Life is full of uncertainties. You may get married, find an amazing job, and start a new life. However, you might also contract an illness. Your house might be damaged in an earthquake or a flood. Your vehicle may be involved in an accident. Instances are many and, yet, the result always has a financial repercussion.
While you can take measures to control or limit the financial losses suffered in a contingency, you cannot avoid them altogether. So what do you do?
You buy insurance, what else!
Insurance plans are designed to cover the financial risks that you might face in life. They compensate you for the loss suffered so that your finances don't take a hit. So, if you want financial security against unforeseen expenses, insurance becomes a must. By opting for an insurance plan, you can safeguard yourself from a financial strain in an emergency.
Types of Insurance Plans
Life Insurance
Life insurance plans primarily cover the risk of untimely demise of the insured. In case of an unforeseen demise of the insured, a death benefit is paid, which helps the family face the financial loss.
Accident Insurance - Life
Get coverage for death and permanent disability
Term Life Insurance
Secure your family’s future against unforeseen circumstances
Health Insurance
Health insurance plans cover medical emergencies. So, if you suffer from an illness or an injury and you are hospitalized, health insurance plans would help pay the medical bills
Travel Insurance
Wouldn’t you like to travel safely without the bother of meeting a financial emergency? This is where travel insurance plans come to the rescue.
Motor Insurance
If you own a vehicle, a Motor Insurance Cover is a must to protect it against unforeseen damages. In India, it is compulsory by law to have a third-party insurance cover for your vehicle.
Benefits of Buying Insurance Plans from PhonePe
Buying insurance can be a rewarding experience
There are various benefits of buying insurance plans covering the different types of financial risks that you can face. Do you know what these benefits are? Let’s have a look:
Financial security
Insurance plans compensate for the financial risks that you suffer in unforeseen contingencies and provide financial security.
Safety of your financial savings
If you insure your losses, the insurance policy shoulders the financial burden of such losses, whenever they may occur. This safeguards your savings, allowing you to use them for their intended purposes, i.e., meeting your financial goals.
Coverage for a rainy day
Sometimes you might suffer an unforeseen loss. Insurance plans act as an umbrella during such times and protect you financially.
Attractive tax benefits
Lastly, let’s not forget about the tax advantages of insurance plans. Life and health insurance policies have tax-saving benefits that lower your tax outgo, and that too, considerably!
Financial security
Insurance plans compensate for the financial risks that you suffer in unforeseen contingencies and provide financial security.
Safety of your financial savings
If you insure your losses, the insurance policy shoulders the financial burden of such losses, whenever they may occur. This safeguards your savings, allowing you to use them for their intended purposes, i.e., meeting your financial goals.
Coverage for a rainy day
Sometimes you might suffer an unforeseen loss. Insurance plans act as an umbrella during such times and protect you financially.
Attractive tax benefits
Lastly, let’s not forget about the tax advantages of insurance plans. Life and health insurance policies have tax-saving benefits that lower your tax outgo, and that too, considerably!
TAX ADVANTAGES*
The tax advantage of insurance plans
As mentioned earlier, life and health insurance plans have an added tax advantage. You can reduce your tax liability by investing in these plans. Here’s how:
Section 80C
Tax benefits under life insurance plans
The premium that you pay towards a life insurance policy is allowed as a tax-free deduction from your income. This deduction is available under Section 80C.
Furthermore, the death benefit is completely tax-free, and so is the maturity benefit under Section 10 (10D). When policy benefits are concerned, there is no restriction on the maximum tax-free amount. Whatever you get would be exempted from tax.
READ MORESection 80D
Tax benefits under health insurance plans
Health insurance policies also give you a deduction on your taxable income. The premium paid for health insurance plans, regardless of the type of policy, is allowed as a deduction under Section 80D.
The maximum limit of deduction is Rs. 25,000 if you are below 60 years of age. If you are a senior citizen, the limit is Rs. 50,000.
Additionally, if you insure your dependent parents under a health insurance plan, you can claim an additional deduction. The deduction limit is Rs. 25,000 if your parents are below 60 and Rs. 50,000 if they are senior citizens.
For life insurance, tax benefits of ₹46,800 u/s 80C is calculated at the highest tax slab rate of 31.20% (including CESS excluding surcharge) on life insurance premium u/s 80C of ₹1,50,000
Why insure with us?
Here are some benefits of getting insured with us:
Curated offerings
Curated offerings
You can find the best insurance plans that offer the most comprehensive coverage benefits for maximum protection.
Quick Insurance
Quick Insurance
Did you know you can get insurance in a few clicks? Get covered instantly without any hassles!
Easy access
Easy access
All your insurance purchase related details are stored safely, making it easy for you to access your insurance document anytime, anywhere.
Safety
Safety
You no longer need to worry about security risks when getting insurance. An encrypted and completely safe platform ensures that you get the policy securely.
PhonePe Insurance Offerings
What we offer
Here’s a brief look at what we offer:
Claim Assistance
Just like getting or renewing an insurance plan is simple, claiming insurance is also a hassle-free process. You just need to initiate your claim process with the intermediary.
Policy Servicing
As your insurance requirements grow over time, you will be required to maintain it. Get your policy serviced at regular intervals in a hassle-free manner.
Dedicated Assistance
If you have queries related to your insurance, simply contact us and assistance will be provided to you
Insurer Comparison
Make an informed decision with the choice of multiple insurers.
Claim Assistance
Just like getting or renewing an insurance plan is simple, claiming insurance is also a hassle-free process. You just need to initiate your claim process with the intermediary.
Policy Servicing
As your insurance requirements grow over time, you will be required to maintain it. Get your policy serviced at regular intervals in a hassle-free manner.
Dedicated Assistance
If you have queries related to your insurance, simply contact us and assistance will be provided to you
Insurer Comparison
Make an informed decision with the choice of multiple insurers.
PhonePe Insurance Broking Services Private Limited. IRDAI Direct Broker (Life & General)
Reg. 766 and Broker Registration Code IRDA/DB 822/20 Valid till 10/08/2027.
Regd. office - Office-2, Floor 4,5,6,7, Wing A, Block A,Salarpuria Softzone, Service Road,
Green Glen Layout, Bellandur, Bengaluru, Karnataka-KA, Pin- 560103
CIN: U66000KA2020FTC132814