunities can help you save a lot of money in the long term. Insurance policies are helpful in several ways. Not only do they provide you with the accidental protection cover but also help you reap great returns in the long term. Here, we shall discuss few of these popular ways in which investment in the right life insurance policy can help you save a lot of money.

    Accidental and Liability Coverage

    The coverage provided by the insurance plans for personal/commercial financial losses depending upon the type of insurance plan is the primary benefit. The choice of the right insurance plan will help you cover one or more aspects of financial loss to your assets.

    Under certain circumstances, you can avail full reimbursement for the financial loss due to damage to your property. You can also opt for plans that offer you complete cashless transactions to help you get back on your feet with the necessary fixtures and repair costs. The liability clause in most of the insurance plans can help you secure your assets financially against legal claims.

    Money Back Plans

    Money back plans are some of the most popular insurance policies that offer the benefits for the coverage as well as act as a secondary savings account. These plans offer you the entire sum of premiums that you pay, back to you in case you do not claim the insurance in the set period.

    Money back plans can act as good as low-interest rate recurring deposit bank account while providing the coverage benefits. Some insurance companies offer you interest rates of up to 15% of the total sum as a payment of loyalty. These insurance companies also offer discounts on renewing the insurance policy contract under the no-claim condition.

    Maturity/Intermediate Benefits

    Life insurance plans are often coupled with benefits that offer guaranteed returns over your investment via premiums, on maturity. However, modern-day insurance companies understand the ever-changing needs of individuals who need liquidity for their investment. The insurance companies have come up with flexible insurance plans that offer returns at regular intervals without the need of lapsing the policy.

    This flexible nature of the plans allows individuals to buy a costly asset/liability when they receive the returns from time to time.

    Tax Benefits

    One of the biggest financial benefits offered by the insurance policy is the tax remission benefit. If you buy a large insurance plan that needs a considerable portion of investment every month, the government can move you to a lower tax slab. The move to a lower tax slab negates a large amount of income tax that you need to pay otherwise.

    In some cases, the tax benefits of a life/health insurance plan after the death of an individual is used to counterbalance the estate tax which is levied on his/her heirs for receiving an inheritance.

    So go ahead and determine your financial goals before selecting the insurance policy so as to reap maximum benefits from your investment.

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  • 3 AUG. 2018

    Do you require the same life cover throughout your life

    Throughout your life, there will be a need for life insurance. It does not make any difference if you’re single, newly wed or at any stage in between, life insurance can be an important tool in your financial toolbox.

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