Life & General Insurance
Comprehensive protection for your life, family, health, and assets
Life & general insurance is essential to secure your financial future and safeguard your loved ones. Life insurance provides financial support to your family in case of untimely demise, while general insurance protects your assets, health, and business from unforeseen events. At SR Wealth, we specialize in designing tailored plans that meet the unique needs of the Indian market and individual goals.
Why Life & General Insurance Matters
Insurance is a cornerstone of financial planning. While life insurance ensures long-term security through death benefits and cash value accumulation, general insurance safeguards your present lifestyle against accidents, natural disasters, or health emergencies. By investing in both, you create a 360° protection strategy for your family, assets, and business.
Life insurance primarily addresses long-term needs like income replacement, debt repayment, and wealth transfer. General insurance, on the other hand, manages day-to-day risks, from medical emergencies under health insurance to vehicle protection with motor insurance or home coverage.
What is Life Insurance?
Life Insurance is a contract between the policyholder and an insurance company that provides financial compensation to your nominated beneficiaries in the event of death. It offers peace of mind knowing your loved ones are financially secure.
Types of Life Insurance in India
Offers high coverage at low premium. Ideal for individuals seeking affordable life insurance without maturity benefits.
- Universal Life Insurance:
Flexible policies combining coverage and investment growth, with options to adjust coverage amounts and premiums.
- Whole Life / Permanent Life Insurance:
Provides lifelong protection with a cash value component, ideal for legacy planning or estate creation.
Combines insurance with savings. Payout occurs on death or maturity, supporting long-term goals like children’s education or retirement.
Periodic payouts during the policy term while maintaining life coverage. Useful for short-term financial needs.
- ULIPs (Unit Linked Insurance Plans):
Investment-oriented plans that link part of your premium to equities/bonds while offering life cover.
Key features include death benefits, policyholder flexibility, riders, and tax benefits under Section 80C. Major life insurance companies in India, like LIC, HDFC Life, and ICICI Prudential, offer these plans with robust claim support.
What is General Insurance?
General insurance (non-life insurance) protects you from financial losses caused by accidents, natural disasters, or theft. Unlike life insurance, it doesn’t cover life but ensures protection for your health, assets, and liabilities.
Types of General Insurance
Covers medical expenses from illnesses, surgeries, or accidents. Plans include individual, family floater, critical illness, and senior citizen policies.
Mandatory third-party insurance covers damage to others, while comprehensive insurance protects both your vehicle and third-party liabilities.
Safeguards your property against disasters like floods, earthquakes, or theft. Optional add-ons cover valuables and electronics.
Protects against risks like lost baggage, trip cancellations, or medical emergencies abroad.
- Personal Accident Insurance:
Offers compensation in case of accidental death or disability.
- Commercial / Business Insurance:
Includes liability coverage, property insurance, and employee benefits for companies.
Life Insurance vs General Insurance – Key Differences
| Feature |
Life Insurance |
General Insurance |
| Purpose |
Long-term financial security |
Short-term protection against risks |
| Coverage Term |
Term, Whole Life, ULIP, etc. |
1 year renewable policies (Health, Motor, Property) |
| Payout |
Death benefit, cash value |
Claim-based payouts for losses |
| Premium |
Fixed / variable |
Varies by risk exposure |
| Regulation |
IRDAI regulated |
IRDAI regulated |
Both complement each other. While life insurance secures future goals, general insurance safeguards day-to-day life and assets.
How SR Wealth Approaches Life & General Insurance
Our insurance agency follows a structured process:
Understanding your financial goals, family responsibilities, and risk appetite.
Evaluating options from multiple insurance companies.
Finding the most affordable coverage amounts and options like permanent life insurance or term insurance.
Seamless guidance through documentation, death certificate submissions if required, and activation.
Expert assistance during claims for smooth settlement.
SR Wealth differentiates itself through independent advice, multiple insurer partnerships, and customer-centric services.
Choosing the Right Plan – Factors to Consider
- Age, health status, number of dependents, and lifestyle
- Outstanding debts and financial liabilities
- Coverage amount vs cost vs policy tenure
- Riders and add-ons for enhanced protection
- Reputation of life insurance companies and claim settlement ratios
Benefit of Taxation in Life & General Insurance
Insurance not only provides financial protection but also helps in tax planning.
Life Insurance Tax Benefits
Premiums paid towards life insurance policies are eligible for deductions under Section 80C of the Income Tax Act, up to ₹1.5 lakh annually. The maturity proceeds and death benefits are generally tax-free under Section 10(10D), making life insurance a smart tax-saving tool.
Health Insurance Tax Benefits
Premiums paid for health insurance are deductible under Section 80D, with benefits up to ₹25,000 for individuals and up to ₹50,000 for senior citizens.
By leveraging insurance for taxation benefits, you not only secure your family and assets but also reduce your annual tax liability.
Common Myths
- Myth: “Insurance is expensive” → Reality: Plans like affordable life insurance make coverage accessible
- Myth: “Only needed when old” → Young individuals benefit from term life insurance for low premiums.
- Myth: “General insurance covers everything” → Life insurance and general insurance complement each other.
FAQs
What happens if the premium is missed?
Most policies have a grace period (15–30 days). Missing premiums beyond this may cause the policy to lapse. Auto-debit helps avoid lapses.
Are life insurance premiums taxed?
Premiums are tax-deductible under Section 80C. Death benefits or maturity proceeds are generally tax-exempt under Section 10(10D).
Can coverage be increased later?
Yes, many policies allow sum assured upgrades or riders for additional protection, subject to underwriting.
What is the claim settlement ratio & its importance?
The CSR shows how many claims an insurer successfully settles. A higher CSR indicates a reliable life insurance company.
Are there waiting periods?
Yes, policies may have waiting periods for illnesses, pre-existing conditions, or suicide clauses. Knowing them helps avoid claim issues.
Secure Your Life & Assets Today!
Protect your family, health, and assets with SR Wealth’s tailored Life & General Insurance solutions. We guide you through plan selection, premium comparison, and seamless claims support, ensuring your coverage meets your financial goals. With expert advice, multiple insurer options, and personalized strategies, your protection works smarter for you.
Contact SR Wealth today for a free consultation and secure your future with confidence.
