Life Insurance: Term, Endowment & Retirement Plans
Term, endowment and retirement cover, chosen for the purpose
Life insurance does three different jobs and they are rarely served by the same product. Pure term cover replaces income at the lowest premium for the highest sum assured. Endowment and savings plans combine cover with a guaranteed maturity. Annuities convert a corpus into income after retirement. We size the cover against liabilities and dependants first, then select the structure.
Life Insurance
Term insurance is the most efficient way to protect dependants: the premium buys cover alone, with no savings element, so the sum assured per rupee of premium is the highest available. A working rule is ten to fifteen times annual income, adjusted upwards for outstanding home loans and the years remaining until children are financially independent. Endowment, money-back and ULIP structures combine protection with a savings or investment component and suit a different objective, typically a guaranteed corpus at a known date. Annuity products convert accumulated savings into a regular income after retirement. Claims are paid decades after the proposal is signed, so disclosure at inception, correct nomination, and keeping the policy in force matter more here than in any other class. SmartTech places cover across life insurers and assists the nominee at claim.
Our Goals
Size the cover against real liabilities
Match the product to the objective
Keep nomination and disclosure clean
The Challenges
Cover bought as a tax-saving afterthought is usually too small, and a claim decades later turns on what was disclosed at inception.
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