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Tag: loans

  • How Does Term Insurance Benefit Self-Employed Individuals Without Employer Benefits?

    How Does Term Insurance Benefit Self-Employed Individuals Without Employer Benefits?

    When you’re self-employed, you handle everything—your income, your business, and your family’s financial security. There’s no company insurance or fixed salary to rely on. That’s why it’s important to plan ahead.

    Term insurance is a great way to make sure that if life takes an unexpected turn, your loved ones won’t be left struggling. It’s a simple, affordable solution that provides peace of mind. 

    This blog covers the reasons why term insurance is a must for self-employed. We’ll look at how it can offer stability in an unpredictable world.

    Benefits of term insurance for self-employed individuals

    Besides compensating for the lack of employee perks, these are the other benefits of term insurance for the self-employed: 

    Provides financial security for your family

    If your income supports your household, term insurance ensures your family isn’t left struggling in case of an unexpected event. It helps cover essential expenses like home loans, education and daily costs.

    Offers affordable and flexible premiums

    Term insurance gives you good coverage at a low cost. You can also pick a payment plan that suits you—monthly, quarterly or yearly.

    Ensures business continuity

    If you own a business, the payout can help cover operational expenses, clear debts or support succession planning. It ensures your business remains stable even in your absence.

    Gives peace of mind

    Self-employed individuals have to create their own financial safety net. Term insurance provides reassurance that your dependents won’t face financial hardship.

    Provides tax benefits

    Premiums paid for term insurance qualify for tax deductions under Section 80C of the Income Tax Act, 1961. Furthermore, any payout to your nominee is tax-free under Section 10(10D).

    Covers loans and liabilities

    Many self-employed individuals take loans to grow their businesses. Term insurance prevents these debts from becoming a burden on your family. The payout can help cover repayments if something happens to you.

    Allows customised coverage

    You can adjust your term insurance coverage. Consider your business value, income and financial goals. You can even increase coverage as your responsibilities grow.

    Offers extra protection

    Riders like critical illness cover, waiver of premium and accidental death benefits offer more benefits to your policy. These keep you financially secure if health problems affect your income.

    Tips to choose the right term insurance for self-employed individuals

    When you’re self-employed, planning for financial security is entirely up to you. Without employer-provided benefits, it’s important to choose a term insurance plan that can take care of your family’s needs and cover any outstanding loans or business liabilities. This ensures that your loved ones won’t have to face financial difficulties if something happens to you.

    Since income is unpredictable, look for policies that offer flexible premium payments or grace periods. The coverage should be able to support personal and business commitments. It’s also a good idea to compare different insurers based on their claim settlement ratio, policy benefits, and premium costs. Additional features like critical illness cover or a waiver of premium can offer extra protection during tough times. Before you finalise a plan, read the policy details carefully to understand the terms and exclusions. If you’re unsure about the right choice, consult a financial advisor.

    Last word

    Choosing the right term insurance provider is as important as selecting the right coverage. To make an informed decision, check the insurer’s reputation, claim process and additional benefits. A trusted provider keeps your family and business financially secure, no matter what.

    Use a term insurance premium calculator to make your search easier. It lets you compare plans based on coverage, cost and flexibility. Checking these details will help you pick a policy that gives the right financial protection.

  • Capri Global Capital receives corporate agency license from IRDAI

    Capri Global Capital receives corporate agency license from IRDAI

    Mumbai: Capri Global Capital Limited (CGCL) has received a Composite Corporate Agency license from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute life, general, and health insurance products. This will help CGCL further diversify its product offerings and strengthen its fee income.

    CGCL aims to leverage its robust branch network in north and west India to cross-sell insurance products. CGCL shall offer tailored insurance solutions to its borrower clients giving them an option to cover themselves comprehensively against life and non-life risks.  

    CGCL offers retail loans in MSME, affordable housing, and gold loan segments. The company mainly lends to borrowers in the self-employed non-professional category. CGCLs consolidated AUM stood at Rs123.6 bn (59 per cent YoY) as of September 2023. The non-interest income for half-year ended Sep23 was Rs1, 607mn (58 per cent YoY).

    Speaking on the occasion, CGCL MD & CEO Rajesh Sharma stated, CGCLs active client base increased 5x YoY to 270 K as of September 2023.The rapidly increasing client relationships offers CGCL a captive base to improve insurance penetration and contribute to the Insuring India by 2047 mission. This will also help CGCL strengthen its fee income and deliver better returns to its stakeholders. The company expects to generate a net fee income of Rs 200 mn from insurance cross-sell in FY25.

  • KreditBee partners with RCB, launches first-ever campaign ‘Loans Anytime, Anywhere’

    KreditBee partners with RCB, launches first-ever campaign ‘Loans Anytime, Anywhere’

    Mumbai: The fintech startup KreditBee has joined hands with IPL team Royal Challengers Bangalore (RCB) as its official digital partner for this season. The brand has also rolled out its first-ever marketing campaign –  ‘Loans Anytime, Anywhere’ to highlight the convenience of availing loans using its app. The campaign will run till the IPL final on 29 May.

    The campaign highlights the convenience of available instant loans from KreditBee’s application which allows a loan up to Rs three lakh with ‘no effort.’ The campaign targets the Indian middle class, especially people above 22, across India. The campaign talks about the mobile-first disbursal process which takes only up to 10 minutes.

    As a part of this campaign, KreditBee has also launched an ad film that highlights that life is unpredictable and one never knows when they might need funds. The ad film tells that people in such situations can simply download the KreditBee app and get instant loans ‘anytime, anywhere.’

    The multimedia campaign will be promoted across various media platforms such as OTT, digital and social media. “KreditBee aims to reach out to target segments in metros and big cities and with social media, they are specifically targeting audiences in tier-2 and 3 towns,” said the statement.

    KreditBee chief marketing officer Ishan Bose said they are delighted to launch our first brand campaign which is aimed to educate the young Indian middle class on how they can meet their aspirations by availing loans instantly. “At KreditBee, we are focused on understanding our consumers and their personal finance needs. This campaign gives us an opportunity to kickstart our audience engagement from a brand awareness standpoint and highlight our value proposition of being ‘the friend indeed’ in tough times, be it for occasions, events or emergencies,” Bose added. 

  • Muthoot Microfin hires 2,300+ employees during pandemic

    Muthoot Microfin hires 2,300+ employees during pandemic

    New Delhi: At a time when businesses worldwide are struggling to retain employees and maintain salaries, Muthoot Microfin has expanded its employee strength by 37 per cent.

    In a statement issued on Friday, the microfinance firm said it has hired more than 2,300 employees while opening as many as 64 new offices across different parts of the country. Most of the new employees were roped in as part of recruitment drives conducted for candidates who had lost their job due to the pandemic.

    The firm has allowed all employees to work from home during the period, apart from providing Covid insurance for all, covering hospitalisation costs as well as expenses on medicine. “Besides, Muthoot Microfin ensured no pay cut and complete job security for all employees. It was on the basis of these aforementioned initiatives that the company was ranked among ‘Best Place to Work’ by GPTW Institute,” said the company.

    Muthoot Microfin CEO Sadaf Sayeed said, “We have always kept employee wellbeing on the top of the pedestal, as they are the backbone of our institution. As the pandemic struck, we issued alerts and opened a full-fledged control room to address the panic and concerns among our employees. Also, we actively engaged with them through skill development programs.”

    The company’s HR head Subhransu Pattnayak added, “Our communication strategy was primarily to keep in constant touch with all employees throughout the lockdown period and keep a tab on their safety and wellbeing. We also rolled out a slew of employee engagement activities, associated with online learning platforms and activated internal LMS for skill training of employees. We invested a lot on providing training to our staff over the past year.” 

    The company has disbursed Rs 2,700 crores worth of loans in FY2021.