We buy insurance because it protects the economic value of an asset. An asset is valuable because it provides some sort of benefit to us. Sometimes, due to some unforeseen event, the asset may be lost before its expected time period. Similarly, a family which is dependent on one member to earn their livelihood may face a difficult situation if that member is permanently disabled or dies in an accident. Insurance therefore, helps to reduce the effects of these difficult situations. It promises to pay us, the owner/ the beneficiary, of the asset a certain sum if a loss occurs.

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Over the last decade, growth in the Indian life insurance industry has been spurred by insurance companies launching innovative products, experimenting with different distribution channels, and using wide-spread publicity and promotional modern campaigns to market their products. All these efforts have increased the relevance of life insurance and made it more accessible to customers across the country. Insurance companies are now trying to tap the semi-urban and rural areas to take the message across - protection of life through insurance cover.

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A Unit Linked Insurance Plan (ULIP) is a life insurance plan, which offers the dual benefits of protection as well as savings. The protection component is the insurance cover while the savings component is that portion of the premium that is invested by the insurance company on your behalf in a fund/(s) of your choice. The first one is called Death Benefit and the second one, Maturity Benefit. At present, we provide you the IndiaFirst Smart Save Plan and the IndiaFirst Young India Plan to help you fulfill your dreams while ensuring the financial security of your loved ones.

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Tax planning is not only a basic duty of every one of us but is also important for our own financial planning. It helps you reduce your income tax liability and also ensures a better future due to compulsory savings in highly safe government approved schemes. You should choose your investment options in such a way, that the post-tax yield is the highest possible keeping in mind the basic parameters of safety and liquidity. Life insurance plans are an effective way to save taxes. You may choose from a variety of life insurance plans based on your life stage and risk appetite.

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Before deciding on an investment option, it is important for you to understand its key features, the various terms & conditions attached and risk factors associated with it. Hence, it is important to know what certain terms mean in the insurance context. We have done our best to explain everything as simply as possible. We have used plain language that is easy to understand and believe this is a good place to start when considering an investment. Remember, what might be the right investment option for your neighbor might not necessarily be the correct investment for you.

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