Only life insurance can meet the health challenges

The deadly Coronavirus have made people more cautious and aware of their insurance needs as more people are buying insurances now. This has shot up the sales figures of insurances during April and May 2021. According to available data the insurance business, especially the individual life insurance rose by 27.06 per cent during the first two months of the current fiscal year. This is the highest growth in almost last five years. Insurance Regulatory and Development Authority’s latest figures show that 18.5 lakh individual life insurance policies were sold during April-May, which was 14.2 lakh during the same period last year.

As pe expert’s opinion there is an increase in awareness about insurance and financial protection. with the rising cases of COVID-19 in India in FY22, life insurance companies could be required to shore up provisions in the near future. 

Here is a unique policy offer for every one-

It is self evident that during this uncertain epidemic situation the businessmen community have suffered in a great deal. The source of income declined. Their liabilities towards their family also have badly affected .This can happen if you have an ongoing loans or a business that has incurred debts.In such an adverse situation it is always a safe bet to invest in the insurance policy under Married Women Property  Act 1874. It simply means that any Insurance Policy taken by the husband and policy endorsed under Married Women Property Act in favour of his wife or children or any of them, will always be their propert none of the husband creditors will have any right over this property.                  

Benefits of policy under MWP Act:-                        

1:- There is no extra cost for investors at the time of payment.       

 2. You can take 80(c) benefit at the time to purchase policy           

3. The maturity value or Death Value  will be tax free for your family U/S 10 10 (D). Maturity/Death value will be trasfure to a trust, trustee will be your wife or children above 18 years and  both wife and children.  

Trustee use this Maturity/Death Value for Beneficiary. Beneficiary will be Wife or Children and both.  

 Kotak Life said in its communication that the life insurer continues to have a strong capital and solvency position.In Q4FY21, Kotak Life collected total premium of Rs 4,870 crore, which is a year-on-year (YoY) growth of 26 percent. For the full year (FY21), it collected total premium of Rs 11,100 crore, a YoY growth of 7.4 percent.

S&P Global Rating agency expect that the developed markets, particularly life ones, are likely to shrink in real terms as a result of the economic slowdown. The COVID-19 pandemic has made us realise that future is uncertain, and medical emergency can take place anytime. So, to protect us from any medical emergency Health Insurance is must. Go, and get life insurance for the protection of you and your family.