Chola Securities offers three types of insurance plans as an IRDAI-registered corporate agent. Term insurance provides a high life cover at an affordable premium and is designed to protect your family's financial security in your absence — it is best suited to primary income earners with dependents. Health insurance covers hospitalisation and medical expenses for individuals, families, and senior citizens, protecting against the rising cost of healthcare. Traditional insurance plans combine life protection with guaranteed savings and returns, suitable for long-term savers who want both protection and capital growth. The right plan depends on your age, financial dependents, health status, and savings goals.
Term insurance is a pure life insurance product that provides a high sum assured to your nominees in the event of your death during the policy term, in exchange for a relatively low premium. It does not have a savings or investment component — the entire premium goes towards providing life cover. Term insurance is typically recommended for primary earners with financial dependents such as a spouse, children, or ageing parents, as it ensures their financial security in your absence. Premiums are lowest when you buy early, as they are determined largely by age and health status at the time of purchase. Chola Securities offers term insurance plans from insurers such as Bajaj Life, with premiums starting from Rs 407 per month.
Term insurance is a pure protection plan — it pays out only if the insured person passes away during the policy term, with no return of premium in most standard plans. Traditional insurance plans combine life protection with a savings or investment component, offering guaranteed or participating returns along with a life cover. Traditional plans such as HDFC Sanchay Plus or SBI Life Smart Platina Plus are suited to individuals who want both protection and a disciplined long-term savings vehicle with guaranteed payouts. Term insurance is suited to those who want maximum life cover at the lowest possible cost and manage their savings separately through other instruments.
The claim settlement ratio is the percentage of total death claims settled by an insurance company out of the total claims received in a given financial year, as published in the IRDAI Annual Report. A higher ratio indicates that the insurer has a stronger track record of honouring claims. For example, HDFC Life's claim settlement ratio for FY2024-25 was 99.50%, SBI Life's was 99.20%, and Bajaj Life's was 99.30%. While the claim settlement ratio is one important factor, investors should also consider the insurer's financial strength, policy terms, exclusions, and customer service record before choosing a plan.
Under Section 80C of the Income Tax Act, 1961, premiums paid for life insurance policies are eligible for a deduction of up to Rs 1.5 lakh per financial year from taxable income, subject to conditions. Under Section 80D, premiums paid for health insurance policies are eligible for separate deductions — up to Rs 25,000 per year for self and family, and an additional Rs 25,000 for parents, extendable to Rs 50,000 if the parents are senior citizens. Tax benefits are subject to prevailing tax laws and may change based on government notifications. Investors are advised to consult a qualified tax advisor before making insurance decisions primarily for tax purposes.
Yes. Chola Securities is registered with the Insurance Regulatory and Development Authority of India (IRDAI) as a Corporate Agent under registration number CA0618. As an IRDAI-registered corporate agent, Chola Securities is authorised to distribute life and health insurance products from empanelled insurers. Investors can explore, compare, and purchase insurance plans from trusted insurers including HDFC Life, SBI Life, ICICI Prudential, Royal Sundaram, and Bajaj Life through the Chola Securities platform.