You must have heard of health and term insurance, but salary protection insurance is not typical. There are certain things that you should know about such insurance. It is an essential aspect of self-protection, as it comes in handy during unforeseen circumstances. The terms and conditions of such insurance are pre-decided. It is an instrument that helps maintain financial stability and peace of mind and covers various financial gaps that are otherwise not included in other insurance plans. This blog explores the meaning of salary protection insurance, its benefits, associated premiums, and everything else you should know! Salary Protection Insurance: Understanding the Purpose and Meaning Also known as income protection insurance, salary protection insurance covers a portion of your salary in case of unforeseen events and emergencies. This is a way to protect yourself in case of a financial emergency. You will have to pay a minimum monthly or annual premium for the respective insurance policy. The workings of salary protection insurance depend on the predetermined terms and conditions. The premium is paid monthly, and coverage is provided for that particular month. Your premium can be as low as Rs. 200 per month with a coverage of up to Rs. 45000. Things Covered Under Salary Protection Insurance Salary protection insurance is designed to provide financial security in case of unforeseen circumstances that prevent you from working. While specific coverage can vary between policies, here's a general overview of what's typically covered: Please remember that insurance policies commonly provide coverage for various circumstances: Illness: Most insurance policies cover many diseases that can prevent you from working. This includes physical and mental health conditions, from short-term ailments to chronic diseases. Accidents: Injuries resulting from accidents, whether at work or in your personal life, are typically covered by insurance policies. Disability: In the event of a temporary or permanent disability, your insurance policy may offer income replacement to support you during this challenging time. Unemployment: While less common, some insurance policies offer coverage for job loss. However, this coverage often comes with specific conditions. Critical Illness: Many insurance plans include coverage for critical illnesses such as heart attacks, strokes, or cancer, providing financial support during these severe health challenges. It's important to note that while these are common coverages, not all policies include them. Additionally, there might be waiting periods, exclusions, and limits on the amount of coverage. Thoroughly review the policy terms and conditions to understand the specifics of your plan. What is Not to be Included Under Salary Protection Insurance? Your policy can be terminated if you breach the law with criminal intent or incur an injury while performing duty in the army, navy, paramilitary force, or police, except for accidents. Specific orderly benefits do not cover other uses, consumption, and abuse of alcohol or drugs. The repercussions of such actions are not covered. Additionally, participating in mining and exploration while working underground is not covered. Why Choose Us? We at Stashfin envision the economic freedom of middle-income India. Our mission is to deliver honest and frictionless financial products that improve life. Insurance is a financial protection net for all consumers who might face unprecedented situations that lead to financial loss. Stashfin is the most trustworthy partner when buying insurance. The minimum premium of your salary protection premium is at most Rs. 200 per month for a cover of Rs. 45000. Using Stashfin, you can get income protection insurance provided by ICICI Lombard General Insurance. Our interface is user-friendly, and our app is very easy to use. Above all, we prioritise the user’s convenience. Therefore, all our products, including salary protection insurance, are handpicked at the best rates and returns, suitable to our customer’s needs and requirements. Final Words In the corporate world, where there is no job security, getting insured against your salary is paramount, especially in unpredictable times. Therefore, get salary protection insurance from our dedicated financial platform, Stashfin!
In the current times, managing financial risk is of utmost importance as we all have witnessed the Covid-19 phase in our lives. This pandemic has guided each and every individual that life is unpredictable. However, two essential insurance products designed to ease down such risks are loan protection policy and critical illness insurance. At Stashfin, you can avail of both of them with just a single tap. Today, in this article, let's dive deep into these policies and understand their perks. Loan protection insurance It is largely an insurance plan that tends to cover mortgage repayments during emergency conditions. For example, in case you die, emerge as disabled, or lose your task, it guarantees that payments are made for a hard and fast duration. This protects your credit score, eases the load to your family, and allows you to be cognizant of restoration. Even though it's miles evident that there may be a value, the peace of thoughts this insurance offers is quite invaluable. Peace of Mind Knowing that your debt obligations will be met even if you encounter financial difficulties offers a sense of relief. This allows you to focus on recovery or job hunting without the added stress of unnecessary worrying about online fast loan repayment. Family Protection In the unforeseen event of death or critical illness, loan protection plan ensures that your family is not left with any financial burden. This can be particularly important if you have dependents who rely on your monthly income. Credit Score Protection If, by means of any risk, there's a default on mortgage reimbursement, it affects the credit score of the borrower in a very bad manner. Therefore, this sort of coverage ensures that the debtors preserve very good credit records. Critical Illness Insurance It is a type of health insurance that provides a lump-sum payment if the policyholder is diagnosed with a severe illness listed in the purchased policy. This payment can be used to cover medical expenses, supplement lost income, or handle any other financial needs that arise due to the illness. Financial safety This is one of the top benefits. It is a well-known fact that when suffering due to an illness, medical bills can quickly pile up. Therefore, insurance provides a lump sum payout upon diagnosis, regardless of the actual treatment cost. Peace of Mind This is manifestly a disturbing scenario. However, whilst you are conscious that you have monetary protection due to the critical illness insurance policy, it considerably reduces your stress and anxiety. Tax Benefits In our country, premiums paid toward crucial infection insurance are tax-deductible. This falls under the Section 80D of the Income Tax Act. Why Stashfin? We at Stashfin have one goal in mind: to offer the utmost ease and accessibility to all our potential customers. Our application is available on both the Play Store and the App Store, and we are also one of the leading personal loan providers. However, here is a step-by-step guide on how to avail these insurances from us: Visit our official website On the home page, click/tap on the Insurance section Choose the Insurance type which you want to avail Click/Tap on Buy Now You are good to go! So, if you want to avail the best critical illness insurance policy or loan protection insurance, then visit our website today! Final thoughts All in all, both these policies offer unmatched valuable protection but cater to different needs for obvious reasons. LPI safeguards your instant loan in case of unforeseen events, while the other policy i.e. the critical illness policy provides a financial buffer during a critical illness.
While we plan something in our life, surprising activities might disrupt its stability. In such conditions, debt can become a burden, mainly if the loans are of huge amounts. This is in which Loan Protection Insurance steps in as a protection tool, providing whole peace of thoughts by safeguarding your budget to some point during such tough instances. Today, in this article, we'll apprehend how this facility works, its top benefits, and why you have to go with Stashfin for such a facility. What is loan protection insurance? What are its top benefits? As the term suggests, it is basically an insurance plan that covers loan repayments during emergencies. For example, if you die, become disabled, or lose your job involuntarily, it ensures that payments are made for a set time period. This protects your credit score ultimately, eases the burden for your own family, and allows you to be cognizant of restoration. Even though it's far obtrusive that there may be a value concerned, the peace of mind and monetary protection LPI gives may be invaluable. Peace of Mind Knowing that your debt obligations will be met even if you encounter financial difficulties offers a sense of relief and peace of mind. This allows you to focus on recovery or job hunting without the added stress of worrying about loan repayment. Family Protection In the unforeseen event of death or critical illness, loan protection ensures that your family is not left with the burden of your debts. This can be particularly important if you have dependents who rely on your monthly income. Credit Score Protection If, by any chance, there is a default on loan repayment, it impacts the credit score of the borrower in a very negative way. This makes it hard for them to secure credit in the future. Therefore, this type of insurance ensures that the borrowers maintain a good credit history even during difficult times. Financial Security One of the significant advantages of a loan protection plan is the financial security it provides. In tough times, when borrowers might be unable to meet their loan obligations due to health issues or job loss, insurance coverage prevents defaults and potential legal complications. Why Stashfin? As one of the leading personal loan and insurance platforms, we offer various types of insurance with a single tap on your smartphone. Visit our official website On the home page, tap on the insurance section in the header Go to loan protection Out of the four options, choose Loan protection Buy now! The premium amount here is only Rs 999/-, which is to be paid for 12 months. It offers coverage of up to Rs 2,60,000/-. What's Covered Complete protection of your outstanding Loan: Up to 1,00,000 mWallet + UPI Fraud Protection: Up to Rs. 50,000 Protection in case of offline, online, and digital fraud Emergency Cash Advance: Hotel bill settlement in India and abroad up to the limit specified (India and Broad) Emergency Services: Return transportation to the base location (India and Broad) Convenience: Hassle-free replacement of PAN 24X7 Assistance: Always there to help you What's Not Covered Charges which are not being reimbursed by Banks or Financial institutions Forgery: loss incurring directly or indirectly from an act of forgery Intoxication: loss incurred while under the influence Please refer product T&C for a complete list of exclusions Final thoughts Securing the best loan protection insurance is a proactive step towards financial stability and peace of mind. Keep in mind that the right insurance policy not only safeguards your financial health but also provides a safety net that allows you to navigate ups and downs with confidence.
In India, do you agree with the fact that taking out a loan can be a significant financial decision as it helps in achieving desirable goals for individuals? However, if you are pretty aware of your finances, such facilities also come with the burden of repayment. What happens if something or the other totally disrupts your ability to earn an income and meet your loan obligations? This is where loan protection insurance offers a safety net for you and your loved ones. In this blog, we’ll discuss everything about it, from its purpose to its advantages and in which cases you can use this facility. A loan protection plan is basically a policy that is particularly designed to safeguard your outstanding loan balance in case of unfortunate circumstances. These plans tend to offer protection against various situations, such as: Death In case the borrower of this policy dies, it pays off the remaining loan amount to the lender. This ensures the family doesn’t inherit the financial burden, leading to unnecessary stress. Disability If a critical illness renders you permanently disabled, in you’ll not even be able to work, the LPI fulfils your loan repayment obligations. Critical Illness Some plans cover critical illnesses like heart disease or cancer. Therefore, upon diagnosis, the LPI pays a lump sum benefit that can be used to manage medical expenses or continue loan repayments. Benefits of loan protection insurance Safeguarding family’s future Life is unpredictable. If the borrower passes away unexpectedly, the outstanding loan amount becomes a heavy burden for loved ones. Therefore, LPI acts as a shield in such situations as it pays off the remaining balance. Peace of mind Knowing that your loan is covered in case of unforeseen events allows you to breathe easier. You can focus on recovery or finding new employment during any kind of illness or loss of job. Improvement in Credit Score While not the primary and top benefit, but still if you repay this loan timely, it helps maintain a positive credit history. This can be quite advantageous when seeking future loans or applying for credit cards, potentially leading to better interest rates and terms. Why Stashfin? At Stashfin, you get one of the best deals on a loan protection insurance plan. We offer a coverage of up to Rs 2,60,000/- and it includes the following: Complete protection of your outstanding Loan : Up to 1,00,000 mWallet + UPI Fraud Protection: Up to Rs. 50,000 Protection in case of offline, online, and digital fraud Emergency Cash Advance: Hotel bill settlement in India and abroad up to the limit specified (India and Broad) Emergency Services: Return transportation to the base location (India and Broad) Convenience: Hassle-free replacement of PAN 24X7 Assistance: Always there to help you You can easily download our application from the Play Store (Android) or the App Store (iOS) to avail yourself of this facility of loan protection. Final thoughts All in all, this type of insurance isn’t only about safeguarding your loan but also offers tons of other benefits. It’s about protecting and safeguarding your dreams and your family’s future. Therefore, by offering a financial security net against unforeseen circumstances, LPI empowers you to take on financial goals with complete confidence. So, what are you waiting for? Avail the best loan protection insurance at Stashfin!