Safeway Insurance Brokers (P) Ltd.

 
 
We as registered insurance broker properly licensed by the IRDA
 
 
Regulated by the Insurance Regulatory and Development Authority (IRDA), License No. IRDA License no. DB 074/03, valid upto 16/07/2018.
 
Individual Life Insurance
   
 
 
Individual Life Insurance (Non-business)
 
 
 
 
Each individual’s insurance needs and requirements are different from that of the others. Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises.
 
 
In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably.
 
 

Key Benefits are as follows :-

 
  Asset Protection
Investments
Savings
Pension Plans
Annuities
Gratuities
Retirement Plans
 
 

 

 
 
 
 

Asset Protection - From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation.

 
 

The core benefit of life insurance is that the financial interests of one's family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and life insurance occupies a unique space in the landscape of investment options available to a customer.

 
   
 

Investment - Investments in life insurance provide the dual benefit of saving for your future financial requirements as well as financial security for your dependants in case of your death. Unlike other investment instruments (term deposits, mutual funds and stock market securities etc.), the nature of life insurance products is such that they are designed for the relatively long term and provide the best results when they are continued for their full term.

 
   
 
Goal Based Savings- Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for one's retirement will begin to take precedence.
 
 
Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage.
 
 
Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer reflect the needs of the customer at that particular life stage and hence ensures that the financial goals of that life stage are met.
 
   
 
Pension Plans -Pension Plans are Individual Plans that gaze into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so you never give up on the best things in life.
 
   
 
Annuities-These policies are best suited for planning children's future education and marriage costs. The nominee receives a guaranteed amount of money at a pre-determined time and not immediately on death of the insured. On survival, the insured receives money at the same pre-determined time
 
   
 
Gratuities- Under the Payment of Gratuity Act, 1972, it is the employer's statutory liability to pay 15 days' salary (15/26 of a month's wages) for every completed year's service to each of his employees on their exit, for any reason after five years of continuous service, subject to maximum limit of 3.5 lacs. Higher benefits can be paid if the employer so desires. Gratuity payable to the employees can be paid as and when liability arises and can be claimed as deductible expense under P & L A/c of the relevant financial years. However, the sound system of financial management envisages providing for Gratuity liability every year and claiming the tax benefits as it is mandatory as per Accounting Standards 15 (AS15) to account for the liability on Actual basis. This can be done by creating a Trust, managed privately or by a Life Insurer and paying the amount to the Trust every year. In case of Privately Managed Trust, investment of funds will have to be done as per Income-Tax Act, by the trustees and entire administration of the Trust including Actuarial Valuation will be the responsibility of the Trustees. In case of Insurer managed trust, the job of investment and actuarial valuation is taken over by the corporation free of charge and in addition, interest is paid by the Insurer on the accumulated funds.
 
   
 
   
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