Chemslife Financial Services is one of the leading and well-diversified financial services companies in India offering services across brokerage (across the asset classes of equities (cash and derivatives), commodities and currency), investment banking, wealth management, distribution of third party financial products, research, financing, depository services, insurance broking and clearing services to corporate, institutional, high net worth individuals and other retail clients.
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- chemslifeoffice@gmail.com
- +91 95971 79325
- Monday to Friday: 9am to 6pm
- Velukkudi, Thiruvarur (Dt), Tamilnadu, 610 102.
- Support +91 95971 79325
Insurance Services
Chemslife Services
Insurance Services
- Life Insurance
- General Insurance
- Health Insurance
- Motor Insurance
- Claim Management
Life Insurance
Life insurance is one of the two broad categories of insurance. Before understanding the definition of life insurance, let’s understand what problems do life insurance policies solve in your life.
Types Of Life Insurance
Term insurance is often regarded as the purest form of life insurance as it is a pure risk cover policy and does not have any component of saving. You get only the death benefit in a term insurance plan.
TROP or term insurance with return of premium solves this grievance of the customer and returns all the premiums paid at the end of the term.
Unlike term insurance plans that cover you for a specific number of years, the whole life insurance plans provide coverage for your whole life. These plans cover you till the age of 100 years and pay you a maturity benefit if you survive 100 years of age.
Most life insurance policies that pay you a maturity benefit at the end of the policy term. However, moneyback policies pay you a regular payout, which is a percentage of the sum assured, during the policy tenure.
These plans are part insurance and part investment. A portion of the premium that you pay for these plans is invested in unit-linked market schemes. Such a long investment period helps you build a substantial amount of corpus.
These life insurance policies have benefits of a life cover as well as lucrative saving opportunities. These policies fulfill your long-term saving goals.
Much like group health insurance policies the group life insurance policies are provided to you by your employer. The cover finishes once you leave the company.
A child insurance policy is designed to protect the future of a child. It provides a death benefit to the child if he/she loses a parent. This fund can be traditional as well as unit linked.
These plans counter the ill-effects of living too long beyond your working age. From this fund you are paid pensions which can keep you afloat when you are not making any active income.
The Main Benefits Of Life Insurance Policies
- A Perfect Tool For Financial security
- Facilitates Long-Term Savings
- Solve The Ill-Effects Of Dying Early
- Make Living Too Long A Happy Affair
- Arranges Funds To Deal With Critical Diseases And Disabilities
- Different Plans For Different Needs
- Provide You Peace Of Mind
- Life Insurance Comes With Lucrative Tax benefits
Motor Insurance
Motor insurance is the smartest way to take care of your vehicle.
As per IPC stats, there were 2,33,727 cases of motor theft from 2018 to 2020- which accounted for 4.6% of the total crimes. And the number of road accidents was 1,35,051- which accounted for 2.8% of the total crimes. Looking at the statistics of theft and accidental cases in the country, it is extremely crucial that you purchase an insurance plan for your vehicle. It is mandatory by the government for every person who owns a motor vehicle to buy a third-party motor insurance policy- so it is really a matter of law.
As the name suggests, motor insurance is insurance for motor vehicles. It offers financial protection against loss or damages caused to the motor vehicle because of an accident, theft, a natural calamity, etc. It provides cover to you, the insured vehicle, a third-party person, and their property.
Two Important Things You Should Note
- As per the Motor Vehicles Act, 1988, it is mandatory to purchase third-party motor insurance. Driving a motor vehicle without insurance in a public place is a punishable offense under the Motor Vehicles Act.
- Irrespective of whether you’re purchasing motor insurance online or offline, it is important that you purchase it from a company authorized by the Insurance and Regulatory Authority of India (IRDAI)
Types Of Motor Insurance Policies In India
You will come across various types of Motor Insurance policies in the market, such as –
As the name suggests, it gives you complete enhanced insurance coverage. This type of insurance policy covers the third-party liability as well as the damages caused to your own vehicle. The best of both worlds!
This is the most basic vehicle insurance and a statutory requirement. Without this policy, it is illegal to drive your motor vehicle in India. This policy covers any injury/losses caused to a third party individual or property by your insured vehicle.
- his covers the damages caused to your own vehicle due to fire, rain, theft, etc. You can raise a claim under this policy to get compensation for the expenses incurred for repairing your vehicle.
Why Should You Purchase A Motor Insurance Policy?
As per the Motor Vehicles Act, driving a motor vehicle without insurance in a public place is a punishable offense. The fine for driving without insurance starts from Rs. 2,000 for the first offense and Rs. 4,000 for the subsequent offense. It could also lead to imprisonment for 3 months within the law’s discretion.
Now a days, cost of purchasing a new vehicle is high but cost of repairing a vehicle is also very high. A motor insurance policy provides financial protection to you against any unforeseen events like accidents, theft, or any other serious damage to your motor vehicle.
A motor insurance plan offers protection against a variety of risks e.g. from thefts to accidents, from manmade disasters to natural calamities, etc. Further, it won’t just provide protection to your own vehicle; but you will also be protected against any legal liabilities owing to damages or financial losses caused to a third party person or property.
Health Insurance
Good health is the foundation of happiness. But factors like smoking, alcohol consumption, climate change, increased population, etc. makes us more susceptible to health problems. What if you or your loved ones face a sudden medical emergency? What if you don’t have enough funds to afford the treatment? That sounds pretty scary, doesn’t it?
While no one likes thinking about the possibility of being injured or hospitalised, it is pertinent to be prepared for any scenario because the financial impact of these treatments can be huge. You should buy health insurance as soon as possible to protect yourself and your family. It acts as a cushion against these expenses.
What Is covered Under Health Insurance
A health insurance plan is essentially a comprehensive cover for hospitalisation expenses. Here’s a quick look at what it covers –
Expenses incurred during hospital stays are covered by health insurance policies. Hospitalisation costs include medical treatment expenses, room rent, ICU charges etc.
Pre-hospitalization costs are the costs incurred before undergoing treatment or getting admitted to a hospital. These include blood tests, X-rays, OPD consultations etc.
Health insurance also covers the expenses you incur after you are discharged from the hospital, called post-hospitalization costs. These costs include follow-up visits to your doctor, diagnostic tests, rehabilitation, etc.
During an organ transplant surgery, the organ donor may incur surgery costs and hospitalisation expenses. These costs are covered under most health insurance plans.
Some surgeries or treatments, such as gallbladder removal, hernia, chemotherapy etc., are completed in a few hours and don’t require hospitalisation. The costs associated with these treatments are covered by health insurance.
When you can’t move to the hospital due to non-availability of beds, an injury/illness where shifting is impossible, or any other reason – you can opt to receive the treatment at home. This is called Domiciliary Hospitalisation. A majority of health insurance policies cover expenses associated with domiciliary hospitalisation.
Why Should You Purchase Health Insurance?
The changing lifestyle of the global population has led to an increase in diseases at a younger age. Fast-paced living, pollution, stress, and unhealthy habits all contribute to the occurrence of unexpected ailments. Health insurance is a guarantee of financial protection against medical expenses. And it’s best to invest in a plan as soon as possible, as there are stringent checks by insurers. They may decline to cover you, limit the benefits, or ask you to pay a higher premium as you grow older or contract a disease.
Treatment costs rise along with medical technology improvements and disease outbreaks. If we factor in an inflation of 8%, a hospital bill of 3 Lakhs today will rise to 30 Lakhs in 30 years. Without proper financial planning, these costs may severely deplete your finances.
During times of sickness, the last thing you need to worry about is how you’re going to pay for your treatment. And, it’s natural to want the best possible healthcare for your family or yourself. Health insurance is something you can bank on for quality treatment and services.
To top it off, health insurance premiums are also eligible for tax benefits under Section 80D of the Income Tax Act, 1961. Investing in health insurance plans can get you a tax deduction of up to Rs. 50,000. If you buy health insurance for your elderly parents, you are entitled to receive an additional deduction of Rs. 50,000.
GENERAL INSURANCE
Home Insurance
Under a home insurance policy, the general insurance company promises to cover the financial damages caused to your home or its contents. It takes decades of savings to build a house and make it home but a single fire accident can burn everything to ashes. So, it is recommended that you have insurance of your house.
A home insurance policy covers your house against:
- Man-made calamities such as theft, riots, fire, etc.
- Natural calamities such as storm, earthquake, floods, storms, typhoon, tempest, etc.
- There are three types of home insurance, such as:Structure insurance: It covers the structure of your house.
- Contents insurance: It covers the things and valuable items kept in your house.
- Comprehensive home insurance policy: It covers both the structure and contents.
Travel Insurance
Travel insurance covers you for any contingency that you might face when travelling abroad. The most important coverage the travel insurance plans provide you is medical coverage. Your regular health insurance plans don’t cover you in abroad. So, if you need hospitalization in a foreign country, it would all be from out-of-pocket. And mind you, treatment abroad can be filthy expensive. Also, these plans cover you for medical evacuation and repatriation. Medical evacuation means that the patient would be flown to the nearest country where the required treatment is available. And repatriation means that the mortal remains of the deceased would be sent back home.
Hence, if you are planning a trip abroad then the first thing you should get is a travel insurance plan. It should be given as much priority as you give to your visa or boarding pass.
The other thinks that a travel insurance plan covers are:
- Delay of checked-in baggage
- Loss of checked-in baggage
- Personal accident
- Loss of passport
- Trip cancellation
- Third-party liability
- The types of travel insurance plans are as follows:International travel insurance plans
- Domestic travel insurance plans
- Senior citizen travel insurance plans
- Student travel insurance plans
- Annual multi-trip policies
- Single trip policies
Personal Accident Insurance
A personal accident insurance compensates you or your nominee in the event of death, injury, mutilation, or impairment caused due an accident.
Mobile Insurance
This policy covers any financial loss due to theft or damage to your mobile. These days, high-end mobiles are quite expensive and there are many pick-pockets around. Hence, it is better that you take insurance for you mobile.
Cycle Insurance
Everything on which you spend your hard earned money matters. Some may laugh on the idea of getting insurance for your cycle. But then, how does that matter to you? There have been many cases of cycle theft as stealing a cycle is relatively very easy. These days, even cycles are quite expensive. So, you must get them insured.
Bite-size Insurance
These plans cover your specific needs for a shorter duration. These policies have a low premium and can be purchased online from any internet enabled devise. Some popular bite-size insurance plans are
These plans cover your specific needs for a shorter duration. These policies have a low premium and can be purchased online from any internet enabled devise. Some popular bite-size insurance plans are
Some popular bite-size insurance plans are:
- Mobile screen insurance
- Online fraud protection
- Dengue insurance
- Backpack insurance
- Cab-ride insurance
For businesses houses, self-employed, and professionals, the following are the common types of general insurance policies that cover commercial losses.
It is taken by the businessmen to cover any liability towards the workmen or their family in case of death, injury, mutilation, or disability suffered by workers in the course of their employment. Accidents are common especially in case of factory workers. Machine operators can get injured if they are negligent or due to any other reason. If workers suffer such damages while rendering their services on the premises of the business owner, the owner is liable to compensate. Such liability is taken over by the general insurer under a workman compensation policy.
This policy provides financial protection against unforeseen contingencies such as accidental fire and allied perils as mentioned in the policy. The common allied perils are explosion/implosion, lightning, and destruction caused by aerial devices. Some policies also cover man-made perils such as strikes, riots, etc. and natural calamities like storm, tempest, typhoon, etc. The policy provides financial coverage for stock, plant and machinery, furniture and fixtures, and other contents.
Marine insurance is one of the earliest forms of insurance. It covers damage to vessels, terminals, ships, cargo, and any transport by which goods are acquired, transferred, or held between the points of origin and their final destination. The name “marine” should not confuse you. Marine insurance is not limited to transfer of goods via sea or any other water body but it covers even airplanes, air-cargo, trucks, or any other means of commercial transport.
It is a group insurance policy that covers the whole fleet of trucks or other commercial vehicles.
This policy covers an individual commercial vehicle and the features are very similar to that of the car insurance policy discussed earlier.
This type of health insurance plan is taken by the employer to cover all his/her employees under a single master policy. AN employee is cover under a group health insurance plan till he/she is working with the organization. Upon separation from the company, the policy benefits cease for that individual.
This policy is very important for professionals like doctors, chartered accountants, lawyers, etc. Any negligence on part of these professionals can cause huge damages to their clients. A professional indemnity insurance cover pays the third party liabilities on behalf of the insured professionals in return for a premium.
This policy compensates for the financial loss due to theft in the policyholder’s shop.
This general insurance policy is designed to protect the directors and officers of a company from professional liabilities.
This policy protects a business from the financial losses accruing due to cyber frauds.
This is an engineering insurance policy and covers all the financial risks of a builder/contractor.
This policy compensates for the financial losses accruing due to the breakdown of plant and machinery.
This policy covers the financial risks of a builder/contractor while erecting a building.
This engineering insurance policy covers the plant and machinery such as cranes, drilling machines, etc. used in the project.
This policy covers the financial risk caused due to breakdown of electronic equipment.
This policy covers the damages caused to boilers and pressure plants in a factory.
This policy protects against loss of profits due to delays in construction and infrastructure projects.
This policy covers hull losses and liabilities to passengers as well.
This policy is helpful for farmers as they can get financial cover against any damage to their crops.
Similarly to crop insurance, this policy provides financial cover against any damage caused to the livestock of the farmers.
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