TABLE OF CONTENT

Introduction of Life Insurance:

While we may strive to stay optimistic, the harsh reality of death surrounds us all. No matter how healthy or careful we may be, death is an inevitable part of life. The thought of leaving our loved ones financially insecure and unable to maintain their lifestyle in our absence can be distressing.

However, purchasing a life insurance policy can provide some comfort by ensuring that our family will be financially secure and able to fulfill their needs and wants even in our absence. Life insurance is an essential investment that can provide peace of mind and protect our finances from the unpredictable storms of life.

As Benjamin Franklin once said, "In this world nothing can be said to be certain, except death and taxes." Although it may be a somber topic, life insurance can offer peace of mind by ensuring that your loved ones will be financially protected in the event of an unexpected tragedy. Simply put, insurance is a shield that protects you from the unpredictable storms of life. It's a wise investment in peace of mind, safeguarding your finances, and securing your future against the unexpected.

There are many insurances to protect every important part of your life. But the one that dominates the insurance chain is the ultimate investment tool called Life Insurance.

So, let's dive into the concept, meaning, and importance of life insurance and discover how the assured sum can benefit you and your loved ones.

What is Life Insurance?

Life insurance is a financial product that provides protection and financial security to your family and loved ones in the event of your untimely death. As an earning member of the family, life insurance is an essential aspect of financial planning that you should consider. In India, various insurance companies offer life insurance policies that can be bought online or offline.

When you purchase a life insurance policy, you pay regular premiums to the insurance company in exchange for coverage. In case of your death, the insurance company pays a lump sum amount, known as the death benefit, to your nominee. Your nominee can use this death benefit to cover expenses such as outstanding debts, funeral expenses, and living expenses.

Life insurance policies in India also come with a range of benefits, such as tax benefits, maturity benefits, and bonus payments. Some policies also offer riders or add-ons that can enhance the coverage of the policy.

Besides knowing what life insurance means exactly, it is also important to know how does life insurance helps you in bringing emotional stability in your life as well.

Emotionally said:

  • Life insurance is an expression of love and care for your family, demonstrating your commitment to their well-being even after you're gone.
  • Having life insurance means that your family will have a financial safety net to rely on, helping them cover expenses.
  • It is a way of providing for them in the face of an uncertain future and ensuring that they have the resources they need to carry on with their lives.

Life insurance is more than just a financial investment; it is a tangible expression of your love and devotion to your family, providing them with a sense of security and peace of mind in the face of life's uncertainties.

Life insurance is becoming increasingly important in this day and age, as it ensures the financial security of your family when you are no longer there to provide for them.

Why Life Insurance?

Life insurance is essential for you to buy as it provides a sense of financial security to your loved ones at the time of your unfortunate death. It can help your family cover their expenses, pay off debts, and achieve their financial goals even if you are not there to support them. A life insurance policy can give you a feeling of mental peace and help you ensure that your family's future is secure.

Here are 6 (other than tax benefits) reasons why life insurance is important for you to buy

  1. Provide financial security to your loved ones:

    2. If you are the primary breadwinner of your family, your sudden demise can cause financial hardships for your family. A life insurance policy provides you with a death benefit to your family, which can help them pay off debts and meet their daily expenses.

  2. Cover final expenses:

    3. Funerals and burials can be expensive, and your family may not have the funds to cover these expenses. Life insurance can provide the necessary funds to pay for your final expenses.

  3. Pay off outstanding debts:

    4. If you have an outstanding debt, such as a mortgage or car loan, your family may be burdened with these debts if you pass away. Life insurance can be utilised to pay off these debts, relieving your family of financial stress.

  4. Provide peace of mind:

    5. Knowing that your family will be financially secure if something were to happen to you can give you peace of mind. You can focus on enjoying your life without worrying about the future.

  5. Maintaining your children’s lifestyle:

    6. It provides for your children's future, as a life insurance policy can provide for your children's future education or other expenses. The payout can be used to pay for college tuition fees, extracurricular activities, or other costs.

  6. Act as an investment:

    7. Certain types of life insurance policies, such as endowment plans or money-back policies, offer guaranteed returns on the investment component of the policy, with the least possible risk. It can be your investment as well if your risk appetite is conservative.

Also Read: Difference Between Health Insurance and Life Insurance

Tax benefits of life insurance

There are two ways through which you can reduce your tax liability while buying a life insurance policy, one is through paying a premium, and another way is when your family receive the death benefit. Let's dive deeper into the concept of saving tax by buying a life insurance policy.

Tax deduction on premium payment

Premiums paid towards life insurance policies that cover you, your spouse, or your children are eligible for a tax deduction of up to Rs. 1.5 lakh per annum under Section 80C of the Income Tax Act, 1961.

However, there is a condition in claiming a deduction under the said section. Suppose the life insurance policy is issued on or after April 1, 2012, and the premium paid in any financial year exceeds 10% of the sum assured. In that case, the tax deduction available under Section 80C will be restricted to 10% of the sum assured.

Note-
You need to keep in mind that the overall limit of section 80C is Rs 1.5 lakhs, which means that the limit includes other investments that falls under the 80C category as well, like NPS contribution.

Tax saving while receiving maturity amount

For availing tax exemption at the time of receiving maturity amount, or we can say sum assured, the annual insurance premium should be less than Rs 5 lakhs except in the case of ULIPs (Unit-Linked Insurance Plans).

In simple words, from April 2023, if your annual premium of life insurance is less than Rs 5 lakhs, and for ULIPs Rs 2.5 lakhs, the amount you or your family will receive at the time of maturity or as a death benefit will be eligible for tax exemption.

If the annual premium is more than that above-mentioned limit, you or your family will have to pay tax on insurance proceeds.

How does a life insurance policy work?

Imagine you are the breadwinner in your family, and you want to ensure that your loved ones are taken care of financially if something happens to you. That's where life insurance comes in.

At the time of buying a life insurance policy, you are essentially buying financial protection for your near and dear ones in the event of your untimely demise. Here's how it works:

  1. Choose a policy:

    2. First, you need to choose a life insurance plan which fulfils your needs. There are different types of policies available, such as term life insurance, whole life insurance, and unit-linked insurance plans (ULIPs). Each policy has different features and benefits, so it's important to carefully evaluate your options before making a decision.

  2. Pay premiums:

    3. Once you have selected a policy, you need to pay the premiums on a regular basis to keep the policy in force. The premium amount may vary based on your age, health, and the coverage amount you choose. Failure to pay premiums on time may result in the policy lapsing or being terminated.

  3. Coverage amount:

    4. The amount of coverage provided by the policy depends on the coverage amount you choose. In the case of your unfortunate death during the life insurance policy term, the death benefit (coverage amount) is paid out to your beneficiaries.

  4. Nomination:

    5. You need to nominate one or more beneficiaries to receive the death benefit in case of your demise. The nomination can be changed at any time during the policy term.

  5. Policy term:

    6. The policy term is the duration for which the policy remains in force. Most policies offer coverage for a specific or a certain age, such as 80 years.

  6. Maturity benefit:

    7. Some life insurance policies also provide a maturity benefit if you survive the policy term. The maturity benefit is paid out to you at the end of the policy term, or if it is a universal policy, the beneficiary will receive the sum assured.

  7. Surrender value:

    8. If you decide to terminate the policy before the end of the policy term, you may be eligible for a surrender value. The surrender value is the amount of money you receive if you surrender the policy, and it depends on the policy's terms and conditions.

A life insurance policy provides financial protection to the ones you care for in case of your unfortunate death. By paying premiums on a regular basis, you can ensure that your beneficiaries receive the death benefit if something happens to you.

Also Read:Here Is Why You Should Add a Rider To Your Life Insurance Policy

What are the types of life insurance policies?

Just as a baby step to protect yourself and your family from an untimely death, choosing the correct type of life insurance based on your individual needs and financial situation will help you leave a legacy behind for your loved ones. Let's break down the types of life insurance in an easier way for you to analyze and understand before taking one.

  1. Term Insurance:

    2. This is like renting a house - you pay for it for a set period of time, and if something happens to you during that time, your loved ones get some money. But if you make it to the end of the term, you don't get any money back. It's like going to a fancy restaurant and paying for the meal upfront - once you've eaten it, that's it!

  2. Term insurance with return of premium:

    3. This is like renting a house, but with a twist - if you make it to the end of the term, you get some of your money back! It's like going to that same fancy restaurant, but if you don't finish your meal, they give you some of your money back.

  3. Unit-linked insurance plans:

    4. These are like investing in the stock market but with some insurance thrown in. You put some money into a fund, and depending on how the fund performs, you might get some money back when the policy ends. It's like playing the stock market but with a safety net.

  4. Variable life insurance:

    5. It’s like investing in the stock market but with life insurance. You put money into a fund, and depending on how the fund performs, you might get some money back when the policy ends. The difference between this and unit-linked insurance plans is that with variable life insurance, you can choose which investments to put your money into.

  5. Endowment plans:

    6. They are a little bit like a savings account but with life insurance. You put money in every month for a set period of time, and at the end of that time, you get a lump sum of money. If something happens to you before the end of the plan, your loved ones get some money instead.

  6. Money Back policies:

    7. They are a bit like endowment plans, but with regular payouts throughout the plan. It's like a savings account that gives you money back every once in a while, but with life insurance thrown in.

  7. Whole life insurance:

    8. It is like buying a house - you make payments every month, and eventually, you own the policy outright. If something happens to you at any point during the policy, your loved ones get some money.

  8. Group life insurance:

    9. It is like getting a group discount on car insurance but for life insurance. A bunch of people get together and buy a policy, and everyone pays a little bit of money each month. If something happens to one of the members, their loved ones get some money.

  9. Child insurance plans:

    10. They are like buying a toy for your kid, but with a long-term benefit. You put some money away each month, and when your child grows up, they get a lump sum of money. If something happens to your child while they're still young, you get some money instead.

  10. Universal life insurance:

    11. It is a bit like term insurance but with more flexibility. You can change the amount you pay each month, and depending on how the policy performs, you might get some money back when it ends.

  11. Retirement plans:

    12. They are like planning for a big vacation, but for your golden years. You put some money away each month, and when you retire, you get a steady stream of income. If something happens to you before you retire, your loved ones get some money.
Sit down and sleep on your financial obligation, along with the advice of your financial advisor, before diving into any of these types.

Also Read:4 Life Insurance Myths Common Among Millennials

How to determine the sum assured of a life insurance policy?

It might be an arduous task to determine the sum assured or the money that your family is going to receive at the end of a life insurance policy. But keeping a checkpoint on the below-mentioned points will help to walk through an efficient way to get through this challenge.

  • Income:

    • Your income plays a crucial role in determining the sum assured. A simple rule of thumb is that the sum assured should be at least ten times your annual income. So, if your annual income is Rs.4,00,000, then your sum assured should be at least Rs.40,00,000.

  • Lifestyle:

    • Your lifestyle can also have an impact on the sum assured. If you have a luxurious lifestyle, you will need a higher sum assured to maintain it. For example, if you own a high-end car or live in an expensive house, you will need a higher sum assured.

  • Liabilities:

    • Liabilities are debts that you owe, such as home loans, car loans, personal loans, or credit card debts. When determining the sum assured, you must consider your liabilities as well. Ideally, your sum assured should be enough to cover all your liabilities and provide financial support to your family in case of any eventuality.

  • Dependents:

    • Dependents are those who rely on your income for their livelihood, such as your spouse, children, or elderly parents. When determining the sum assured, you must consider the financial needs of your dependents. The sum assured should be enough to cover their daily expenses, education, and any other financial needs.

  • Age:

    • Your age plays a significant role in determining the sum assured. If you are younger, you will be charged a lower insurance premium. However, as you age, the premium will increase, and you will need a higher sum assured.

  • Health:

    • Your health condition also affects the sum assured. If you have a pre-existing medical problem or condition or a family history of medical issues, you may need a higher sum assured. Also, if you have a hazardous job or indulge in risky activities like adventure sports, you may need a higher sum assured.

  • Inflation:

    • Inflation is a crucial factor to consider when determining the sum assured. The sum assured you choose today may not be sufficient to meet the future needs of your family due to inflation. You must consider inflation when choosing the sum assured and opt for a policy that offers inflation protection.

  • Finally, consult with a financial advisor:

    • A financial advisor can help you determine the appropriate sum assured for your life insurance policy based on your unique circumstances and financial goals.
Small steps will lead to a safer, fairer, and calmer life!

Also Read:7 Factors That Determine Your Life Insurance Policy Premiums

Final Word

In the bottom line, you are making arduous efforts to give your family a healthy and sustainable lifestyle. You cannot afford to let go of all efforts in evaporation just because of one financial mistake; buying a life insurance policy. It does not only help you in making your family's life financially stable in your absence but also leads you to save money on taxes in a legit way.

Before making any financial decisions, think twice if you are managing your finances without a life insurance policy.

Key Takeaway

  • Life insurance is a contract between the policyholder and the insurer, wherein the insurer agrees to pay the premium, and the insurer offers life coverage.
  • Life insurance is one of the most effective ways to secure your family's financial future.
  • Financial security, flexibility, savings and investment, and tax benefits are some of the top features of life insurance.
  • There are different types of protection and savings plans to choose from, like whole life insurance, term plan, ULIP, endowment plan, retirement plan, and more.
  • Choose a reputed insurer and thoroughly compare the available plans to buy a life insurance policy that matches your needs and expectations.

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FAQ


  • Why do I need life insurance ?

    Life insurance provides financial security to your dependents in case of your unfortunate demise. Your dependents have to pay for their necessities even when you are not there for them to earn actively. Necessities like food, bills, utilities, children’s education, and whatnot.

  • What are the different types of life insurance policies ?

    There are primarily two types of life insurance policies in India - term insurance and endowment policies. Moreover, other life insurance policies are also available, like money-back plans, guaranteed plans, and ULIPs, which offers protection.

  • How do I choose the right insurance policy for me ?

    To choose the right insurance policy, consider your financial goals, budget, and risk appetite. Always keep in mind the number of dependents and your lifestyle as well, as it is your dependents who have to survive with the available finance you left for them. Moreover, you need to understand your current financial situation as well; buy the insurance policy which you can afford currently.

  • What factors affect the premium of an insurance policy ?

    Factors affecting the premium of an insurance policy include age, health, smoking habits, and the chosen coverage amount. For example, if you are young, say 24, your insurance premium amount would be lesser than the policyholder aged 35 because, as a young individual, there are rarer chances of sudden death and immediate payment of maturity amount. Insurance companies get more time to stay invested in your money which helps the companies earn more.

  • What is the minimum and maximum age limit to purchase an insurance policy ?

    The minimum age to purchase an insurance policy in India is 18 years, and there is no maximum age limit. The younger the age, the lesser the premium you have to pay.

  • Can I purchase an insurance policy for my parents or spouse ?

    Yes, you can purchase an insurance policy for your parents or spouse as long as you have an insurable interest in their lives.

  • What is a beneficiary, and how do I choose one ?

    A beneficiary is the person who receives the death benefit in case of the policyholder's demise. You can choose anyone as a beneficiary, including family members, friends, or charitable organisations.

  • How do I file a claim in case of the policyholder's demise ?

    To file a claim in case of the policyholder's demise, you need to inform the insurance company, submit the required documents, and follow their claim settlement process.

  • What happens if I miss paying my premium on time ?

    If you miss paying your premium on time, the insurance company usually gives you a grace period of 15 to 30 days. If you still don't pay, your policy may lapse, and you may lose the benefits. 

  • How long does it take for a life insurance policy to pay out after the death of the policyholder ?

    Typically, life insurance policies payout within 30-60 days after the death of the policyholder. The exact timeline can vary depending on the insurance company, the policy terms, and the circumstances surrounding the death. The beneficiary of the policy should contact the insurance company to initiate the claims process.

 

DISCLAIMER

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.

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Although all efforts are made to ensure that information and content provided as part of this Website is correct at the time of inclusion on the Website, however there is no guarantee to the accuracy of the Information. This Website makes no representations or warranties as to the fairness, completeness or accuracy of Information. There is no commitment to update or correct any information that appears on the Internet or on this Website. Information is supplied upon the condition that the persons receiving the same will make their own determination as to its suitability for their purposes prior to use or in connection with the making of any decision. Any use of this Website or the information is at your own risk. Neither ABCL and ABC Companies, nor their officers, employees or agents shall be liable for any loss, damage or expense arising out of any access to, use of, or reliance upon, this Website or the information, or any website linked to this Website.

No Liability

This Website is provided to you on an "as is" and "where-is" basis, without any warranty. ABCL, for itself and any ABC Companies and third party providing information, Materials (defined later), facilities, or content to this Website, makes no representations or warranties, either express, implied, statutory or otherwise of merchantability, fitness for a particular purpose, or non-infringement of third party rights, with respect to the website, the information or any products or facilities to which the information refers. ABCL will not be liable to you or any third party for any damages of any kind, including but not limited to, direct, indirect, incidental, consequential or punitive damages, arising from or connected with the site, including but not limited to, your use of this site or your inability to use the site, even if ABCL has previously been advised of the possibility of such damages. Any access to information hosted on third party websites of billers/banks/merchants/ABC Companies etc. is not intended and shall not be treated as an offer to sell or the solicitation of an offer to buy any product/offering of these ABC Companies or third parties.

The Facilities Provider or ABCL or ABC Companies shall have absolutely no liability in connection with the information and Material posted on this Website including any liability for damage to your computer hardware, data, information, materials, or business resulting from the information and/or Material or the lack of information and/or Material available on the Website. In no event shall ABCL or ABC Companies shall be liable for any for any special, incidental, consequential, exemplary or punitive damages for any loss, arising out of or in connection with (a) the use, misuse or the inability to use this Website; (b) unauthorized access to or alteration of your transmissions or data; (c) statements or conduct of any third party on the site; or (d) any other matter whatever nature relating to this Website.

Further, the Facilities Provider cannot always foresee or anticipate technical or other difficulties. The facilities may contain errors, bugs, or other problems. These difficulties may result in loss of data, personalization settings or other facilities interruptions. The Website does not assume responsibility for the timeliness, deletion, mis-delivery, or failure to store any user data, communications, or personalization settings.

The Facilities Provider, ABCL, ABC Companies and the providers of information shall not be liable, at any time, for any failure of performance, error, omission, interruption, deletion, defect, delay in operation or transmission, computer virus, communications line failure, theft or destruction or unauthorized access to, alteration of, or use of information contained at this Website.

Manner of Use of Personal Information

All Personal Information including Sensitive Personal Information provided/related to you, shall be stored/used/processed/transmitted expressly for the Purpose or facilities indicated thereon at the time of collection and in accordance with the Privacy Policy. Other than those otherwise indicated and agreed by You, this Website do not collect or store or share your Personal Information. Aditya Birla Capital is the brand and accordingly all products and facilities are provided by respective ABC Companies as applicable. Therefore, for any of these Purposes, the Website will use ABC Companies their authorized third party vendors, agents, contractors, consultants or facilities providers (individually a ‘Third Party Service Provider’ and collectively, the “Third Party Service Providers”) and to that extent you understand and authorize the Facilities Provider to share/transmit such information to Third Party Service Providers. Such sharing of information will be solely for the purpose to fulfill / complete / authenticate your specific requests/transaction execution and for providing information about any ABC Companies product or facilities or services or for data analytics or to deliver to you any administrative notices, alerts or communications relevant to your Purpose (and which may include sending promotional emails or SMS or calls or any other mode permitted under law) or to analyze the usage and improve the facilities/solutions offered or for any research or troubleshooting problems, detecting and protecting against errors or to improve features, tailor the facilities on the Website to your interests, and to get in touch with you whenever necessary.

Except in the manner as stated in the Privacy Policy, the Website will not disclose your Personal Information with any affiliated or unaffiliated third parties,

You may receive e-mails /communications/notifications from the Third Party Services Providers regarding facilities updates, information/promotional e-mails/SMS and/or update on new product announcements/services in such mode as permitted under law.

Use of Website in India

This Website is controlled and operated from India and there is no representation that the Materials/information are appropriate or will be available for use in other locations. If you use this Website from outside the India, you are entirely responsible for compliance with all applicable local laws. There is no warranty or representation that a user in one region may obtain the facilities of this website in another region.

Information published on the Website may contain references or cross references to products, programs and facilities offered by ABC Companies/third parties that are not announced or available in your country. Such references do not imply that it is intended to announce such products, programs or facilities in your country. You may consult your local advisors for information regarding the products, programs and services that may be available to you.

In your use of the Website, you may enter correspondence with, purchase goods and/or facilities from, or participate in promotions of advertisers or members or sponsors of the web site, including those of ABC Companies. Unless otherwise stated, any such correspondence, advertisement, purchase or promotion, including the delivery of and the payment for goods and/or facilities, and any other term, condition, warranty or representation associated with such correspondence, purchase or promotion, is solely between you and the applicable ABC Companies and/or third parties.

You agree that Facilities Provider / ABC Companies has no liability, obligation or responsibility for any such correspondence, purchase or promotion between you and any other ABC Companies and/or third parties.

Third party websites

This Website may be linked to other websites (including those of ABC Companies) on the World Wide Web that are not under the control of or maintained by ABCL. Such links do not indicate any responsibility or endorsement on our part for the external website concerned, its contents or the links displayed on it. These links are provided only as a convenience, in order to help you find relevant websites, facilities and/or products that may be of interest to you, quickly and easily. It is your responsibility to decide whether any facilities and/or products available through any of these websites are suitable for your purposes. The Facilities Provider or ABCL is not responsible for the owners or operators of these websites or for any goods or facilities they supply or for the content of their websites and does not give or enter into any conditions, warranties or other terms or representations in relation to any of these or accept any liability in relation to any of these (including any liability arising out of any claim that the content of any external web site to which this web site includes a link infringes the intellectual property rights of any third party).

USE of APP

In case any facilities/services, access/dissemination of information or execution of transaction is done through use of any APP related to ABC Companies, the additional terms and conditions governing the Use of APP shall be applicable and to be read along these Terms of Use.

Postings and monitoring

The Facilities Provider or ABCL or ABC Companies does not routinely monitor your postings to the Website but reserves the right to do so if deemed necessary if it is related to the facilities offered on the web site and to comply with law. However, in our efforts to promote good citizenship within the internet community, if the Facilities Provider or ABCL or ABC Companies becomes aware of inappropriate use of the Website or any of its facilities, any information, opinions, advice or offers posted by any person or entity logged in to the Website or any of its associated sites is to be construed as public conversation only, and the Facilities Provider or ABC Companies shall not be liable or responsible for such public conversation. You agree that in such cases, we will respond in any way that, in our sole discretion, as deemed appropriate. You acknowledge that Facilities Provider or ABC Companies will have the right to report to law enforcement authorities any actions that may be considered illegal, as well as any information it receives of such illegal conduct. When requested, ABC Companies/Facilities Provider will co-operate fully with law enforcement agencies in any investigation of alleged illegal activity on the internet.

Submissions and unauthorized use of any Materials contained on this Website may violate copyright laws, trademark laws, the laws of privacy and publicity, certain communications statutes and regulations and other applicable laws and regulations. You alone are responsible for your actions or the actions of any person using your user name and/or password. As such, you shall indemnify and hold Facilities Provider, ABCL / ABC Companies and its officers, directors, employees, affiliates, agents, licensors, and business partners harmless from and against any and all loss, costs, damages, liabilities, and expenses (including attorneys' fees) incurred in relation to, arising from, or for the purpose of avoiding, any claim or demand from a third party that your use of the Website or the use of the Website by any person using your user name and/or password (including without limitation your participation in the posting areas or your submissions) violates any applicable law or regulation, or the rights of any third party.

We reserve the right to terminate access to this Website at any time and without notice. Further this limited license terminates automatically, without notice to you, if you breach any of these Terms of Use. Upon termination, you must immediately destroy any downloaded and printed Materials.

If you come across any breaches/violation or offensive material you must report to us at abc.secretarial@adityabirla.com

Use of Cookies

You agree and understand that the Website will automatically receive and collect certain anonymous information in standard usage logs through the Web server, including computer/computer resource-identification information obtained from "cookies" sent to your browser from a web server or other means as explained in the Privacy Policy.  

Facilities Changes and Discontinuation

The Website reserves the right to discontinue or suspend, temporarily or permanently, the facilities. You agree that the Facilities Provider/ ABC Companies will not be liable to you in any manner whatsoever for any modification or discontinuance of the facilities. The format and content of this Website may change at any time. We may suspend the operation of this Website for support or maintenance work, in order to update the content or for any other reason.

ABCL, ABC Companies, and its directors, employees, associates, or other representatives shall not be liable for any damages or injury, arising out of or in connection with the use, or non-use including non-availability of the Website and also for any consequential loss or any damages caused because of non-performance of the system due to a computer virus, system failure, corruption of data, delay in operation or transmission, communication line failure, or any other reason whatsoever. The Website will not be responsible for any liability arising out of delay in providing any information on the Website.

Compliance with the Law

You agree that you will not:

  • Use any robot, spider, scraper, deep link or other similar automated data gathering or extraction tools, programme, algorithm or methodology to access, acquire, copy or monitor the Website, or any portion of the Website.
  • Use or attempt to use any engine, software, tool, agent, or other device or mechanism (including without limitation, browsers, spiders, robots, avatars or intelligent agents) to navigate or search the Website, other than the search engines generally available by third party web browsers
  • Post or transmit any file which contains viruses, worms, Trojan horses or any other contaminating or destructive features, or that otherwise interferes with the proper working of the Website or the facilities.
  • Attempt to decipher, decompile, disassemble, or reverse engineer any of the software, comprising or in any way making up a part of the Website or the facilities.
  • You agree not to use the facilities for illegal purposes or for the transmission of material that is unlawful, harassing, libelous (untrue and damaging to others), invasive of another's privacy, abusive, threatening, or obscene, or that infringes the rights of others.

Restrictions on Commercial Use or Resale

Your right to use the facilities is personal to you; therefore, you agree not to resell or make any commercial use of the facilities. In addition, the Website welcomes your feedback as a user of the facilities. Any feedback you provide will become the confidential and proprietary information of the Website, and you agree that the Website may use in any manner and without limitation, all comments, suggestions, complaints, and other feedback you provide relating to the Website. The Website shall have a worldwide, royalty-free, non-exclusive, perpetual, and irrevocable right to use feedback for any purpose, including but not limited to incorporation of such feedback into the Website or other Website software or facilities.

No Endorsements

All product and facilities marks contained on or associated with the facilities that are not the Website marks are the trademarks of their respective owners. The Website would require you to respect the same. References to any such names, marks, products or facilities of third parties or hypertext links to third party sites or information does not imply the Website’s endorsement, sponsorship or recommendation of the third party, information, product or facilities.

Promotional Offers

You may receive from time to time, announcement about offers with intent to promote this Website and/or facilities/products of ABC Companies (“Promotional Offers”). The Promotional Offer(s) would always be governed by these Terms of Use plus certain additional terms and conditions, if any prescribed. The said additional terms and conditions, if prescribed, would be specific to the corresponding Promotional Offer only and shall prevail over these Terms of Use, to the extent they may be in conflict with these Terms of Use. The Website reserves the right to withdraw, discontinue, modify, extend and suspend the Promotional Offer(s) and the terms governing it, at its sole discretion.

Charges for use of Website

There are no charges or fees to be paid by you for use of this Website. However, you are responsible for all telephone access fees and/or internet service fees that may be assessed by your telephone and/or internet service provider. You further agree to pay additional charges, if any levied by Third Party Service Provider(s), for the facilities provided by them through the Website (Additional Charges).

No Endorsement

You are advised to be cautious when browsing on the internet and to use good judgment and discretion when obtaining information or transmitting information. From this Website, users may visit or be directed to third party web sites. The Website makes no effort to review the content of these web sites, nor is the Website or its licensors responsible for the validity, legality, copyright compliance, or decency of the content contained in these sites.

In addition, the Website does not endorse or control the content of any other user and is not responsible or liable for any content, even though it could be unlawful, harassing, libelous, privacy invading, abusive, threatening, harmful, vulgar, obscene or otherwise objectionable, or that it infringes or may infringe upon the intellectual property or other rights of another. You acknowledge that the Website does not pre-screen content, but that the Website will have the right (but not the obligation) in their sole discretion to refuse, edit, move or remove any content that is available via the facilities.

Electronic Communications

These Terms of Use and any notices or other communications regarding the Facilities may be provided to you electronically, and you agree to receive communications from the Website in electronic form. Electronic communications may be posted on the Website and/or delivered to your registered email address, mobile phones etc either by Facilities Provider or ABC Companies with whom the services are availed. All communications in electronic format will be considered to be in "writing". Your consent to receive communications electronically is valid until you revoke your consent by notifying of your decision to do so. If you revoke your consent to receive communications electronically, the Facilities Provider shall have the right to terminate the facilities.

Assignment

You shall not assign your rights and obligations under this Agreement to any other party. The Website may assign or delegate its rights and/or obligations under this Agreement to any other party in future, directly or indirectly, or to an affiliated or group company.

Legal Disclaimers

The information provided on or through the Website is for general guidance and information purposes only and they do not in any manner indicate any assurance or opinion of any manner whatsoever. Any information may be prone to shortcomings, defects or inaccuracies due to technical reasons. Certain information on Website may be on the basis of our own appraisal of the applicable facts, law and regulations in force at the date hereof.

The information (and opinions, if any) contained on the Website may have been obtained from public sources believed to be reliable and numerous factors may affect the information provided, which may or may not have been taken into account. The information provided may therefore vary (significantly) from information obtained from other sources or other market participants. Any reference to past performance in the information should not be taken as an indication of future performance. The information is dependent on various assumptions, individual preferences and other factors and thus, results or analyses cannot be construed to be entirely accurate and may not be suitable for all categories of users. Hence, they should not be solely relied on when making investment decisions. Your investment or financial decision shall always be at your own discretion and based on your independent research; and nothing contained on the Website or in any information would construe ABCL/ABC Companies or any of its employees/authorized representative as having been in any way involved in your decision making process. Any information and commentaries provided on the Website are not meant to be an endorsement or offering of any stock or investment advice.

Nothing contained herein is to be construed as a recommendation to use any product, process, equipment or formulation, in conflict with any patent, or otherwise and Facilities Provider / ABCL/ABC Companies makes no representation or warranty, express or implied that, the use thereof will not infringe any patent, or otherwise. Information on this Website sourced from experts or third party service providers, which may also include reference to any ABCL Affiliate. However, any such information shall not be construed to represent that they belong or represent or are endorsed by the views of the Facilities Provider or ABC Companies. Any information provided or sourced from ABCL Affiliate belongs to them. ABCL is an independent entity and such information from any ABCL Affiliate are not in any manner intended or to be construed as being endorsed by ABCL or Facilities Provider. The information does not constitute investment or financial advice or advice to buy or sell, or to endorse or solicitation to buy or sell any securities or other financial instrument for any reason whatsoever. Nothing on the Website or information is intended to constitute legal, tax or investment advice, or an opinion regarding the appropriateness of any investment or a solicitation of any type. Investment in the securities market and any financial instruments are inherently risky and you shall always assume complete and full responsibility for the outcomes of all the financial or investment decisions that you make, including but not limited to loss of capital. You are therefore advised to obtain your own applicable legal, accounting, tax or other professional advice or facilities before taking or considering an investment or financial decision.

No Solicitation

No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies. These are meant for general information only or to meet statutory requirements or disclosures. ABCL or any of its employees are in no way liable for the use of the information by you, when making any decision or investing or trading through any investment vehicles or ABC Companies, or any other third party which may be engaged in offering of these services.

The information contained on this Website does not represent and should not be used to construe (i) the terms on which a new transaction would be entered into by ABCL or ABC Companies, (ii) the terms on which any existing transactions could be unwound by ABCL or ABC Companies, (iii) the calculation or estimate of an  amount that would be payable following an early termination of any past/existing transactions or (iv) the valuations given to any transactions by ABCL or ABC Companies in their books of account for financial reporting, credit or risk management purposes.

Statutory Disclosure

ABCL and ABC Companies are engaged in a broad spectrum of activities in the financial services sectors. You understand and acknowledge that Aditya Birla Money Limited (‘ABML’), Aditya Birla Finance Limited (‘ABFL’) and Aditya Birla Sun Life Asset Management Company Limited and trustees and sponsor of Aditya Birla Sun Life Mutual Fund (‘ABSLMF’) are group companies and ABML / ABFL also acts as a distributor of ABSLMF.  Any recommendation or reference of schemes of ABSLMF if any made or referred on the Website, the same is based on the standard evaluation and selection process, which would apply uniformly for all mutual fund schemes. You are free to choose the execution facilities in the manner deemed fit and proper and no commission will be paid by ABSLMF to ABML / ABFL if you choose to execute a transaction with ABSLMF on the Website, unless otherwise agreed by you and ABML/ABFL separately. Information about ABML/ABFL, its businesses and the details of commission structure receivable from asset management companies to ABML/ABFL, are also available on their respective Website.

Similarly Aditya Birla Money Insurance Advisory Services Limited and Aditya Birla Insurance Brokers Limited are insurance intermediaries and engaged in the distribution of Insurance Products and it may services may include products of Aditya Birla Sun Life Insurance Company Limited and Aditya Birla Health Insurance Company Limited. However there is no conflict on these services and commissions if any payable are in accordance of the extant regulations.

Force Majeure

The Facilities Provider, ABC Companies and any of its Third Party Service Providers shall not be liable for any delay or failure in performance resulting directly or indirectly from acts of nature, forces, or causes beyond their reasonable control, including, without limitation, Internet failures, computer equipment failures, telecommunication equipment failures, other equipment failures, electrical power failures, strikes, virus, other malicious computer code, hacking, labour disputes, riots, insurrections, civil disturbances, shortages of labour or materials, fires, flood, storms, explosions, acts of God, war, earthquake, governmental actions, orders of domestic or foreign courts or tribunals, non-performance of third parties, or loss of or fluctuations in heat, light, or air conditioning.

Indemnification

You agree to protect and fully compensate Facilities Provider, ABCL, ABC Companies, subsidiaries, licensors, suppliers and facilities providers, employees, officers and directors, from any and all third party claims, liability, damages, expenses and costs (including but not limited to reasonable attorneys fees) caused by or arising from your use of the facilities, your violation of the Terms of Use or your infringement, or infringement by any other user of your account, of any intellectual property or other right of anyone.

No Waiver

The Facilities Provider, ABC Companies or any of its third party service providers and processor bank/merchants etc. shall not be deemed to have waived any of its/their rights or remedies hereunder, unless such waiver is in writing. No delay or omission on the part of Facilities Providers and ABC Companies, in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Exclusive Agreement

You agree that these Terms of Use are the complete and exclusive statement of agreement supersede any proposal or prior agreement, oral or written, and any other communications between you and the Facilities Provider and its Third Party Service Providers or processor bank/merchants relating to the subject matter of these Terms of Use. These Terms of Use, as the same may be amended from time to time, will prevail over any subsequent oral communications between you and the Website and/or the processor bank.

Termination

Either party can terminate this Agreement by notifying the other party in writing. Upon such termination You will not be able to use the facilities of this Website.

Governing Law and Jurisdiction

The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. The Website is specifically for users in the territory of India. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction.

These Terms and Conditions are governed by and to be interpreted in accordance with laws of India, without regard to the choice or conflicts of law provisions of any jurisdiction. You agree, in the event of any dispute arising in relation to these Terms and Conditions or any dispute arising in relation to the Website whether in contract or tort or otherwise, to submit to the jurisdiction of the courts located at Mumbai, India for the resolution of all such disputes.

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