Systematic needs based approach
Our approach to insurance is advisory based as opposed to selling the highest commission product. The advisory approach is extremely systematic and comprises of the following 3 steps:
- Step 1: Background Profiling: This is done through completion of a questionnaire which covers demographic as well as financial information.
- Step 2: Needs Analysis: The client’s needs like professional and lifestyle goals, education needs, retirement needs etc. are carefully analyzed in conjunction with the background profiling.
- Step 3: Recommendation: Based on the above 2 steps, a scheme is recommended. In case the client already has insurance policies, a restructuring is also suggested.
Superior customer servicing
- We service clients from a variety of backgrounds including retail investors, HNIs and Corporates.
- Post recommendation of the scheme, the client is guided through the entire process of proposal application and medical tests till the policy issuance decision is reached.
- Regular updates about the performance of the scheme and renewal intimations are also sent
- When claims occur, we interact with the insurance company and expedite timely payment of claims
Get advice from experts
Our insurance team members have significant experience in the industry. The team comprises trained and certified professionals with experiences spanning assignments in insurance companies, underwriting and with other financial distributors. We offer a wide choice of schemes in life and general insurance spanning all financial needs.
Specialized Corporate Advisory Desk
Corporates require specialized advice on their insurance needs like gratuity, superannuation, keyman insurance, health insurance, fire insurance etc. We have experts who can guide the company on the best alternatives for these needs. This involves a risk assessment of the business and development of a risk retention and risk transfer strategy.
There are basically two kinds of insurance,
- Life Insurance, and
- General or Non–Life Insurance
Life Insurance provides for the payment of a stated sum to the beneficiary in the event of death during the term whereas in non life Insurance, the Insurer indemnifies the insured for the financial loss suffered by an asset due to contingencies like fore, flood, theft, etc. Life Insurance covers human lives whereas Non Life Insurance covers the rest mainly classified into marine, fire and miscellaneous.
Way2Wealth offers the following types of Insurance under each type:
- Credit Covers
- Employees Term Cover
- Children's Plans
- Money Back
- Retirement Plans
- Unit linked Plans
General or Non-Life Insurance
- Burglary Policy
- Contractors All Risk Policy
- Contractors Plant and Machinery Policy
- Electronics Equipment Policy
- Fire Policy
- Machinery Breakdown Policy
- Marine-cum-Erection / Storage-cum-Erection Policy
- Householders Policy
- Mediclaim Policy
- Money Insurance
- Motor Policy
- Overseas Mediclaim Policy
- Personal Accident Policy
Annuity schemes are those where policyholders make regular contributions over a period of time or a one-time contribution. These contributions accumulate to form a corpus.
This corpus is used to yield a regular income that is paid to policyholders until death starting from the desired retirement age. Some annuity schemes have the option to pay the survivors a lump sum amount upon the death of the insured in addition to the regular income the insured receives while he is alive.
An endowment life insurance policy is designed primarily to provide a living benefit. Thus, it is more of an investment than a whole life policy. Endowment life insurance pays the face value of the policy either at the time of death of the policyholder or at the time of maturity of the policy.
Premium for an endowment life policy is much higher than that of a whole life policy. The policy is a method of accumulating capital for a specific purpose and protecting this savings program against the insured's premature death.
Many investors use endowment life insurance to fund anticipated financial needs, such as marriage of children, college education or retirement.
It provides cover, which takes care of medical expenses following hospitalization from sudden illness or accident.
Keyman insurance is taken by a business firm on the life of key employee(s) to protect the firm against financial losses, which may occur due to the premature demise of the Keyman.
This policy indemnifies the Directors or Officers or other professionals against loss arising from claims made against them by reason of any wrongful Act in their Official capacity.
In case the life insurance is offered after a medical examination of the life to be assured, then it is called a medical scheme. In case life insurance is offered without a medical examination of the life to be assured, it is called a non-medical scheme.
Money-back policy is an endowment policy for which a part of the sum assured is paid to the policyholder in the form of survival benefits, at fixed intervals, before the maturity date. The risk cover on the life continues for the full sum assured even after payment of survival benefits.
The bonus is calculated on the full sum assured only. In case the policyholder survives till the end of the policy term, the survival benefits are deducted from the maturity value. In case of death of the policy holder during the policy period, the beneficiaries get the sum assured.
Motor Vehicles Act states that every motor vehicle plying on the road has to be insured, with at least Liability only policy. There are two types of policy one covering the act of liability, while other covers insurers all liability and damage caused to one's vehicles.
Personal Accident Insurance
This insurance policy provides compensation for loss of life or injury (partial or permanent) caused by an accident. This includes reimbursement of cost of treatment and the use of hospital facilities for the treatment.
The home is most valued possession. The policy is designed to cover the various risks under a single policy. It provides protection for property and interest of the insured and family.
The policy covers the insured against various eventualities while traveling abroad. It covers the insured against personal accident, medical expenses and repatriation, loss of checked baggage, passport etc.
Whole life policy
This is the traditional policy and is the simplest policy to understand. One pays a fixed premium every year based on his age, amount insured and other factors. The insured earns an interest on the policy's cash value as the years pass.
With profit plan
On the death of the insured, the beneficiaries get a fixed sum of money. Whole life insurance policies provide permanent protection and accumulate cash values that can be used for emergencies or to meet specific objectives.
An insurance policy can be 'with' or 'without' profits. Some insurers distribute profits among policyholders every year in the form of a bonus/profit share. Any bonus declared is allotted to the policy and is paid at the time of maturity/death along with the contracted amount.
Without profit plans
The premium rate charged for a 'with' profit policy is higher than for a 'without' profit policy. Those who assure under the 'with' profit plan get a share of the profits.
But these shares are not the same in the case of all such policy holders as the profits of the company are not the same from the premiums paid by the different class of policy holders. Policies of long duration give more profits to the company than the policies of short duration.
In a 'without' profit plan, the insurer does not distribute profits among policyholders. The contracted amount is paid without any profit share. The premium rate charged for a 'without' profit policy is therefore lower than for a 'with' profit policy.