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Insurance Basics & Financial Advice

Managing and planning finances can be a challenging task. In this section, we make the task simpler by providing information for a sound financial planning and secured life. The information provided under ‘Insurance Basics & Financial Advice’ is aimed at helping you make an informed choice as per your financial needs. The articles provide an insight into the various insurance categories, financial planning and taxation details.


Benefits of the SBI Life - Poorna Suraksha

6 Minute |

In these uncertain times, it has become all the more important to take care of yourself and your family. As you age, you become susceptible to a range of health issues. A health insurance policy is thus a must. But, it is of limited assistance when you are diagnosed with a critical illness or serious complications that may require expert medical care and advanced treatment.

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Boost your financial immunity with the SBI Life Poorna Suraksha!

7 Minute |

Immunity is your body’s natural resistance to diseases and disease-causing germs, microbes and viruses. A strong immunity not only helps you fight against these diseases and disease-causing pathogens, but it also prevents them from affecting your body.

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Why Should You Consider Life Stage Benefit When Choosing A term Plan?

7 Minute |

Term life insurance policy can help you stay safe from the predicaments of life. It takes care of your family’s needs should any tragedy befall you. It provides an assured payment to your nominees in case of your death which they can use for their expenses.

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Joint Life Insurance Policy: All You Need To Know

4 Minute |

Life insurance plans help secure your life goals. They protect your family from financial stress in case of your demise. Traditionally, term insurance plans have always been associated with a single policyholder. However, with the evolving market and social dynamics

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Purchasing Life Insurance policy? 10 essential terms that you need to know

5 Minute |

Life insurance has become a necessity in today’s world. It is probably the best way in which you can secure your family if something happens to you. Your family members can use the proceeds from your policy to pay off your debts and liabilities or use them for their expenses.

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What is Life Insurance? Its Types & Benefits

5 Minute |

The gift of life is precious, and you cannot put a money tag on it. But one needs money for survival and to satisfy the needs of the family. If there is a sudden demise of the breadwinner, the family might face difficulties. Hence, to ensure the proper livelihood of the family even after the death of bread earner, it is often advised to buy a life insurance policy.

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How the MWP Act Helps in Safeguarding Women’s Interests

7 Minute |

Although your life insurance policy secures the future of your family, the benefits of the insurance are not guaranteed to pass on solely to your wife and children. Your relatives, creditors or bank may claim some part of the insurance benefit for clearing any outstanding debt or otherwise.

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Create a memorable ‘MEMOREEL’ this father’s day with SBI’s PapaHainNa campaign

6 Minute |

We celebrate Mother’s day with great zeal and enthusiasm. But, do you know that there is an equally important day which recognises a father’s contribution to the life of a child? It is Father’s Day.

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The ABCs of Money Back Plans

4 Minute |

We are on the constant lookout for ways to generate wealth and secure our future financially. With this goal in mind, we invest in a variety of plans and other financial instruments. Each of these has its benefit. One such tool is the Money back plan. Let us know more about this plan

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Five steps to perfectly planning your child's education

6 Minute |

Planning for your child's higher education is one of the primary responsibilities that you have. However, with growing expenses of education, the earlier you plan for it, the better. It is always advisable to save for your child's education rather than opting for a loan.

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Endowment Plans - All You Need To Know

6 Minute |

Insurance and investment form an important part of planning for your future. You might be investing in the stock market to generate wealth and raise a corpus for your goals. Also, you must be having life insurance to secure these goals. What if both these features were combined into a single plan?

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Mediclaim vs. Health Insurance- A comparison

6 Minute |

Mediclaim and health insurance policies have been used interchangeably for a long time. Though both of these are concerned with hospitalisation and medical expenses, they are two very different protection plans. How? We explain -

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What is Health Insurance? Its Types & Need

6 Minute |

Health insurance is a basic necessity today. If you meet with an accident or fall sick, and have to be admitted to a hospital, health insurance is the first thing they ask about. So, what is health insurance, and why is it so important? Read on to know-

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Term Insurance Vs Home Loan Insurance: What should you choose?

7 Minute |

Buying a house features amongst the goals of almost every Indian. The popular choice for financing your home is opting for a home loan. But, what if something happens to you before the entire loan is repaid? The liabilities pass down to your family. Are you willing to leave behind your family in financial stress?

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How to invest in an annuity plan

5 Minute |

As living expenses mount and inflation hits your income, you may be starting to worry about the future. After completing all your family obligations, you wonder if you will have enough savings set aside for your retirement.

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Four reasons you should attach Critical Illness benefits to your insurance plan

6 Minute |

You may have heard of Critical illness insurance plan, but did you know that you could attach critical illness benefits to your existing term plan or life insurance policy too? Critical illness benefits or critical illness rider as they are known are as important as term insurance itself.

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What is a Rider in Insurance? Its Types & Benefits

5 Minute |

Life is unpredictable and hits you at the most unexpected times. Though we are always prepared with insurance covers for ourselves and our loved ones, it is not enough. You always need something more to safeguard everything dear in your life. In the case of life insurance, it is an insurance rider.

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Term Plan Vs Endowment Plans

5 Minute |

A sturdy foundation for financial management requires smart decisions and risk assessments. Individuals mulling over providing a means of security to themselves and their families are often confused between a term plan and an endowment plan.

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How Will The Coronavirus Impact Your Life Insurance

4 Minute |

The CoVID-19 pandemic has wreaked havoc across the financial markets, stalling all economic activities. The life insurance sector, too, has been affected, due to increased health risks and death claims. Since a disease like the CoVID-19was never accounted for in the term insurance policies

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What is a Critical Illness Insurance Cover

7 Minute |

To put into simple terms, critical illness insurance is the arrangement that will provide a certain degree of financial security in case you become gravely ill. This policy pays you a predefined sum if you suffer from a critical illness and get diagnosed regarding the same.

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How to buy right term insurance plan

6 Minute |

Term insurance plan is a type of life cover which provides coverage for a definite period of time and if, unfortunately, the insured expires during this term, then his/her nominee is paid a death benefit.

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What you Need to Know About Death Benefits of Life Insurance

7 Minute |

When it comes to securing the future of your loved ones, life insurance is one of the most preferred options among Indians. In fact, around 328 million Indians had a life insurance policy in 2017, according to the IRDAI's Handbook on Indian Insurance Statistics.

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5 reasons to invest in money back plans

6 Minute |

When we think of investments, we think of mutual funds. However, there are many other instruments out there that offer similar benefits, if not more. Money back plans are one of them. We give you five reason why you should think of investing in a money back policy-

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6 questions on Income tax returns that you must know the answers to

7 Minute |

Our tax planning is centred around saving the maximum possible amount on the taxes that we pay. We consult CAs, read about tax saving, buy insurances and invest in the market to be eligible for tax rebates and exemptions. However, when it comes to the process of checking the status or claiming the refund, some of us are rather clueless.

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Pradhan Mantri Jan Dhan Yojana –What is it?

7 Minute |

Did you know that the Indian government has a place in the Guinness Book of World Records? It holds the record for the largest number of bank accounts opened in a single week under a financial inclusion campaign. Under the Pradhan Mantri Jan DhanYojna (PMJDY), 1,80,96,130 accounts were opened, according to the Press Information Bureau, Govt. of India.

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Single Premium insurance Policies –Are They Worth Considering?

4 Minute |

Did you know that 75% of Indians did not have a life insurance policy in 2017? But the good news is that things are changing. In 2018 alone, more than 28 million new life insurance policies were purchased in India, according to data provided by Statista.

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What is Universal life insurance? What Are its Benefits?

6 Minute |

If you are here, you must have heard about Universal Life Insurance. It has a dual advantage of life insurance, as well as saving. However, before you start contacting insurance companies, you must conduct thorough research. Read on to understand what these plans are and how they work-

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5 reasons why your life insurance claim might be rejected

5 Minute |

Life insurance plans cover the insurer for any eventuality. In case the need for a payout arises, you need to file a settlement claim with the insurance company. The company verifies all the details and then releases the claim settlement amount.

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5 life Insurance hacks you must be aware of

6 Minute |

For some, they are just means for getting an exemption from taxes; however, there is more to Life Insurance than that. They can be a robust tool in case of any eventuality. While being prepared beforehand is essential, having some life under your belt can make quite a difference.

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Importance of having a Protection Plans Apno Ki #HimmatWaaliSeeti

7 Minute |

Healthcare, education, financial security and mental stability – our family gives us all. They help us survive through tough times and fulfil our dreams and responsibilities. There is a brilliant way to express our gratitude and honour our loved ones wholeheartedly.

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Financial planning and 4 steps to achieve it

3 Minute |

Financial planning is necessary to ensure peace of mind and secure your future. It involves chalking out a plan listing all your future goals and estimating the capital required for their completion. You then plan out the financial means to attain them. It may involve saving, investment, and administration of funds, among others.

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ULIPs vs. Mutual funds- what is better for you?

5 Minute |

We are always on the lookout for avenues to help our money work for us. Many of us also have a decent working knowledge of what financial planning is. It is about striking a balance between the risk and the returns generating capability of the investment. ULIPs and mutual funds being the hot commodities in the market, you are sure to be confused between the two.

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Get cover for these 36 illnesses with a Critical illness Insurance

3 Minute |

Critical illness policy is a standalone financial plan that helps you secure yourself against life-threatening illnesses, diseases and disorders that you might suffer from. The Critical illness insurance is different from health insurance plan in the manner that it typically offers a significantly better payout, which can be used as you wish- be it for medical expenses or your daily expenses.

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A 6 step guide to plan your child's Higher Education Abroad

5 Minute |

Sending your child for higher education abroad can do wonders for your child’s future. But most of us are confused about where to start. Also, we might have a lot of questions about it- Should you purchase a child future plan? Or rely only on your savings? How to plan for child education?

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All you need to know about Life Insurance plans

6 Minute |

Life Insurance plan is an important part of preparing for a secure financial future. Here are some things that you need to know about the types and benefits of purchasing a Life Insurance policy.

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Answering 5 most-asked questions about medical tests for term insurance

6 Minute |

We often hear about insurance claims being rejected when a person passes away. Many of these are due to not submitting enough medical proof of existing and past medical records. As a result, medical tests are mandatory when purchasing a term life insurance.

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The WHAT, WHY, and HOW of Critical Illness plans

3 Minute |

A stressed and hectic day to day life has made us susceptible to a host of lifestyle diseases. Experts claim that one out of 4 Indians is likely to fall prey to non-communicable diseases before the age of 70. A traditional health plan might not be sufficient for such conditions, owing to the high cost of treatment and medication. Here is where a Critical Illness plan comes into the picture.

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Things you need to know before purchasing a Term insurance

3 Minute |

A Term insurance policy offers you life coverage for a specific period. It is best suitable if you are planning for a short term goal. However, one should be careful when opting for a term insurance plan, because there are many clauses which can render you ineligible for the final payout.

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What is BMI, and how does it affect your Insurance premium?

6 Minute |

In these times, when fitness is what everyone seems to be talking about, BMI is used a lot. But most of us lack clarity on what exactly BMI is. Let us make it easier for you.BMI or Body Mass Index is a ratio of weight and height. It can be defined as the weight in kilograms, divided by the square of the height in metres.

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Why should you buy a standalone Cancer plan

6 Minute |

Standalone cancer insurance plans are often considered unnecessary and are often overlooked when planning for the future. It is assumed that a Health Insurance plan is more than enough. However, this is not the case. We tell you why it is not so and other benefits of getting a standalone cancer insurance plan.

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4 things to know before you purchase a Life Insurance policy

5 Minute |

You might know how Life Insurance works, but still, be apprehensive about going for it. We address four major concerns that people have when purchasing a Life Insurance policy.

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All you need to know about compounding and its benefits

5 Minute |

'Compounding' is a process wherein the capital gains or the profit are reinvested to generate additional income. The growth of your investment is exponential as interest is earned from the principal as well as the additional earnings accumulated over the past period.

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Understanding the need for raising awareness about Life Insurance in India

7 Minute |

There is not enough awareness about the importance of Life Insurance in the Indian masses. Hence, insurance companies are striving to draw people’s attention to it. 'Sabse Pehle Life insurance' is a step in this direction.

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Breast cancer: Things about it that you should know

5 Minute |

Breast Cancer is the most common type of Cancer that women across all ages suffer from. Studies show that 1 out of every 38 woman dies due to breast cancer. The awareness about breast cancer in the general population has been on the rise in recent times. Read on to know more about the causes, types and symptoms of breast cancer.

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5 Common Mistakes to Avoid While Planning For Retirement

5 Minute |

Retirement planning is taken very seriously in India. It is not only about saving, but also involves thoughtful investing to ensure returns at a time when you are unable to work and earn for yourself.Here are a few mistakes that you should avoid when chalking out your retirement plan

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5 Reasons to buy a Critical Illness Insurance at an early age

5 Minute |

With the rising illness and our hectic lifestyles, keeping yourself financially covered is imperative. A critical illness can come at any time, to anyone, and will affect you both – financially and emotionally.

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5 things that you need to focus on before buying cancer insurance

5 Minute |

Opting for a Cancer insurance is a right step in the direction of securing your future. However, you should know that it is not as easy as getting anything off the shelf. There are many things to consider before you can arrive on the perfect plan for you.

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Child Education Plan - How to Safeguard Your Child’s Future

5 Minute |

Parents want the best education that is available for their children. However, the skyrocketing cost of education is a cause of worry. College and school fee in India as well as abroad are increasing with every passing day. This is the reason why many parents are looking towards Child Education.

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Why Buying a Life Insurance Is Important No Matter The Age

5 Minute |

Life Insurance has become a hot commodity especially after the passing of the Life Insurance of India Act in 1956. Life insurance secures the family’s future in case of the insurer’s demise. The fact that you are not leaving your family behind in any financial duress adds to your peace of mind. Life Insurance plans do not come with an age limit.

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How does your lifestyle influence life insurance premium rates?

4 Minute |

Future is uncertain for everyone. You must save and build a corpus to help sail through uncertain and difficult times. This is why it is important to opt for financial planning and diversify your portfolio with various products such as fixed deposits, recurring deposits, life insurance, and mutual funds.

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Why the 20s are not 'too early' to invest in a Term plan

6 Minute |

Youngsters in their twenties are either in college or just starting their careers. You are young hale and hearty. Saving for the future, retirement planning and financial goals still is not a priority for many. But you either postpone the thought of getting insurance or do not think of it altogether. But it is always advisable to start early.

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How to Calculate How Much I need for Retirement

5 Minute |

The first and foremost reason to compel you to retirement planning is that the average life expectancy is rising continuously and that the best days of work will last. Best retirement plans ensure that after retirement, you don’t have to worry about your expenses. They ensure that you do not have to get back to work and curb your spending. They help you to live life at the fullest, even after retirement.

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Everything You Need to know about ULIPs

5 Minute |

Do you want to get insurance cover with considerable market returns? If yes, then you should give unit-linked insurance policy commonly known as ULIPs (Unit Linked Insurance Plans) a try. They are a type of goal-based solutions having the ability to provide both, protection along with investment. In this article, let’s discuss all about ULIPs (Unit Linked Insurance Plans).

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5 Long Term Investment Ideas for Tax Benefits

7 Minute |

Taxes take a considerable portion of your earnings; a portion you would like to spend in a better way. One of the ways to save tax is investing in long-term investment options. The financial experts have always insisted on long-term investment. They help you generate a great corpus and act as the best tax saving investment option.

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5 Things You Must Know While Buying Health Insurance Plans in India

10 Minute |

Buying a health insurance plan is one of the most responsible things you could do in today’s stressful times. But it is a process fraught with some degree of risk, especially if you are not conversant with essential aspects such as –

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5 Ways to Make Your Retirement Planning Successful

6 Minute |

Retirement is an important milestone of our lives which needs to be planned carefully. A lot of things need to be considered such as your retirement age, your monthly savings, your investments, debts (if any) etc. It would also depend on the pension you would be getting after retirement, provident fund, and many more such factors.

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6 Myths You Should Know before Investing in ULIPs

5 Minute |

There is a lot of buzz around investing in Unit-Linked Investment Plans (ULIPs) nowadays. The buzz is attributed to the profits and advantages that ULIP policy provides. In simple terms, ULIPs can be defined as the combination of insurance and investment. Like all good things, ULIPs are also shrouded with myths,

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How Child Plans Help to Secure Your Child's Future

8 Minute |

As a parent, your primary responsibility lies in ensuring that your child’s every need is adequately met. Your child has dreams of becoming a doctor, or a pilot, or even taking up music. The question is, do you have the financial wherewithal to support your child’s dreams?

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What is Unit Linked Insurance Plan (ULIP)? What are the benefits of ULIPs?

7 Minute |

We explain what Unit Linked Insurance Plans (ULIPs) are, and how they benefit your financial outlook for the future.Your financial needs can change on a frequent basis.

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5 Golden Rules to Enjoy Your Post Retirement Days

4 Minute |

Retirement should be like taking a long vacation. It’s a phase when you can finally put your feet up and enjoy time with friends and family. You can plan long lunches, travel to see different parts of the world and pursue hobbies.

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How Life Insurance Helps You Protect Your Wealth

4 Minute |

Retirement should be like taking a long vacation. It’s a phase when you can finally put your feet up and enjoy time with friends and family. You can plan long lunches, travel to see different parts of the world and pursue hobbies.

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3 Mistakes You Need to Avoid in Tax Saving Investment

5 Minute |

A tax saving investment is like a project. You need to keep a lot of things in mind. And amidst the rush of registering before 31st March, it seldom becomes possible to make the right decisions and assure satisfactory tax planning for salaried persons. However, with some precise knowledge, you can make the right decisions.

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4 Investment Options That Help In Tax Saving

4 Minute |

Short-term investments play a great role in distributing your money or your savings in different places and still saving it. In other words, making short-term investments is beneficial. Warren Buffet, the investment expert said it once, to never keep all your eggs in one basket.

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Filing Tax Returns for the First Time - Here Are Things to Remember

4 Minute |

Tax returns filing is that time of the year that makes you go through all your expenses you made this year and reflect on the same. Now, while filing a tax return for the first time, you can do it all by yourself just by gaining knowledge and gathering some information on the same, or by asking for professional help.

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How Salaried Individuals Can Save on Income Tax

4 Minute |

Trying to show income below the exemption limits is not a new phenomenon in India. According to data released by Finance Minister Arun Jaitley in the 2017-18 budget, only 1.72 lakh Indians showed their income to be more than ₹50 lakhs, which didn’t match the consumption pattern in the country.

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Important Things to Look for in a Good Travel Insurance Plan

4 Minute |

Indians love travelling during holidays and the number of travellers has been rising in recent years. According to a report published by Google India, in partnership with Boston Consulting Group (BCG), by 2020, India’s domestic travel market is set to become a $48 billion industry.

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How to Save Income Tax in India for Salaried People?

4 Minute |

There are times when high living expenses and rising inflation make you rethink your expense budget. Try as you might, you cannot cut down on essential expenses, and there are investments and savings funds to create as well.

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How Health Insurance Helps You Save Tax While Securing Family’s Future

4 Minute |

Combining the elements of protection with savings, health insurance plans are a necessary investment in today’s world.

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How Life Insurance Can Help You save tax

6 Minute |

Life insurance protects you and also helps you save tax. This article studies its tax saving implications.Before understanding how you can save tax on life insurance

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Tax Saving Options Beyond Section 80C

6 Minute |

Are you worried that most of your savings will be ruined when it comes time to pay your income tax? Don’t worry. Under Section 80C of the Income Tax Act of 1961, certain deductions are provided to taxpayers to lower their taxes.

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Income Tax eFiling Guide: Everything You Need to Know

5 Minute |

The total income tax returns filed for 2017-2018 increased by 26%, with 99.49 new tax filers, says an article in The Economic Times. This substantial increase in taxpayers shows that people are becoming more responsible citizens of India.

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5 Reasons why you need Home Loan Protection

5 Minute |

A lot of people have different opinions when it comes to home loan protection schemes. Some are of the opinion that home loan protection can be clubbed with existing term insurance. Some even state that schemes like these often harm the buyers more than they benefit.

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All you need to know about Home Loan Insurance

5 Minute |

Taking a home loan is a long-term commitment. Home loans can extend up to 25 to 30 years or more. We all know life doesn’t come with any guarantee cards.

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Going on a Road Trip? Here's Why You Need a Personal Accident Insurance

5 Minute |

India is proud to have 53 national highways, making it a great place to plan a road trip. In fact, given the country’s geographic diversity, a road trip in India can be electrifying. It’s even more exciting when travailing along with friends or family who share a passion for adventure!

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How to Achieve Financial Freedom in Your 40s ?

5 Minute |

By the time we turn 40, many of our checkboxes may already be ticked. Many are married and have kids. Most have already chosen their career paths and are well-settled in a satisfying career.

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What is the right age to buy Term Insurance Plan?

5 Minute |

What is the right age to buy a Term Insurance Plan?The short answer: As soon as you start working. Term insurance plans protect your family members who depend on your monthly income, in your absence.

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How term life insurance protects what you hold dear

5 Minute |

Have you ever tried to hold a fistful of sand tightly in your hand? Notice how it slips out no matter how firmly you hold your palm closed? It is an allegory for life itself .

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Because cancer may come without warning

5 Minute |

Though most of us are stoic when it comes to dealing with minor ailments and even major ones like diabetes and high blood pressure, the word ‘cancer’ can worry even the strongest amongst us.

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Term life or ULIP?

5 Minute |

Taking life insurance plans for yourself and your family members has become vital in today’s times. Life has its uncertainties; – a phase of stability today might change into a period of instability tomorrow.

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