• Children Gift Funds
• Retirement Funds

Insurance is not often about things going wrong. It is often about things going right. At SFFS, we offer you the right choice of plans to suit your various Insurance needs, both Life and Non Life.

Under the provisions of Motor Vehicles Act, all vehicles that ply in public places must have an insurance policy that at least covers "Third Party Liability" as specified under the Act.

The world is a book, and those who do not travel read only a page says a popular adage. It is sheer pleasure to explore new vistas, new places and new people. Should you not make your journey hassle free and entirely safe?.

An accident can happen at any time. And it could leave you with permanent harm or temporary disability, both of which could affect your life and your family. You need to address this issue immediately

You have a built your dream house out of your hard earned savings. Should you not insure the same against theft, burglary, vagaries of nature, fire etc? IF you want to know more, call any of our branches or write to us at pnix2000@yahoo.com

Well being is an overall feeling of being in good health and being in control of yourself, your situation and your finances. There’s a lot you can do to ensure your well-being. But life, unfortunately, follows no fixed plan. Sudden illness or bodily injury can sometimes leave you financially hurt and highly stressed. Now is the time to insure yourself and your family against rising health-care costs.

Most of the products offered by Indian life insurers are developed and structured around these "basic" policies and are usually an extension or a combination of these policies. So, what are these policies and how do they differ from each other?

A term insurance policy is a pure risk cover for a specified period of time. What this means is that the sum assured is payable only if the policyholder dies within the policy term. For instance, if a person buys Rs 2 lakh policy for 15-years, his/her nominee is entitled to the money if he/she dies within that 15-year period.

What if he /she survives the 15-year period? Then he /she is not entitled to any payment; the insurance company keeps the entire premium paid during the 15-year period.

So, there is no element of savings or investment in such a policy. It is a 100 per cent risk cover. It simply means that a person pays a certain premium to protect his family against his sudden death. He forfeits the amount if he outlives the period of the policy. This explains why the Term Insurance Policy comes at the lowest cost.

As the name suggests, a Whole Life Policy is an insurance cover against death, irrespective of when it happens.

Under this plan, the policyholder pays regular premiums until his death, following which the money is handed over to his nominee.

This policy, however, fails to address the additional needs of the insured during his post-retirement years. It doesn't take into account a person's increasing needs either. While the insured buys the policy at a young age, his requirements increase over time. By the time he dies, the value of the sum assured is too low to meet his family's needs. As a result of these drawbacks, insurance firms now offer either a modified Whole Life Policy or combine in with another type of policy

Combining risk cover with financial savings, endowment policies is the most popular policies in the world of life insurance.

In an Endowment Policy, the sum assured is payable even if the insured survives the policy term. If the insured dies during the tenure of the policy, the insurance firm has to pay the sum assured just as any other pure risk cover.

A pure endowment policy is also a form of financial saving, whereby if the person covered remains alive beyond the tenure of the policy, he gets back the sum assured with some other investment benefits.

In addition to the basic policy, insurers offer various benefits such as double endowment and marriage/ education endowment plans. The cost of such a policy is slightly higher but worth its value.

These policies are structured to provide sums required as anticipated expenses (marriage, education, etc) over a stipulated period of time. With inflation becoming a big issue, companies have realized that sometimes the money value of the policy is eroded. That is why with-profit policies are also being introduced to offset some of the losses incurred on account of inflation.

A portion of the sum assured is payable at regular intervals. On survival the remainder of the sum assured is payable.

In case of death, the full sum assured is payable to the insured.

The premium is payable for a particular period of time.

In an annuity, the insurer agrees to pay the insured a stipulated sum of money periodically. The purpose of an annuity is to protect against risk as well as provide money in the form of pension at regular intervals.

Over the years, insurers have added various features to basic insurance policies in order to address specific needs of a cross section of people. If you want to know more, please call any of our branches or write to us at pnix2000@yahoo.com