Insurance

What is life Insurance?

When life becomes inevitable part of life, then protection becomes the priority of life. MEGFARES provides a variety of ways for you to protect you invaluable presence.

Policy Coverage
Life insurance provides a monetary benefit to a descendant’s family or other designated beneficiary and may specifically provide for income to an insured person’s family and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Critical Illness Insurance
Critical illness insurance can offer required financial support if you are diagnosed with certain illnesses or disabilities. In the moment of being unable to work due to critical illness, having a back-up plan in place can support some of the financial stress of the situation. Some people may use their savings to supplement their loss of income; others may rely on an employment benefit package, while others may find that Critical Illness Cover is their best option.

Accident & Disability Insurance
Accidental death insurance is designed to cover the insured when they pass away due to an accident. Accidents include anything from an injury, but do not typically cover any deaths resulting from health problems or suicide. Because they only cover accidents, these policies are much less expensive than other life insurances.

Disability insurance designed to help you if you can’t work because you’re disabling illness or injury. It provides support to help pay such obligations as mortgage loans and credit cards. Short-term and long-term disability policies are available.

Key Man Insurance
Key Man Insurance or Key Person Insurance policy is designed to guard the company from the financial impacts of losing their key person through death or critical illness. The business owns the policy and is the beneficiary of any payout. This financial support could significantly help the business to recover as the proceeds can be used to help replace lost profit or with finding and hiring a replacement.

Mortgage Insurance
Mortgage insurance (mortgage guarantee insurance / home-loan insurance) is typically accepted to cover a mortgage and protects lenders/Investors by insuring the top percentage of the loan in the event of defaults or dies. This makes Lenders/Investors more comfortable when issuing loans to individuals since the risk is dropped.

ULIP (Unit Linked Insurance Plan)
ULIP or Unit Linked Insurance Plan is both an insurance policy and an investment opportunity, which provides risk cover for the policy owner along with investment options to invest in any number of eligible investments such as stocks, bonds or mutual funds. As a result, your money can grow and at the same time, your loved ones or beneficiary future is protected from life’s unexpected turns.

Term insurance
Term insurance is a type of mutual life insurance designed to provide full protection and financial stability to your loved ones in case of any unexpected events. Term life insurance provides coverage for a certain period of time or a specified “term” of years. If you need a plan to protect yourself or your family, a loan or mortgage for a specific period of time, then term insurance could be a best option.

Pension Plans
Pension plans (Retirement plan) are best investment plans that lets you allocate a part of your funds to accumulate over a period of time and provide you with stable income after retirement. Some pension plans have a voluntary investment scheme. Some pension plan requires an employer to make contributions to a collection of funds set aside for a worker’s future benefit. The collection of funds is invested on the employee’s behalf, and the earnings on the investments generate income to the employee upon retirement.