Types of Life Insurance Policies in India: A Comprehensive Guide

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Everyone’s life is uncertain, and no one can predict their future. It hardly takes time for a person's life to change drastically. The entire world felt a life-changing experience when a deadly disease named coronavirus shook the world and got it to a standstill. So many lives were lost, while some had significant health issues. Who would have thought that they would ever see such a day?

An unexpected circumstance can change a person’s life completely. Life is not in our hands, but providing security to loved ones is in our hands. Buying a life insurance policy is a prevalent and significant way to provide financial security to loved ones. Life insurance is very essential for every household. The Government is sanctioning money towards the healthcare sector. Several schemes have been launched, keeping the income of its citizens in mind.

Everyone can take insurance by setting aside a small portion of their income towards a secure insurance plan. By doing so, individuals can lean on their insurance to pay significant medical expenses if needed. Insurance companies take these periodic investments from individuals and invest them in high-return generating assets. Through this method, they can disburse a considerable amount to a needy individual.

However, insurance companies are very specific about the kind of expenses they cover and the circumstances in which they become liable to pay. Different insurance plans will have different terms and conditions, which must be carefully scrutinized before opting for them. Let’s discuss different types of insurance plans to understand what an individual might need.

Types of Insurance Plans

Insurance companies invest in debts and equities. Some life insurance plans pay the sum assured along with interest upon retirement. In return, an amount is paid monthly, quarterly, half-yearly, or yearly. This way, the insured can maximize their savings and get insurance coverage.

There are many types of insurance plans available in the market these days. They can be classified into two broad categories, these are:

  1. Life Insurance
  2. General Insurance
These insurance plans have many different plans under them.

The Various Types of Life Insurance Plans Present in India

Life insurance plans can be sub-categorized into:
  1. Term Life Insurance
  2. Endowment plan
  3. Whole life insurance
  4. Child plan
  5. Pension plan
  6. Unit-linked insurance plan (ULIP)
General insurance plans can be sub-categorized into:
  1. Health Insurance
  2. Motor Insurance
  3. Travel Insurance
  4. Home Insurance
  5. Fire Insurance
Let us understand these insurance policies in detail.

Term Life Insurance

Term life insurance is the most affordable and essential product of life insurance. As the plan's name suggests ‘term’, it covers the insured for only a specific period. This policy assures the insured that a lumpsum amount will be paid to the insured's nominee in case of any untoward incident like the insured's death. The entire amount is tax-free, so the dependents will get the sum assured without deductions. These plans also state that no benefits shall be given to the insured in case of survival at the policy's maturity. Since it has no maturity amount, its premium payable is also relatively less than other life insurance policies.

Also Read: How Does A Term Life Insurance Work?

Endowment Plan

An endowment policy is a term life insurance policy that covers the insured for a particular period. Unlike term insurance, the endowment plans, the insured receives a lumpsum amount upon survival once the policy's tenure is over. The sum assured is given to the nominee/beneficiary of the policy in case of the sudden death of the insured.

So, this way this plan has two benefits for the insured person. It provides a security blanket to the policyholder's family members and gives the insured maturity benefits.

Whole Life Insurance

Whole life insurance has extensive coverage and is one of the oldest forms of life insurance. It is also known as ‘traditional’ life insurance, as it covers the entire life span of the insured person, unlike other life insurance plans, which only provide coverage for a specific period.

Whole life insurance provides death benefits to the insured person's loved ones. It can also be used as an instrument for savings, as it helps accumulate cash value throughout its term. The maturity of Whole Life Insurance is 100 years. This plan will be a mature endowment if the policyholder survives beyond this age.

Child Plan

Child plans are insurance plans that help a person secure their child's future. The amount deposited under this policy may be helpful to the child in achieving their goals. This amount can also be utilised for other purposes like higher studies, marriage etc., even in the absence of the person who has taken this policy. Thus, this policy provides double benefits to the policyholder. It combines insurance plans with savings by helping to plan the child’s future financially.

Pension Plan

A pension plan, commonly known as a retirement plan, helps the policyholder to build a corpus amount which can be used once retired. This plan acts as a regular source of income even after the person retires. It helps a salaried person accumulate money by allocating a small percentage of the salary to this account. It also helps develop a habit of savings in an individual, which can be used during the post-retirement days.

This plan is also used as insurance cover that provides security to the family members. The nominee/beneficiary appointed by the insured is entitled to receive the entire amount upon the death of the person (insured).

Also Read: Consider This Checklist Before Buying ULIP Plan Online

Unit-Linked Insurance Plans (ULIPs)

Unit-linked insurance plan is an insurance policy that provides dual benefits to the person who has taken this policy. It provides a life insurance cover and also serves as an investment plan. A portion of the amount paid as a premium is used for the coverage of the life insured through the policy term. The other portion is invested in debt funds and securities. Here the policyholder decides the investment plan as per requirement and risk appetite.

General Insurance

General insurance is a type of insurance policy that ensures a person and protects and covers the policyholder in the form of damages incurred. The insured person’s family receives the sum assured in case of the policyholder’s demise. General insurance also covers different types of insurance policies that protect against losses that have been caused due to liabilities like home, health, vehicle and travel etc.

Also Read: What Is General Insurance-Types of Insurance in India

These various types of general insurance policies include the following:

Health Insurance

Health insurance policies cover plans due to some medical emergency. A cashless claim facility can be availed if the treatment is done among the listed network hospitals, or a claim can be reimbursed afterwards.

Most Indians go for a standard health insurance plan. This plan covers the following:
  1. Pre-hospitalisation and post-hospitalisation expenses
  2. Daycare procedures
  3. Hospitalisation
  4. Medical expenses
  5. Treatment of critical illnesses
  6. Maternity and newborn care

Health insurance policies also provide tax benefits:
  1. The policyholder, along with parents insured (everyone below 60), the total tax deduction is Rs. 50,000.
  2. The policyholder, along with parents insured (above 60), the total tax deduction is Rs. 75,000.
  3. The policyholder and parents are above 60 years, and the total tax deduction is Rs1 lakh.

Health insurance exclusions:
  1. Any claims during the waiting period of the policy. Usually, a policyholder can claim only after the completion of 1 year of its inception.
  2. Medical hospitalisation or treatment due to war or other such activities.
  3. Self-inflicted injuries.
  4. Medical expenses claimed due to drugs or alcohol.
  5. Diagnostic charges if the disease is confirmed and not covered in the insurance policy.

Motor insurance& Its Types

The Motor vehicle Act of 1988 has made it compulsory for every vehicle owner to have motor insurance. This type of insurance provides financial protection to the motor vehicle against any damage, theft, loss, or accident due to man-made disasters or natural calamities. There are two types of motor insurance plans available. These are the car insurance plan and two-wheeler insurance plan.

  1. Car Insurance Plan

    2. Everyone dreams of owning a car someday. It requires a considerable amount to buy one. When people spend a lot on buying a luxurious thing, then they also ensure that its maintenance is done correctly. Every individual must insure their car to protect it from damages and incur a significant outflow of cash for repairs. The Government has made it mandatory for every car owner to insure their vehicle.

    In India, a car owner can buy a comprehensive or any other car insurance plan offered by the insurance companies. The insurance coverage preferred by many car owners is Third-party Car Insurance Plans. This type of insurance covers the damages and losses incurred to a third party (another person). It is preferred by many people because it is affordable. However, it has limited coverage.

    The other insurance which is bought by many car owners is a Comprehensive Car Insurance Plan. This type of insurance provides all the benefits of third-party insurance along with their car protection against any damages. This insurance policy is expensive as it covers most of the liabilities of the car owner in case of any theft or accident. An additional premium can be paid, and add-on covers can be taken. It will ensure all-around protection of the car along with the passengers.

    Some things that are excluded from a car insurance policy are:

    1. Loss of damage occurs when the driver does not have a valid driving licence.
    2. Loss or damage occurs when the policy has lapsed and not been renewed.
    3. Loss or damage occurs when the vehicle's driver is under the influence of alcohol or other intoxicants.
    4. Loss or damage occurs due to manufactured situations like war, riots and nuclear activities etc.
    5. Loss or damage of personal belongings in the car (it is covered only if the add-on is taken).

    Also Read:What Are Add-On Covers Of Motor Insurance?

  2. Two-Wheeler Insurance Plan

    3. A Bike Insurance Policy is available in India for anyone riding a two-wheeler, whether a motorcycle or a scooter. There are two types of plans available which are the same as car insurance plans. These plans are comprehensive insurance and third-party bike insurance.

    The third-party bike insurance covers only third-party liabilities. Thus, the coverage provided under this plan is limited. It is always better to take a Comprehensive Bike Insurance Plan. It not only provides extensive coverage. It can also be clubbed with many add-ons covers to increase protection further. The Government has mandated that every vehicle owner has a Motor Insurance Plan. Not having an active motor insurance plan can lead to hefty fines and rejection of a claim in case of an unfortunate accident or an untoward incident.

    Some things that are excluded from a motor insurance policy are:
    1. Electrical and mechanical breakdown of bike or scooter.
    2. General components wear and tear of the two-wheeler.
    3. Loss of damage occurs when the rider does not have a valid driving licence.
    4. Loss or damage occurs when the rider of the two-wheeler is under the influence of alcohol or other intoxicants.
    5. Loss or damage occurs due to manufactured situations like war, riots, nuclear activities, etc.

  3. Comprehensive Vehicle Insurance

    4. This type of insurance covers any commercial vehicle, be it a lorry, tempo, cab or container. Any vehicle that is used for commercial purposes is covered under this policy. The number of wheels of the vehicle can be anything above a three-wheeler.

Travel Insurance

When travelling within India or abroad, travel insurance provides financial protection to policyholders and their families. Based on who is travelling, a travel insurance plan can be bought. Some of the plans are:
  1. Student travel insurance plan
  2. Individual travel insurance plan
  3. Family travel insurance plan

The coverage of this policy includes:
  1. Passport loss
  2. Baggage loss
  3. Hijacking
  4. Medical emergencies
  5. Accidental death
  6. Delay or cancellation of flight

Some things that are excluded from a travel insurance policy are:
  1. Delay of luggage (less than 24 hours).
  2. Travelling against the doctor's advice.
  3. Riots or wars in a foreign country.
  4. Medical expenses due to an injury during the trip, which is self-inflicted.
  5. An Injury occurs by participating in a dangerous sport like Bungee Jumping, Skydiving, Parasailing etc.

Home Insurance Plans& Its Types

Home insurance provides financial protection against any damage or loss to the property and the values present within the property. This protection covers loss due to natural calamity or a manufactured disaster like a burglary, storm, landslide, tornado, earthquake, fire and robbery etc.

The different types of home insurance that can be availed are:

  1. Home Structure/Building Insurance

    2. This type of insurance policy protects the homebuyer from any destruction or damage caused to the house's structure during any calamity.

  2. Standard Fire and Special Perils Policy

    3. This policy provides financial protection to the policyholder towards the damages caused to the house due to the following incidents:

    An outbreak of fire can happen due to a short circuit, and cylinder burst etc.
    Any anti-social manufactured (created) activity like riots, stampedes, explosions, etc. Due to natural calamities, such as landslides, earthquakes, floods, storms, etc.

  3. Burglary and theft insurance

    4. This insurance policy also covers valuables or expensive goods stolen from the house during a theft or burglary.

  4. Public Liability Coverage

    5. This coverage provides insurance coverage to a third party (who may be a guest or a visitor) present in the house on the occurrence of an untoward incident which is covered under the home insurance plan.

  5. Personal Accident

    6. Provides complete coverage to the policyholders and their families in case of an unfortunate demise or a permanent disability caused due to the reasons covered under the home loan plan.

  6. Tenant’s Insurance

    7. Provides financial protection to the tenant living in the premises of the house property that is insured. This coverage is for any loss of property while living in a rented house.

  7. Landlord’s Insurance

    8. This insurance plan provides coverage to those people who have rented their apartment/house. This policy provides coverage against any loss of property or rents when the property was rented out.

  8. Content’s Insurance

    9. Provides compensation for loss of articles in the house like appliances, furniture and types of equipment etc. They are covered against loss due to natural calamities or manufactured disasters like theft, fire and floods etc.

Fire Insurance Plans& Its Types

The fire insurance plan differs from the other insurance policies concerning compensating with the sum assured. Fire insurance plans provide a sufficient amount of coverage so that the individual or the company who has incurred loss due to fire can set up their establishment. These insurance companies also cover losses incurred due to riots, turmoils and risks involved during the war.

The different types of fire insurance in India are:

  1. Floating policy:

    2. This policy is tailor-made for people in the export-import business. It covers the goods of an organisation which are spread in different places. For this plan, an average premium is charged. The policyholder can add their conditions and clauses also.

  2. Valued policy:

    3. in this policy, the value of an item is decided when the policy is taken. The insurer agrees to pay the amount (which can be more or less than the market price) if this item is destroyed or damaged. This premium is pre-decided for those goods and items whose actual value cannot be decided. Examples that are covered under the valued policy are art, painting, jewellery and craft etc.

  3. Comprehensive policy:

    4. This is a single policy that covers multiple risks. The insured is covered against fire, burglary, riot, explosion, lightning and labour disturbances etc.

  4. Average Policy:

    5. This is when a policyholder takes a policy of a lesser amount than the actual value of the property. In such a case, a clause is added to the fire policy. The compensation amount is reduced.

  5. Specific policy:

    6. in this policy, a specific amount of risk is insured. Here the property value is not taken into consideration. The policyholder will get only up to the sum insured in case of fire loss.

  6. Replacement policy:

    7. The insurance company compensates for the property according to the market price. In this, the depreciation of the property is also taken into account. The compensation will replace the price. The new asset will have the same price as the lost property price.

  7. Consequential loss policy:

    8. This policy covers the losses that a person in business will have due to a fire in their manufacturing unit or factory. The insurance company will pay for the loss by calculating the loss of sale.

Conclusion

Before buying any insurance policy, it is essential to understand its benefits, coverage, limitation, and features. The policy should be bought from a reliable insurance company with a good track record. Their claim settlement should also be an easy process.

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FAQs – Frequently Asked Questions


FAQ

  • How to know if the insurer is reliable or not ?

    The insurer's reliability can be checked by the Claim Settlement Ratio (CSR). This data is published annually by the IRDAI (Insurance Regulatory and Development Authority of India) on their website.

  • What are the factors that determine Life Insurance coverage ?

    The factors that determine Life Insurance coverage are -
    1. Policyholder age
    2. Occupation
    3. Smoking and drinking habits.
    4. Health condition
    5. Claim history.
    6. Location
    7. Type of insurance policy.

  • What tax benefits are available for the different types of insurance policies in India ?

    The tax benefits that can be availed for the different types of insurance policies in India are:

    1. Under Section 80C of the Income Tax Act 1961, all Life insurance policies premiums are tax deductible up to Rs. 1.5 lakh.
    2. Health insurance policies also provide tax benefits under Section 80D of the Income Tax Act 1961:
      1. The policyholder, along with parents insured (everyone under 60), the total tax deduction is Rs. 50,000.
      2. The policyholder, along with parents insured (above 60), the total tax deduction is Rs. 75,000.
      3. The policyholder and parents are above 60 years, and the total tax deduction is Rs1 lakh.

  • What is insurance ?

    Insurance is a legal agreement between the insurance company and an individual. Under this agreement, the insured (individual) agrees to pay the amount (premium), and the insurer (insurance company) agrees to pay the sum assured (financial protection) in case of an unfortunate incident.


  • How many types of insurance are available in India ?

    There are primarily 2 types of insurance in India. These are Life insurance and Comprehensive insurance. They are further sub-categorized into other insurances.

 

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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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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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