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Maathas - Service Provider of life insurance, posting savings & mutual funds in Chennai, Tamil Nadu.

Nature of Business

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Life Insurance
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Life Insurance

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Life insurance is a contract under which the insurer (Insurance Company) in consideration of a premium paid undertakes to pay a fixed sum of money on the death of the insured or on the expiry of a specified period of time whichever is earlier.
In case of life insurance, the payment for life insurance policy is certain. The event insured against is sure to happen only the time of its happening is not known. So life insurance is known as 'Life Assurance'. The subject matter of insurance is life of human being. Life insurance provides risk coverage to the life of a person. On death of the person insurance offers protection against loss of income and compensate the titleholders of the policy.

Basic Principles of Life Insurance contract.

Insurable Interest

The insured must have insurable interest in the life assured. In absence of insurable interest, Contract of insurance is void. Insurable interest must be present at the time of entering into contract with insurance company for life insurance. It is not necessary that the assured should have insurable interest at the time of maturity also.

Insurable interest exists in the following cases:
  • person has an unlimited insurable interest in his/her own life.
  • A person has an insurable interest in the life of his/her spouse.
  • A father has an insurable interest in the life of his son or daughter on whom he is dependent. Likewise a son may have insurable interest in life of his parents.
  • A creditor has an insurable interest in the life of the debtor, to the extent of the debt.
  • A servant employed for a specified period has insurable interest in the life of his employer.
Utmost Good Faith

The contract of life insurance is a contract of utmost good faith. The insured should be open and truthful and should not conceal any material fact in giving information to the insurance company, while entering into a contract with insurance company. Misrepresentation or concealment of any fact will entitle the insurer to repudiate the contract if he wishes to do so.

Not a Contract of Indemnity

A Contract of life insurance is not a contract of indemnity. The loss of life cannot be compensated and only a fixed sum of money is paid in the event of death of the insured. So, the life insurance contract is not a contract of indemnity. The loss resulting from the death of life assured cannot be calculated in terms of money.

Importance of life insurance.

Life Insurance is of great importance to individuals, groups, business community and general public. Some of the main benefits of life insurance are given below.

Protection Against Untimely Death

Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely death. The dependents or family members get a fixed sum of money in case of death of the assured.

Saving for Old Age

After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age.

Promotion of Savings

Life insurance encourages people to save money compulsorily. When a life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums, only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy.

Initiates Investments

Life Insurance Corporation encourages and mobilizes the public savings and channelises the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings.

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Posting Savings
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Posting Savings

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Why should you invest in Post Office Schemes
  • These schemes are offersed by the Government of India.
  • Safe, secure and risk-free investment options.
  • Nomination facility is available.
  • Nomination can be changed at any time
  • These instruments are transferable to any part of India.
  • Attractive rates of interest.
Post Office Schemes
  • Post Office Monthly Income Scheme
  • Post Office Time Deposit Scheme
  • Post Office Savings Account
  • National Savings Certificate
  • Kisan Vikas Patra
Govt schemes offered through Post Offices and Nationalised Banks
  • Public Provident Fund
  • Senior Citizen's Savings Scheme

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Mutual Funds
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Mutual Funds

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Mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is invested into a variety of securities, including stocks, bonds, and money-market instruments. Each scheme of a mutual fund can have different character and objectives. Mutual funds issue units to the investors, which represent an equitable right in the assets of the mutual fund. Thus a mutual fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost.

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Real Estate

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