Life Insurance by Muthoot FinCorp
We understand the need to safeguard your family at the time of distress and offers a wide range of comprehensive products and policies to become your preferred company for life insurance.
Why is Life Insurance Important?
The focus of life insurance in India has shifted from its tax saving benefits to the benefits, the family members of the insured gets in case of untimely death of the bread winner. On payment of premium, the family members continue to enjoy a certain lifestyle, even if the primary earning member is no longer there to support the family financially.
We at Muthoot Blue focus on safeguarding your family in case of an unforeseen calamity. A small sum invested in a life insurance policy goes a long way in ensuring that your spouse, children, parents or other dependents do not face hardships and enjoy financial security through life. Partnering with the right life insurance company and its products builds s a corpus for the family which will help them meet their day-to-day as well as emergency requirements. A small premium adds up to a substantial amount of savings. So, life insurance helps establish financial security during lifetime of customer or even in your absence.
Types of Life Insurance Policies
Life Insurance policies are mainly of 2 types – Traditional and Unit linked
Endowment Insurance Plans- These popular life insurance policies are considered to be one of the best savings plans by investors as it offers excellent growth on savings
Money back plans– These plans provide for periodic payments (portion of sum assured), during its tenure as survival benefits, to policyholder.
Child plans- A child plan is a combination of insurance and investment that ensure a secure future for the child and provide flexible payouts at important milestones of the child's education.
Group Term Life- All members are covered under a single master policy. Each member gets all the benefits of the insurance plans
Term Life - The plans provide high cover at low price and offers financial security to your family in case of an eventuality.
Unit Linked Policies- A combination of investment and insurance cover, one part of the premium is taken for life insurance and the rest is invested in different forms of investments.
Features and Benefits of Life Insurance Policy
At Muthoot FinCorp, we offer life insurance policies that, will not only bring you immediate benefits but also ensure that , your family enjoys financial security in unfortunate instance of your absence. We also bring you policies that cover specific needs such as a child’s education and retirement corpus creation.
Tax benefits and Income generation
Life insurance in India enjoys tax exemptions. Premiums up to Rs 1,50,000 are exempt from Income tax under Section... read more 80C. The returns from life insurance companies are exempt from tax under section 10 10 D. You can buy a pension plan and be secure after retirement. You can also avail a loan against the policy when you need money in a pinch.
Liabilities are offset
The insured individual offsets liabilities by investing in a life insurance policy and thus ensures that any debts ... read more or liabilities of the insured are not passed on to the next of kin.
Protects the family’s future
A good insurance cover mitigates stress about the uncertain future and protects the interests of the family.... read more . The insurance money can help a family meet everyday expenses or to invest in a business, education or wedding.
How to Apply for Life Insurance with Muthoot FinCorp?
We have made the process of getting a life insurance policy hassle-free and quick. The reasons to buy insurance are life cover and savings. A Life Insurance Policy is easy to buy when you partner with the Muthoot FinCorp brand. You can either contact our customer care executive at 1800 102 1616 or at a Muthoot FinCorp branch. We offer the best in class life insurance solutions through our sister company – MRIBS , which is a leading IRDA accredited intermediary.
Our customer care representatives are trained to take you through the insurance process, from helping you understand the various policies we offer. They will also assist you in filling the application process, the documents required and completing the process to start your policy tenure. Our insurance policies are designed to meet your financial goals.
Frequently Asked Questions
A life insurance policy is a contract between a life insurance company and an insured, wherein the company promises to pay a sum of money to the insured, in case of maturity of policy or to a named beneficiary in case of the death of the insured. This is done in consideration of premium paid by the insured.
As a thumb rule, your life insurance policy must be for at least ten times your annual income. A more accurate way is to estimate your financial obligations and get an insurance cover for that amount. Your financial obligations may Include any debts you need to repay, the expenses for your dependents, expenses on the education of your kids, etc. Our customer service executives can guide you calculate the right amount with the support of our sister company- MRIBS.
Life insurance in India works in the following manner:
1. Insured pays a premium to a life insurance company to purchase a life insurance policy
2. The insured is paid the maturity benefit, in case the insured survives the policy term and the beneficiary is paid the death benefit in the event of loss of life of insured, during the policy term.
Your family depends on you for fulfilling their dreams. If you are the sole breadwinner in the family, they depend on you for their daily expenses as well. A life insurance policy ensures, the family maintain the same standard of living and can pursue their dreams even in your absence.
The cost of life insurance policy depends on the sum assured opted by you. It also depends on your age, profession and health status.
The premium paid for maintaining a life insurance policy is tax deductible under section 80C of the Income Tax Act 1961.This deduction is capped at 10% of sum assured for policies issued after 31 March, 2012. For policies issued before this date, the cap is at 20%. Further, if the insured is disabled under section 80U or has a disease referred in Section 80DDB, then the cap on deduction is increased by 5%. Death benefit is tax exempted under Section 10 (10D).
You can directly approach our customer service executive by visiting your nearest Muthoot FinCorp branch.
They will help you choose the right life insurance policy based on your needs.
We are a trusted company with decades of experience, and will offer you transparent services with the help of our sister company MRIBS
What Documents are required to avail gold loan on EMI?
Though you can use our Gold Loan calculator to calculate the EMI, you will require to submit a certain documents availing a gold loan on EMI:
- Original proof of identification. Any of the following are acceptable:
- Govt of India election ID card with address proof
- PAN card and address proof
- Driver’s licence
- Any Govt departmental ID card
- We are bound by and follow KYC norms as per the regulator’s guidelines
Please call our customer care representative at 1800 102 1616 or visit your nearest Muthoot FinCorp branch to know more.
Why choose Muthoot Blue for Life Insurance?
Muthoot Blue (Muthoot Pappachan Group) has a reputation that has been shaped over decades with high-quality practices, total customer satisfaction, and steady growth. Today, Muthoot FinCorp, our flagship company, is one of the largest NBFCs in India and we continue to work with the aim of providing timely credit to common man with Blue Soch. Hence, our life insurance policies, by our sister company MRIBS, are designed to make it easy for you and your family’s financial security.
- We have over 4200 branches across India. Visit your nearest Muthoot Blue branch to get a loan quickly and without any hassle.
- Nearly 1,00,000 customers walk into our branches daily and are assured of trustworthy and simple services.
- Our customer-centric approach and innovation over the past 133+ years without compromising on the God-given values of trust, truth, transparency and tradition is what helps us in empowering the human ambitions.