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Capital SFB

Life Insurance

Capital Small Finance Bank Life Insurance (Corporate Agent Registration Code: CA0061)

At Capital Small Finance Bank Limited, we recognize that everyone has unique needs that evolve over various stages of life. Ensuring the security of your future becomes paramount in the pursuit of a fulfilling life. We provide a diverse range of life insurance solutions tailored to each customer, whether you’re a young individual planning for the future or an established professional preparing for retirement.

We believe that banking services should extend beyond meeting financial needs—they should also offer protection for what matters most. Be it your home, office, machinery, vehicle, or health, we’ve got you covered. We present a variety of flexible general insurance options designed to cater to every customer’s specific needs.

In the Life Insurance segment, CSFB is a Corporate agent of ICICI Prudential Life Insurance Company Limited, HDFC Life Insurance Company Limited & Max Life Insurance Company Limited. CSFB is registered with IRDAI under the Corporate Agent Registration Code: CA0061.

Life Insurance

Life insurance is essential as it provides financial security to the family in the event of the unfortunate death of the policyholder. Life insurance enables the policyholder's family to maintain financial independence, ensuring they do not have to compromise on their lifestyle.

Additionally, life insurance policies can be used as a tax-efficient tool to pass on wealth from one generation to the next. The main categories of life insurance include Term Insurance, Traditional Insurance (par, non-par), Unit Linked Insurance, and Health Benefits-Related Insurance.

Based on the above categories, there are many life insurance plans available to cater to the varied needs and goals of policyholders. These include Term Insurance Plans, Health Insurance Benefit Plans, Whole Life Insurance Plans, Children's Education Insurance Plans, Money Back Insurance Plans, Endowment Plans, and Unit Linked Insurance Plans.

Term Insurance Plans

What is Term Insurance?

Term Insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. It enables you to acquire substantial life coverage (i.e. sum assured) at a relatively low premium rate.

The premium payable for life insurance is a critical factor governing purchase decisions. The affordability of term insurance is influenced by premium payment modes, making it a budget-friendly choice compared to other life insurance products.

Types of Premium Payment Options in Term Insurance
  • Term insurance offers the following premium payment modes:
  • Regular pay – premium payment term is the same as the policy term
  • Limited pay – duration for paying premiums is less than life cover duration
  • Single pay – one-time lump sum payment
What is regular pay term insurance?

In this option, you need to pay the premiums periodically for the entire policy period. With regular pay, you can choose to pay your premiums yearly, half-yearly or monthly.

What is limited pay term insurance?

With limited pay term insurance, you make payments for a shorter duration than the policy term, maintaining your life coverage throughout. This offers flexibility in premium payment timing, but the premium installments tend to be higher compared to regular pay term insurance.

What is single-pay term insurance?

Single-pay term insurance enables a one-time premium payment, ensuring continuous life coverage for the entire policy term. This eliminates concerns about periodic payments and potential policy lapses due to non-payment. Also, insurers often offer attractive discounts on single-payment term insurance premiums.

Zero-Cost Term Insurance Plans

Zero-cost term insurance allows policyholders to option to exit the plan at a specific age and receive a refund of all their premiums, minus the GST. Simply put, a zero-cost term plan comes at the cost of a regular term plan (no extra costs) and provides the flexibility of exiting the plan early (if they wish to), getting back the premium they have paid.

Who should buy a Term Insurance Policy?
  • Parents
  • Newly-married couple
  • Working Women
  • Young Professionals
  • Taxpayers
  • Self-Employed
  • SIP Investors
  • Retirees

Health Insurance Benefit Plans

Health Insurance Benefits Plans provide a lump sum payment to cover significant expenses, which is separate from your medical or health insurance policy. Health issues often come unexpectedly, and the cost of treatment can burden your family, leading to potential income loss. Typically, families use their savings, intended for education or retirement, to meet these expenses. But a critical illness benefit can offer the required funds at the right time.

  • Cancer Insurance Plans: Cancer insurance is a tailored health policy that safeguards you financially against the expenses related to different types and stages of cancer. It provides significant lump sum payments upon a cancer diagnosis.
  • Heart Care Insurance Plans: The plan can offer high lump sum payouts on the diagnosis of heart-related problems as mentioned in the policy.
  • Critical Illness Plans: Critical illness plans are a type of health insurance designed to provide funds for major illnesses such as kidney diseases, liver disorders, heart attacks, cancer, paralysis, and others.

Whole Life Insurance Plans

Whole Life Insurance is a term insurance policy that covers you for 99 years. They are different from ordinary insurance policies which have a defined term of say 10, 20, or 30 years.

Benefits of Investing in Whole Life Insurance
  • Whole Life Cover: The policy covers you for 99 years. This protects your family for an extended period of time. Many people have financial dependents even in their old age, and such a policy can take care of their financial dependents.
  • Level Premium: Your premiums stay constant throughout the policy, making it easier on your finances as time passes, and giving you confidence for accurate expenditure planning.

Children's Education Insurance Plans

What are Child Education Insurance Plans?

Child Education Insurance Plans ensure both protection and savings to secure your children's future. As a parent, one of your most important goals would be to make sure that your children have a bright future and lead their lives comfortably. This plan provides comprehensive protection, providing a lump sum in case of unforeseen events during the policy term. This amount can cover ongoing expenses and support your child's education, offering all-round protection.

Benefits of Investing in a Child Insurance Plan
  • Financial protection: Your income provides your child with every comfort and security in life. However, in case of an unfortunate event that causes the financial support to stop, a child plan acts as a safety net. It offers life cover providing a lump sum payout in case of eventualities.
  • Lump sum amount on maturity: Child plans yield a lump sum at the end of the policy term, allowing you to pick a maturity date that suits your child's future financial needs.
  • Partial withdrawals: ULIP child plans allow you to withdraw a part of your funds to meet your child’s urgent requirements. After the lock-in phase, you can cash out some of your units and pay for school fees or sudden medical expenses, if any.
  • Tax benefits: Child plans are life insurance policies. Thus, the premiums are eligible for tax benefits. Under Section 80C of the Income Tax Act, 1961, you can claim deductions up to ₹ 1.5 lakh for your child's insurance premiums.

Also, the payouts are exempt and subject to section 10 (10D) guidelines issued by the government from time to time. This facility ensures that your child’s funds are not eroded by taxation.

Money Back Insurance Plans

A money-back policy is a type of life insurance product that provides the dual benefit of investment and protection. With a money-back policy, you can receive returns at regular intervals during the policy term. A money-back policy also provides a life cover that keeps your loved ones financially protected in case of an unfortunate event.

Endowment Plans

An endowment policy is a life insurance plan that pays a lump sum amount either upon maturity or in the event of the policyholder's death. It serves as a risk-free savings tool while offering financial protection for your family. This simplicity has made it an appealing savings option over the years.

Benefits of Investing in Endowment Policy
  • Wealth Accumulation: An endowment policy enables regular savings, aiding in the gradual growth of your wealth.
  • Versatile Fund Usage: The funds received at maturity can be used for a wide range of financial objectives, both short and long-term. This includes goals like a child's education, purchasing a car, post-retirement plans, and more.
  • Financial Protection: The policy includes an in-built life cover, ensuring financial security for your family in case of an unfortunate event.
  • Tax Advantages: Premiums paid for an endowment plan can be claimed as deductions from your taxable income under Section 80C. Moreover, there are tax benefits linked to the maturity proceeds. Throughout the policy term and in times of financial need, it serves as a valuable support system for your family, reducing their financial burden.

Unit-linked Insurance Plans

What is ULIP (Unit-linked Insurance Plan)?

A ULIP, or Unit Linked Insurance Plan, is an insurance product that blends insurance and investment advantages into a single package. It not only fosters the growth of your wealth for future needs but also provides life coverage, safeguarding your loved ones from life's unforeseen events.

How ULIPs work?
  • The investment component of ULIPs allows investors to invest money in the asset classes and funds of their choice – equity, debt, and balance.
  • On surviving the term of the ULIP, the policyholder receives the maturity value and can use the money for various financial goals.
  • In addition to this, the life insurance component of a ULIP offers a death benefit in the unfortunate event of the policyholder’s demise during the term. In such cases, the nominee is paid the entire sum assured amount even if the investment value of the plan is lower.

Savings Plans

Savings plans are financial products designed to enable disciplined savings while delivering steady returns that help you achieve your financial goals. Since these plans are primarily centered around life insurance, they provide a safety net for your loved ones in case of an unfortunate event involving you.

Most people aspire to upgrade their lifestyle and secure their dreams and aspirations. Not only do you need to save your money but also grow it to fulfill your dreams.

Guaranteed Return Plan

A guaranteed return plan, as the name implies, is a reliable way to save money and ensure guaranteed returns for your future. It provides customizable income or return options to suit your specific needs.

The plan offers low-risk savings that can be used to cover varied financial goals. You can choose a sum assured based on your requirements based on which the premium is determined. At maturity, you receive your lump sum savings.

How is a Guaranteed Return Plan more reliable?

  • A guaranteed return plan is a low-risk plan.
  • It is not affected by the movements of the market.
  • A guaranteed return plan offers stable returns.
  • Family members are financially covered.

Retirement Plans

What are Pension Plans/Retirement Plans?

Retirement Plans are a category of life/annuity plans that are specially designed to meet your post-retirement needs such as medical and living expenses. You desire to uphold your lifestyle after retirement, considering potential rising expenses due to inflation. You would also have post-retirement dreams such as traveling the world, pursuing a hobby, starting a new venture, and more. By planning, you can be financially prepared for your retirement.

Why do I need to plan for my retirement?
  • Increasing retirement years: As life expectancy rises in India, there's a growing need to prepare for an extended retirement. Therefore, it's essential to initiate early planning to sustain your lifestyle and manage expenses over this extended period.
  • Medical expenses: A significant concern with increasing age is unforeseen medical expenses. Rising medical costs can be difficult to manage unless you plan for them in advance.
  • Financial independence post-retirement: You aspire to enjoy life on your terms in retirement. Nevertheless, over 65% of individuals aged 60 and above rely on others for their daily financial needs.
Benefits of Investing in Retirement Plans
  • Leverage the potential of compounding: The earlier you invest in a retirement plan, the longer your money gets to grow. Furthermore, the interest earned is reinvested, generating additional returns through compounding. This results in a more substantial sum for your retirement.
  • Safety net from unexpected events: Retirement plans ensure that you are financially prepared in case of an emergency. They also provide financial support in case of critical illnesses or permanent disability due to an accident.

Endowment Plans

An endowment policy is a life insurance plan that pays a lump sum amount either upon maturity or in the event of the policyholder's death. It serves as a risk-free savings tool while offering financial protection for your family. This simplicity has made it an appealing savings option over the years.