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Life Insurance

We as a whole strive to accomplish our fantasies and give our family awesome of everything. As time passes, life's unpredictability increases thus do our concerns. This arrangement provides coverage for various risks such as demise, incapacity because of mishap, a scope of basic Illnesses, terminal ailment, and so forth subsequently giving all round security to you and your family.

Life insurance is something majority of people have basically known about, yet not every person understands who ought to get it and what it's really for. Life insurance isn’t only for the older. Instead, an assurance for your loved ones that they’ll have the monetary assets financial resources they need in the case of your demise. While the specifics can vary from plan to plan, you’re paying to guarantee the well-being of the individual you leave behind, regardless of whether that happens today or a long time from now.

There are numerous life insurance providers to look over, each with their own scope of plans and options to choose from. Between the scope of decisions and the possibility of managing with your own mortality, sorting out life insurance can appear to be an overwhelming assignment. With a touch of basic data, you'll be ready to choose for yourself on the off chance that life insurance is ideal for yourself as well as your family.

Meaning of Life Insurance:


In exchange for a pre-determined premium, life insurance provides financial protection. It is a kind of insurance where life itself gets safeguarded from the vulnerabilities and an unexpected incident in one’s day to day existence. Life insurance that pays out a lump sum of money upon the insured person's death or after a specified period of time. Life insurance is an agreement between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money upon the passing of an insured person or, if the policy matures, the insurer shall pay the person or his family a lump sum amount after a specific timeframe. Different events, like terminal sickness or extreme illness, may also trigger payment, depending on the contract. The policy holder ordinarily pays a premium, either consistently or as one lump sum to earn that benefit.

  • Protection policies: It is intended to give an advantage, commonly a single amount instalment, in case of a predefined event.
  • Investment policies: These policies are primarily for facilitating the growth of capital by regular or single premiums.

Types of Life Insurance Plans in India


There are various categories of life insurance policies to suit the individual needs and requirements of the policy buyers as discussed below:

  1. Term Life Insurance Plans – Pure risk covers

    The term insurance plan is quite possibly the most pursued kinds of life insurance policies in India. This is one of the sorts of life insurance policy in India that you can purchase for a particular period of 10, 20, 30 or more years. It is one of the best insurance policies in India and is relatively less expensive than other types of life insurance plans. Term Insurance plans are also called ‘Pure Protection Plan’, not like other types of life insurance policies which have a saving component. This policy offers to provide comprehensive coverage for a low premium.

    This form of term Insurance plan assists your family in becoming financially independent in the event of your loved one's death. These plans pay the sum assured to the policyholder's family members if the policyholder dies unexpectedly during the policy term. A term policy is appropriate for policyholders who do not anticipate receiving a return on their entire premium payment at the end of the term. Choose a term life insurance policy from a provider with a high claims settlement ratio so that your beneficiary can file a claim without difficulty in your absence.

    The following are the key features and benefits of term life insurance plans:

    • With term life insurance, the beneficiary can only receive a lump payment if the policyholder dies during the policy term. As it is a pure life cover with no maturity benefits, the insurance company is not obligated to reimburse the premiums paid when the policy matures.
    • One of the key benefits of these plans is that a small annual investment in a term plan qualifies the policy beneficiary for a large lump sum payment as life insurance and financial stability in the event of the policyholder's untimely death.
    • These are offered for a defined term.
    • One of the main advantages of these plans is that they may include a built-in option for the policyholder to convert them to permanent life insurance plans.
    • It is one of the most traditional insurance plans. It is quite affordable and, as a result, everyone may benefit from it.
    • It allows applicants to choose their sum assured / premium amount and premium payment frequency, which ranges from monthly, quarterly, half- yearly to annual. In lieu of payments at pre-determined periods, the complete premium amount can be paid in one lump sum.
  2. Term Insurance With Return Of Premium – Death benefit but no maturity benefit.

    A term insurance policy is one of the forms of life insurance policies that pays out in the event of death but not in the event of maturity. It's one of the term insurance plans that reimburse you for your premiums if you live to the end of the policy period.

    If you live a healthy lifestyle, your chances of outliving the best insurance policy in India you purchased increase as well. Term insurance with return of premium is one of the best insurance policies in India for you, and it also provides maturity benefits.

    When you calculate term insurance premiums, you can learn more about your specific needs, look into rider possibilities, and choose your policy term. As a result, you can make sure you're investing in the best forms of life insurance coverage for you and your family.

  3. Unit linked insurance plan (ULIP) – Insurance as well as Investment opportunities

    When you calculate term insurance premiums, you can learn more about your specific needs, look into rider possibilities, and choose your policy term. As a result, you can make sure you're investing in the best forms of life insurance coverage for you and your family.

    You may face a dilemma in life about choosing between any of the two options – it is considered both an investment and insurance as well. In other words this policy provides benefits of savings and protection in this plan. In India, a ULIP is one of the forms of life insurance policies that meet both of these criteria. It is the life insurance that offers life cover along with investment opportunities. It features a five-year lock-in period, making it a risk-protected long-term investment tool. The death benefit of a ULIP is that it pays an amount to the nominee in the event of the insured's death, and if the policyholder survives the period of the ULIP, he or she can also obtain the ULIP's maturity value. ULIPs also allow you to rebalance your portfolio based on market conditions.

    The following are the key features and benefits of unit linked insurance plans:

    • Unit Linked Insurance Plans (ULIPs) are life insurance policies specifically intended for wealth building and life protection, therefore providing the combined benefits of investment-cum-protection.
    • The premium payments are split into two parts: one is used to provide life insurance to the policyholder, and the other is used to build a pool of funds.
    • Unit Linked Insurance Plans are divided into three categories: Debt Funds, Equity Funds, and Balanced Funds, which is a combination of the two.
    • ULIPs generally provide a life cover that is 10 times the annual premium payment.
    • ULIPs provide the option of withdrawing a portion of the money invested in a life insurance plan in the event of unforeseen personal or medical emergency.
    • Policyholders of life insurance policies can choose their investments based on their aims and risk appetites because the portfolio invests in a variety of investment products. Equity funds produce strong short-term returns and are hence best suited for investors with high risk appetites. Debt funds, on the other hand, do not yield as high returns as equity funds, but they provide a constant and reliable source of income over time. As a result, they suit the investing objectives of low-risk investors. Investors with a moderate risk appetite should consider balanced funds.
    • ULIPs are tailored to fulfil policyholders' long-term financial goals, such as their children's higher education and marriage, retirement plans, and so on.
  4. Endowment Plan – Insurance and Savings

    Endowment policies are one of the forms of life insurance policies that offer life insurance protection, maturity benefit, and tax advantage all in one bundle. These policies, in addition to providing life insurance, allow you to save money over time in order to obtain a lump sum at maturity. It's a type of life insurance that serves as both an investing instrument and a form of life insurance. If you outlive the policy's term, you will also receive the maturity amount. Endowment policies, as one of the most appropriate types of life insurance plans, also assist you in providing a financial cushion for your family to accomplish various financial goals.

    The following are the key features and benefits of endowment life insurance plans:

    • Endowment policies can be structured similarly to normal life insurance policies, with returns comparable to ULIPs (Unit Linked Insurance Policy).
    • It's also a standard life insurance plan that's comparable to term policies in that it only pays out to the beneficiary when the policyholder dies. The difference between these and term life insurance policies are that the policyholder is entitled for a lump sum payment if he or she survives the policy term.
    • It is excellent for persons looking for a long-term investment with low risks, since it serves the dual function of investing and savings. In comparison to other investing tools such as mutual funds, it often provides healthy returns with lesser risks.
    • Despite lower returns than other market-linked investments such as mutual funds, debt, and equity-related instruments, it serves as a steady source of income for investors with a low risk appetite.
    • Policyholders are entitled for tax benefits under Section 80C of the Income Tax Act, 1961.
    • It allows applicants to choose add-on riders in exchange for a higher premium. Medical circumstances such as serious diseases, impairments, and other medical disorders are covered by these riders.
  5. Money-Back – Periodic returns along with insurance cover

    Money back policies, as the name implies, are one of the most common types of life insurance policies in India that pay out money on a regular basis. Unlike other types of life insurance policies that pay no returns until maturity, it pays a percentage of the insured sum during the policy term. The goal of purchasing an insurance policy in India for your loved ones could be to accumulate cash through time. However, most types of life insurance do not allow for withdrawal of funds before the policy's term expires. This policy is critical in addressing the liquidity issue.

    The following are the key features and benefits of money back life insurance plans:

    • Money back life insurance plans, as the name implies, guarantee a lump sum pay-out to a policyholder's beneficiary in the event of his or her untimely death.
    • Throughout the policy's term, the survivor benefits are distributed proportionately, allowing for simple liquidity.
    • They serve as effective long-term investment instruments that generate healthy returns with low risks while also providing insurance cover, similar to an endowment life insurance plan.
    • These life insurance plans are suitable for people who don't have any health or medical issues and are searching for a steady and reliable source of income.
    • Under the Income Tax Act of 1961, money back life insurance plans provide tax benefits.
    • They provide a consistent source of income, long-term savings, and monthly pay-outs.
    • These life insurance plans are typically accompanied by in-built riders such as critical sickness, disabilities, and other advantages, providing policyholders with the best possible benefits.
    • If you're in good health and want to get an insurance policy, money back policies are a fantastic choice because they save you money on taxes and provide regular returns in addition to full life insurance coverage.
  6. Whole Life Insurance – Whole life coverage to the life assured

    Whole life insurance premiums are typically higher than any other life insurance plan, it is also known as "Permanent Life Insurance. Whole life insurance premiums are set based on the age of the policyholder at the time of purchase, and they do not increase with age. A whole life insurance policy covers the insured for the rest of his or her life, up to the age of 100. A whole life insurance policy's death benefit is paid to the beneficiary in the event of the policyholder's untimely death. If you reach the age of 100, however, you are eligible for a maturity benefit under a whole life insurance policy. It also gives you the option of paying a premium for the first 10-15 years and receiving benefits for the rest of your life. There is no expiry date of these policies.

    The following are the key features and benefits of whole life insurance plans:

    • It is also known as Ordinary Life Insurance Plans and Straight Life Insurance Plans.
    • This policy's premiums, terms, and conditions remain the same during the policy's term, as long as premium payments are made on time.
    • This life insurance policy allows the policyholder to borrow money against the coverage or withdraw cash at any time.
    • Unlike other policies that have a set term, these life insurance plans cover policyholders for the rest of their lives.
    • The insurance has a 100-year term, and the policyholder can receive maturity benefits in the form of a matured endowment if he or she lives to the maturity date. This means that when a policyholder's present policy matures, he or she will not be required to obtain a new life insurance policy.
    • After the policyholder's death, the beneficiary, like all other life insurance beneficiaries, will be eligible for a lump sum payment.
    • This life insurance fulfils the dual purposes of saving and protection.
    • The policy's survivor benefits slowly increase over time, while the premium amount remains constant.
    • These life insurance plans also provide tax benefits under Sections 80C and 10 (10D) of the Income Tax Act, 1961, allowing policyholders to seek for loans against their surrender value rather than going to a bank or relying on retirement accounts.
    • The lump sum is paid in addition to bonuses based on the policy's performance. Furthermore, when the premium payment term expires, whole life insurance allow policyholders to withdraw funds in a lump sum.
  7. Group Life Insurance Plan- Covers a group of people under one master policy

    Group life insurance, like group health insurance, is a type of life insurance that covers a group of people under one master policy. These types of life insurance are usually provided as part of an employee benefit package. The fact that you will receive insurance coverage if you remain a member of the group is a distinctive characteristic of these types of life insurance contracts. It differs from other forms of life insurance policies in that the coverage remains for the duration of the policy.

    The following are the key features and benefits of group life insurance plans:

    • In India, group term life insurance policies are less expensive. Because a large number of people are covered under a single insurance, administrative expenses are reduced, and premiums are reduced as a result.
    • The insurance firm does not have to go through the time-consuming procedure of filling out applications or conducting background checks. Employees are spared of the burden of medical examinations under Group Term Insurance Plans.
    • Members of a group insurance policy are covered by the policy merely by being a part of the group. For those who do not have a personal life insurance policy, it provides basic coverage.
    • Most group life insurance policies, in general, provide worldwide coverage. For example, if the insured passes away while travelling abroad, the nominee will be compensated.
    • Group plans provide tax advantages to both employees and businesses. Section 10(10D) of the Income Tax Act exempts death benefits granted to workers by group life insurance.
  8. Child's Plan – For achieving your child's life goals like education and marriage

    Child insurance plans are a combination of insurance and investment plans aimed at safeguarding a child's future by building wealth for future needs such as education. The policyholder is the parent who purchases the plan, while the nominee is the child. This plan normally provides a lump-sum payment upon the policyholder's death, but the insurance does not expire. Instead, all future premiums are waived, with the money invested on behalf of the customer by the insurer. The money will be given to the child at predetermined times, as per the policy. As soon as your child is born, you can begin investing in these programmes. Depending on your financial condition and goals, you can invest your hard-earned money in a variety of funds. This plan pays out a lump sum payment at the conclusion of the policy term, which can be used to help pay for your child's school or marriage expenditures.

    The following are the key features and benefits of child life insurance plans:

    • Partial withdrawals are permitted in many child life insurance plans. This option allows you to withdraw a certain amount from your fund value several times over the plan's tenure. After your child reaches the age of 18 then you will be allowed to use the partial liquidity facility.
    • Short-term and long-term investment plans are available through Child Plan. Long-term investment alternatives or assets, such as equity funds, are part of a sound investment plan for your child. Payment at maturity is higher if the investment period is longer.
    • Child Plans provide you the flexibility to choose from a range of fund options based on your needs, such as equity, money market, debt, and so on. You can, however, switch between funds when a certain amount of time has passed.
    • Goal Protection is a provision of the Child Insurance Plan that allows you to pay for your child's higher education and other needs even if you are not present.
  9. Retirement/Pension Plan – Post-retirement income

    Retirement plans also known as Pension plan are one of the many forms of life insurance policies that offer financial stability and help you build wealth once you retire. It provides life insurance to policyholders and aids in the accumulation of funds over a set length of time. This strategy aids in the creation of a regular income after retirement to meet any financial needs that may arise. During the vesting period, the Retirement Plan will pay you a lump sum as a pension. If you die unexpectedly during the policy time, your nominee will get the death benefits. Both a death benefit and a vesting benefit are included in retirement plans to protect you and your family.

    The following are the key features and benefits of retirement/pension life insurance plans:

    • It is a savings plan in which the premium payments you make now serve as your income during post-retirement years, providing financial security.
    • There are some limitations to these life insurance plans when it comes to retirement planning, such as early withdrawals.
    • It is a retirement plan in which the premium payments you make now serve as your income during post-retirement years.
    • These life insurance plans are specifically designed to help policyholders plan for retirement.
    • These life insurance plans provide you the option of investing a large sum or paying in convenient instalments over a period of time.
    • They provide additional flexibility by allowing policyholders to choose whether to receive payouts now or later. Annuities are divided into three kinds according to the length of time they have been invested. Policyholders can choose from any of these options, depending on their investing goals:
      1. Fixed annuity: Fixed annuity programmes provide both guaranteed income and principal investment opportunities. In addition, the policyholder is entitled to fixed payments from the life insurance provider for the duration of the policy.
      2. Variable annuity: A variable annuity allows the policyholder to choose their investments and receive returns based on the performance of those investments. Your investment products can be chosen based on your financial objectives and risk tolerance.
      3. Immediate annuity: These are usually purchased with a lump sum payment. After purchasing a life insurance policy, the pre-determined return begins to be paid immediately. Because the payments can no longer be withdrawn, the returns on investment are guaranteed once they begin.

How to Choose the Right Life Insurance Plan?

Prior to investing your money in a life insurance plan, you should pick an arrangement that satisfies your protection prerequisites in your budget. Underneath mentioned are a few different ways which can assist you while choosing the right life insurance plan:

  1. Recognize the Type of Life Insurance Policy required by you:

    There are a few sorts of life insurance plans accessible in the market in particular Term Insurance, ULIPs, Endowment, Whole Life Insurance, Child Life Insurance, Money-Back and Retirement plans. Whole Life Insurance and Term Insurance plans are pure security plans which give monetary assurance to the family of life assured in the event of mis-happening like untimely demise of the life assured during the policy tenure. Other plans are savings cum insurance plans which provide an investment opportunity and financial protection to the family of the life assured in the event of an unanticipated death of life assured during the policy term. One can choose a life insurance plan according to their insurance requirements and budget.

  2. Total Assured/Coverage Amount:

    Before buying a life insurance policy, you should decide the coverage amount/sum guaranteed for the life insurance policy. It is encouraged to consider an aggregate sum assured which is 10-15 times of your yearly pay. Before deciding a sum assured you ought to consider your current lifestyle, costs, liabilities, number of financial dependants and their expenditure etc. The sum assured of a life insurance policy should be to the point of covering your family’s expenses in the event of your untimely demise.

  3. Incurred Claim Settlement Ratio:

    Incurred claim settlement ratio is an extremely significant variable to be considered prior to buying a life insurance policy. A life insurance provider with a high claim settlement proportion can be completely depended on in troublesome times. It is advisable to choose a life insurance policy offered by an insurance provider with a high claim settlement proportion, as high claim settlement proportion portrays credibility of the insurance company. Claim settlement ratio is the total number of claims settled against the absolute number of claims received.

  4. Analyze Several Plans:

    Before buying a life insurance policy, compare different plans offered by various insurance providers. It will assist you with examining which plan offers what and does it satisfy your prerequisites under your budget. Comparing plans helps in settling on an informed decision, and you can choose a plan that suits your prerequisites within your budget. When an individual thought of buying an ideal life insurance plan then it can be done only if he has compared several plans.

  5. Add Suitable Riders:

    There are a few rider choices accessible in the market such as Accidental Death Benefit, Accidental Total and Permanent Disability, Critical Illness, Waiver of Premium, Term Rider, Income Benefit Rider and so on. Various riders have various purposes; it is encouraged to buy a rider which is appropriate for your life insurance policy. It is advised not to add an excessive number of riders to the life insurance policy. Riders are extra inclusions that can be bought with the life insurance policy, these riders enhance the coverage of the policy.

  6. Avoid Modest Premiums:

    Always stay away from life insurance policies with modest charges. In case you are buying a life insurance policy with modest premiums, make sure to take a look at the terms and conditions of the policy to ensure coverage under the policy. Sometimes life insurance policies with modest premiums don’t cover few viewpoints which might prompt inconsistencies while filing or settling claims. Prior to buying a life insurance plan with relatively modest premiums make sure to look through the terms and conditions to abstain from buying a misleading or deceptive life insurance plan.

Benefits Of Life Insurance

  1. Financial Security

    Life is flighty and can be loaded with vulnerabilities. It is hard to lessen the possibility of an unfortunate event like passing away or any other mishap. Investing in the best life insurance policy early in life acts as a safety blanket during such eventuality. In such a scenario, the family faces monetary limitations emerging from the absence of a consistent pay. Uncertainty can be defined as state of being uncertain such as the death which is evident but the date and time of death cannot be predicted. Death is inevitable but is an uncertain event which can occur at any time resulting in the destruction of a family if the breadwinner of the family passes away suddenly. All the uncertainties related to death and disability can be handled by taking an life insurance policy in your name.

    As per the life insurance definition, the insurance provider is obliged to pay the nominee or beneficiary the pre-defined sum assured. Accordingly, even in the policyholder's nonattendance, his family remains ensured.

  2. Long-Term Savings

    If one wants to make long-term investments, such insurance plans assist you with making efficient reserve funds and make a corpus, which can be utilized for quite some time, like structure another home, financing quality tutoring for your youngster, and subsidizing a kid's marriage costs. You will discover a few kinds of life insurance policies frequently offer regularly scheduled pay-outs in the form of annuities, which is an optimal method for focusing on and accomplish retirement objectives.

  3. Investment Options

    Understanding the importance of life insurance in your monetary context will permit you to design your investments effectively also. Life insurance providers offer Unit-Linked Investment Plans (ULIPs), which are primarily investment instruments based on the market returns and extra security i.e., you can get double advantages with a solitary monetary financial product. These market-linked life insurance products gives significant gains during maturity, this makes ULIPs a reliable investment tool.

  4. Tax Benefits

    As indicated by life insurance definition, you are needed to pay regular premiums to keep the policy active. With life insurance plans, you likewise get tax benefits under prevailing laws as per Income Tax Act, 1961. One can take benefit of life insurance premium paid as a tax deduction under Section 80C of the Income Tax Act, 1961. Under Section 80C, life insurance premium paid are eligible for a tax deduction up to Rs.1.5Lacs. Under the section 80C there are other options which can be used to claim the tax deductions or the entire life insurance premium amount can be claimed under the 80C section.

    Government of India has begun encouraging individuals to buy life insurance policies by giving tax exemption for the premium paid under a life insurance policy. If there should be an occurence of death the sum assured that is paid to the nominee is tax free since the proceedings are from the life insurance due to death of the policy holder. In case of Maturity proceedings in life insurance, income tax has to be paid as per the eligible slab due to the nature of the proceedings being investment earnings.

    According to section 10 (10D) of the Income tax act,1961 any amount of sum insured in addition to the accrued bonus paid on Maturity or Surrender or on Death of the policyholder are non-taxable if the premium payment in any year surpasses recommended percentage of the actual sum insured.

  5. Financial Security for Family

    Financial security is a definitive objective of any individual. The financial security can be achieved by numerous strategies like investing, working a job or by taking a life insurance policy. Life insurance policy provides financial security to your family if there should be an occurrence of your unexpected demise and Maturity pay-outs policy provides financial security after your retirement.

    Having a life insurance policy multiple times your yearly pay can save your family sail through uncertain times in case of your sudden demise. In the event that you are the provider of your family, it is of most extreme significance for you to have a life insurance policy as your demise may put your family’s financial situation in jeopardy. If there should be an occurrence of policyholder's unexpected demise the life insurance company pays the sum assured to the nominee or the lawful beneficiary of the deceased which helps the family to survive in a better position.

    Each one of us think to give a decent future and comfortable life to our children and family members, however we additionally need to figure what might befall them assuming we meet with any unfortunate incident? Life insurance policy cover in such circumstances can assist your kids and family with getting out with no monetary crunches. If you intend to provide everything to your family other than the financial security, then, at that point, it might prompt troublesome times after your sudden demise or unexpected incapacity.

  6. Inclusion of Riders

    A rider in life insurance policy can be characterized as the additional inclusion given to the client with the current life insurance policy on payment of additional premium and the inclusion of the rider stays equivalent to or less than the basic policy period. Riders such as Disability benefit, Critical Illness, Waiver of premium, return of premium and so on are available to the customer on payment of additional premium.

    The most favoured rider in the life insurance policy is Disability benefit which gives sum assured to the policyholder or nominee in the event of inability because of a mishap. Critical illness rider provides the sum assured to the policyholder in case of diagnosis with any of the critical illness mentioned in the policy copy. After diagnosis, the finding report is enough to claim the critical illness proceedings from the insurance company and this rider is expected to give the client with critical illness treatment costs. Waiver of premium rider gives you an amazing chance to waive your future premium instalments if there should arise an occurrence of accidental disability or diagnosis with critical illness.

  7. Investment Tool

    Life insurance policy is considered as one of the financial investing tools in our country for future and furthermore assumes a significant part in financial planning. Investment advisors stress upon the significance of a life insurance policy for each individual anticipating their future. We invest to grow our money and lead a comfortable life with that investment returns when we cannot work.

    Life insurance policy is the only tool which has the option of investment as well the insurance coverage in the market. Life insurance products are designed to provide both the insurance coverage and the investment option in a single product thereby providing the comforts to the customers. A part of the premium paid for a life insurance policy goes into investment and the other part of the premium is utilised to provide coverage against any unfortunate event.

  8. Loan against Life insurance policy:

    Some of the Life insurance policies provide us with the choice of Loan against the life insurance policy. Life insurance companies provide their customers with loans against their life insurance policies up to a certain limit and charge interest for the sum given. This sum given by the life insurance companies would be less than the premium paid by the customers over the policy period.

    These life insurance policies provide loan against the premium paid under the policy by the policyholder. The life insurance premium accumulated over a period of time along with any accumulated reward like bonus is utilized to give the loan. This loan is given at a nominal rate of interest for events such as Child’s marriage, Educational purpose or any other similar events.

  9. Retirement Choices:

    Life insurance companies offer retirement choices to their customers which includes Annuity plans and Retirement plans. These plans incorporate both the life insurance policy inclusion as well as the Investment choice.

    An annuity is an arrangement that assists the policyholder with getting regular payment for life subsequent to making the lump-sum payment. The insurance company invests the lump sum amount received from the investor to repay the returns generated therefrom.

    Retirement plans require intermittent instalments for example month to month, quarterly, half yearly or yearly to be made by the policyholder to the insurance company up to a specific timeframe for example- retirement time. The insurance company will invest this amount and pay specific amount to the policyholder after retirement. This corpus relies upon the plans chosen by the policyholder, more the risk taking capacity of the customer generates more corpuses and vice versa.

Which Financial Goals Can Life Insurance Help You Achieve?

Understanding the purpose of life insurance and the concept of life insurance may not be enough to meet your specific needs. Life insurance plans can help a person and his family achieve a variety of financial goals. Some of the aims that the finest life insurance policy can assist an individual achieve include:

  • Financial Security against death.
  • Monthly income or Post Retirement Pension
  • Marriage of Children.
  • Child’s Education
  • Owning/Purchasing a Home

These are just a few of the financial goals that life insurance plans can help you reach. Life insurance policies come with variety of features and benefits. You can plan for your stated life goals and align your insurance to assist you in achieving them, for example, you can utilise the corpus established by endowment plans (conventional or market-linked) to pay for a house at a later date.


Comparing Life Insurance Plans:

Because all life insurance companies offer different life insurance policies, it is critical to compare life insurance plans online. Furthermore, each life insurance business offers a variety of life insurance options. Analysing the best plan for oneself may appear to be a difficult undertaking. When comparing life insurance policies, consider the following factors:

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01

What are the various forms available under the Income Tax Act?

ITR1, ITR2, ITR3, ITR4, ITR5, ITR6 & ITR7 are the Forms available for Filing in FY 2022-23 (AY 2023-24)

02

What are the benefits of submitting tax returns?

  • It qualifies a taxpayer for loan processing.
  • It aids in obtaining a TDS refund or any other overpayment of tax.
  • Loses can be easily carried ahead.
  • It transforms a person into a responsible citizen.

03

Will I be prosecuted if I fail to file tax returns for my taxable income?

Yes, if you do not pay the tax, you may be subject to additional interest, penalties, or prosecution. The severity of the prosecution will vary depending on the amount of tax that must be paid.

04

Is it necessary to submit a return if an apparent decrease in business income has occurred?

Yes, completing ITR in the event of a loss is in your business. You can transfer forward the damages/losses to a specified predicted financial year using online ITR filing to set off losses against future profits.

01

What does GST Return imply?

In the new indirect-tax administration, a GST Return is a declaration of details relevant to the taxable person's business operations within a certain tax period. A taxable individual is required by law to declare his or her tax liability, provide information concerning taxes paid, and file a correct and full return by the due date. The Goods and Services Tax is a destination-based tax structure that is self-assessed. The submission and processing of tax returns establishes a vital link between taxpayers and the IRS.

02

Is there a GST Return that must be filed every six months?

No! In the GST system, there is no such requirement to file a half-yearly return.

03

What is an annual return, and which section of the GST Act explains what it entails?

Every registered person is required to file an annual return for each Financial Year under Section 44 of the GST Act, 2017.

04

What returns must a taxable assesses who is a "non-resident" file?

A non-resident taxable assesses must file GST Return – GSTR-5 to report monthly details of "inward" and "outward" supply, debit/credit notes, tax paid details, closing stock details, and any refund requested.

05

ISD stands for Input Service Distributors. What are the types of returns do they have to file?

It is the corporate office of a products and service supplier that collects tax bills for inward supplies produced by vendors on behalf of branch offices to distribute tax credits.

01

Is it possible to claim TDS from past years?

In general, a credit for TDS on any income can be claimed only in the fiscal year in which the income was earned, not in the fiscal year in which it was received. Any advance payment given to you during the year on which TDS was deducted is not eligible for TDS credit for that year.

02

What software is available to help prepare the e-TDS/TCS return?

A free downloadable return preparation utility for the preparation of e-TDS/TCS is accessible on the NSDL website. Third-party suppliers, on the other hand, have created software for filing e-TDS/TCS returns.

03

Is Form 26Q filed separately from the rest of the tax return?

No, filing Form 26Q separately is not required. For all payments made to residents, Form No. 26Q and a separate annexure must be filed.

04

What is the distinction between a tin and a tan number?

The Taxpayer Identification Number (TIN) is for entities that are subject to Value Added Tax (VAT), such as traders and manufacturers. All entities responsible for deducting or collecting taxes at the source are given a Tax Deduction and Collection Account Number (TAN).

01

What is the major issue with the payroll system?

The most common payroll issues, according to the same research, were "organizational anomalies" in the payroll process, improper tax withholding, and over-and-under payments to employees. Along with these, there are frequently concerns with employment misclassification and overtime miscalculations.

02

What is the cause of the payroll delay?

There have been instances where firms have postponed payroll due to cash flow issues. It's possible that the employer won't be paid right away by a client, or that getting payments from a government agency or bank would be delayed. The corporation may have encountered an unanticipated expense that has put the company's finances in jeopardy.

03

What is the cause of the payroll delay?

There have been instances where firms have postponed payroll due to cash flow issues. It's possible that the employer won't be paid right away by a client, or that getting payments from a government agency or bank would be delayed. The corporation may have encountered an unanticipated expense that has put the company's finances in jeopardy.

04

What are the different types of payroll controls?

Payroll internal controls are the procedures that your organization employs to safeguard its payroll data. . Employees are unable to access confidential information due to payroll rules and procedures. More people will be watching the payroll process if tasks are divided, making it less probable for someone to commit fraud.

05

What is full cycle payroll, and how does it work?

What is the definition of full-cycle payroll processing? A payroll cycle is the period of time that passes between pay days. It can last as little as a week or as long as a month. Wages are withheld for taxes and other deductions. Employees get net compensation in the form of a paycheck, direct transfer, or pay card.

01

How do I verify the status of my MSME registration?

You will obtain a registration number after completing the registration process, which you will need for future reference. It usually takes 2-3 days for the total approval and registration procedure to be completed once you submit your form.

02

What are the different kinds of MSME?

MSMEs are divided into Manufacturing Enterprises and Service Enterprises under the Micro, Small and Medium Enterprises Development (MSMED) Act of 2006.

03

What are the chances of an online MSME application being rejected?

Low credit score, unpaid debts, loan defaults, low cash flow, absence of a business strategy, incomplete documentation, misleading information, and so on are all causes for MSME application rejection.

04

Are banks willing to lend to MSME borrowers without requiring collateral?

Yes, they can acquire collateral-free loans if they take out unsecured business loans and have a strong CIBIL score, as well as a good financial and loan payback history. The rest is determined by the bank's qualifying conditions that must be met by the applicant.

05

How long would it take for the MSME Certificate to be issued?

The MSME Certificate is issued within 1-2 working days of the application being submitted.

01

What exactly is the FSSAI?

The Food Safety and Standards Authority of India (FSSAI) is a self-governing organization within the Ministry of Health and Family Welfare of the Government of India that regulates and oversees food safety.

02

Which law governs the FSSAI License?

FSSAI is governed by the Food Safety and Standards Act of 2006.

03

Is the FSSAI code or number alphabetical or alphanumeric?

The 14-digit FSSAI code is numeric in nature, not alphanumeric or alphabetical.

04

What is the procedure for obtaining an FSSAI food license?

You can obtain an FSSAI food license by visiting your local health department and filling out a food license application. Alternatively, go to https://foscos.fssai.gov.in/ to see the FSSAI's official website.

05

What is the purpose of the FSSAI?

An FSSAI license is necessary for food enterprises to follow food safety and security rules and to ensure that customers receive high-quality food that meets their expectations.

01

Is there a certificate available at the pre-audit stage?

No, there is no certificate during the pre-audit stage. The auditor will focus entirely on your company's business system and procedures in order to make recommendations on how to improve ISO compliance.

02

Is it possible for me to select any ISO accreditation?

ISO accreditation is only for standards and has no bearing on permits or licenses. Even if you have an ISO certification, you will still require government and authority authorization, licenses, and licenses to conduct your business.

03

What are some of the advantages of ISO certification?

The International standard supports its own benefits within each industry; however, the certifications' common benefits include increased market potential, compliance with procurement tenders, improved efficiency and cost savings, a higher level of customer service and thus satisfaction, and increased staff morale and motivation. Customers will know you are serious about their needs if you have a Recognised management standard.

04

When it comes to ISO certification and accreditation, what's the difference?

In simple terms, accreditation is a type of certification; however, accreditation should not be confused with certification or registration.

05

What exactly is an ISO audit?

ISO auditing is a basic technique for ensuring that an organization's quality process system is in compliance with the requirements. Once you've obtained ISO certification, you'll need to conduct an annual ISO audit.

01

What does it mean to pay a life insurance premium?

A premium is the amount you pay to the insurer in exchange for the insurance policy's benefits. These payments can be made on a regular basis, for a specific number of years, or only once, depending on the options available under the policy you choose.

02

When does your term life insurance coverage expire?

A term life insurance policy protects the policyholder until he or she reaches the age given in the policy. A beneficiary will get a death benefit if the policyholder dies before the term expires. If the policy holder's life should outlive the term, the policy can be renewed for a premium at the conclusion of the term.

03

What are the tax advantages of life insurance?

Several life insurance products in India provide various tax benefits. Section 80C of the Income Tax Act of 1961 allows you to deduct up to Rs.1.5 lakh in life insurance premiums paid. In addition, the nominee can claim a tax deduction on the insurance payouts received under Section 10 (10D).

04

What is the cost of life insurance

? Different types of life insurance policies have different premium rates since several criteria are taken into account, including age, annual income, current medical issues, liabilities, and more. However, of the different life insurance policies available in India, term insurance is one of the most cost-effective options if purchased early in life.

05

What is the best way for me to pay for my insurance policy?

Your insurance can be paid using a credit or debit card. Cheques, cash cards, and mobile payment solutions are some of the other options for payment.

06

Is it possible for me to have many life insurance policies?

Yes, you can own numerous life insurance plans as long as you meet specific requirements.

07

What is the best way to assign life insurance benefits to another person?

By assigning a life insurance policy, one might transfer his or her title, rights, and interest in it to another entity. This is usually done to provide security for a loan or to protect the other person's financial interests. The assignee will receive the benefits of the life insurance policy once it has been allocated. The policyholder must complete the assignment form and return it to the insurer, along with the policy details that must be allocated. In addition, the individual must send the original insurance as well as the assignee's KYC documentation. The assignment can be endorsed on a copy of the life insurance policy or a notarized assignment, indicating that it can be carried out.

01

Why should I invest in a health insurance plan?

With each passing day, the cost of medical treatment continues to rise. A major sickness or injury might quickly deplete your finances. As a result, having a cash cushion to pay your medical bills is critical. You can do so by acquiring a health insurance plan, which will cover the costs of medical treatment.

02

What is the procedure for purchasing a Group Health Insurance Plan?

Employees are offered a Group Health Plan by their company. This form of insurance can be purchased by corporations or start-ups. Without an employer, you cannot purchase a Group Medical Insurance Plan.

03

Which health insurance plan is the most suitable for a family of four?

For a family of four, a Family Floater Health Insurance Plan is an affordable and appropriate health insurance coverage. A floater plan includes a sum assured that can be shared among the individuals who are covered. As a result, the premium is on the low end.

01

What medical bills is the travel insurance coverage will cover?

If the said family member is covered by the policy, the medical expenditures will be paid by the travel insurance policy up to the sum insured.

02

Is it possible for the insured to claim hospitalisation expenditures if he or she has been hospitalised as a result of COVID-19?

In the event that the insured is hospitalised in the destination country as a result of COVID-19, hospitalisation expenses (both in-patient and out-patient) will be reimbursed.

03

Will insurance pay the costs if the insured's planned trip is cancelled due to hospitalisation?

Claims will be paid for the insured's financial loss if the booked vacation is cancelled or interrupted owing to the insured's/immediate family member's hospitalisation due to COVID-19.

04

Will the insured be reimbursed for expenses spent as a result of the trip delay?

Food and lodging expenditures will be reimbursed if the trip is delayed abroad owing to the common carrier's cancellation or rescheduling of flights as a result of COVID-19.

05

The insured is covered by both our health and travel insurance policies. Will the claim apply in both circumstances, and if so, how?

If medical in-patient and out-patient charges occur in India, a health insurance policy claim will be filed. If it happens while you're on vacation, you can file a claim with your travel insurance company as follows:

  • Trip Delay – excluding any delay at the insured trip's Indian port of origin.
  • Trip Cancellation/Interruption/Rescheduling.
  • Medical in-patient and out-patient claims – if in India (health policies); if outside of India (health policies) (Travel Policy).

06

Which COVID-19-related international travel insurance benefits can I claim?

Due to COVID-19, you can file a claim under the following coverage. The acceptability of claims shall be determined strictly according to the policy terms and conditions, assuming that those terms and conditions are met.

  • Hospitalization coverage for COVID-19 in the destination country - We cover in-patient and out-patient hospitalisation expenditures for COVID-19 in the destination country.
  • Emergency hotel extension - If you or a partner must extend your vacation due to COVID-19, we will cover your additional housing and boarding costs.
  • Trip delay, cancellation, and interruption coverage – If you or a member of your immediate family is hospitalised for COVID-19, we will reimburse you for any financial losses incurred as a result of cancellation or interruption in trip.
  • Daily hospitalisation allowance - In the event that you are hospitalised owing to COVID-19, we will offer you with daily cash as an emergency allowance.
  • Missed Flight connection.
  • Political danger and disaster evacuation.
  • Bounced hotel/airline reservation

01

Why do I need auto insurance?

Third-party car insurance is required in India for all vehicle owners. Furthermore, own-damage car insurance protects you in the event of an accident, theft, or fire. If you have a valid insurance policy, you won't have to pay for repairs or replacement out of cash if something goes wrong.

02

What are the different kinds of vehicles that I may insure through the internet?

A private car and a two-wheeler can both be insured online.

03

What are the advantages of purchasing car insurance online?

Because there is no paperwork or documentation necessary when purchasing vehicle insurance online, you will receive an instant policy. You also have the option of using a variety of payment methods, such as credit card (Visa, MasterCard), net banking, debit card, and so on.

04

How quickly can I purchase/renew vehicle insurance through the internet?

Car insurance can be purchased or renewed online in a matter of minutes. You simply need to enter the vehicle's information, contact information, and insurance information, as well as select the coverages you require. You will receive an instant policy after making the payment.

05

Is there a difference between offline and online vehicle insurance policies?

They are, indeed. Once you've paid for your online auto insurance, we'll email you the policy documents and send them to your registered address.

06

Where can I find information about my auto insurance policy?

All of your auto insurance information can be found in your policy documentation.

  • Policy number
  • Policy start and end date
  • Policy type (Comprehensive/OD only/TP only)
  • Engine & chassis number

07

What is the definition of endorsement?

An endorsement is written confirmation of a policy change that has been agreed upon. It's a document that reflects changes to the parameters of the policy.

08

Is it necessary for me to have a valid insurance policy in order to register my new vehicle?

Yes, while registering your new vehicle, you must have an active and valid insurance policy. Even a valid third-party (TP) insurance policy will suffice for RTO registration.

09

What is two-wheeler long-term insurance?

The Insurance Regulatory and Development Authority of India (IRDAI) has launched a two-wheeler long-term insurance plan. As a result, you won't have to renew your two-wheeler insurance online every year. Alternatively, you can purchase a three-year long-term two-wheeler insurance policy. Furthermore, by choosing long-term insurance, you will be protected from annual increases in third-party rates, resulting in significant savings.

10

Is it required by law that I insure my two-wheeler?

Third-party two-wheeler insurance is required under the Motor Vehicles Act for all vehicles on the road. Third-party liability insurance covers:

  • Legal liability for harm or death to a third party as a result of an accident.
  • Legal liability for damage to nearby property.

11

What is the punishment if I don't have insurance on my two-wheeler?

If you are caught driving without insurance, you will be fined ₹2000 the first time and ₹4000 the second time, according to Section 197 of the Motor Vehicles Act, 1988.

12

Is it possible to renew my two-wheeler insurance policy online?

Yes, you can renew your two-wheeler insurance coverage online starting 60 days before your current policy expires and up to 90 days after your prior policy expires.

01

How do I apply for a home loan?

If you're not sure how to receive a home loan, you can apply online through either our website or the lender's website. You can also go to the loan provider's nearest branch or call their home loan customer service department. When you decide to receive a house loan, fill out the application online to expedite the process.

02

How to calculate home loan EMI?

The Home Loan EMI Calculator on our website can be used to calculate home loan EMI.

03

What is the maximum amount of a house loan that I am eligible for?

You can acquire a home loan for up to 90% of the cost of the property, depending on your eligibility, creditworthiness, the value of the property, and other variables.

04

What is the house loan interest rate?

Home loan interest rates are currently starting from as low as 6.70% per year.

05

Is it possible to acquire a home loan with a 100% loan amount?

No bank, housing finance company, non-banking financial firm, or other lender can give you a 100% house loan. Lenders often finance 75% to 90% of the property's cost as a home loan, with you bearing the remaining 10% to 25% of the cost.

06

What is the procedure for applying for a home loan subsidy?

You can apply for a house loan under the PMAY (Pradhan Mantri Awas Yojana) and get a home loan subsidy of up to Rs. 2.67 lakhs.

07

What is the minimum CIBIL score required for a home loan?

To be qualified for a house loan, you must have a CIBIL score of 650 or above.

08

For a home loan, how many years of ITR are required?

Most banks demand you to have an ITR from the previous two years when applying for a home loan.

10

Is there anything I need to put up as security or collateral in order to get a home loan?

The property you buy, build, or refurbish serves as collateral for the loan. As a result, no further security or collateral is required.

11

What should you do if your house loan application is rejected?

Poor credit score, credit report error, late loan repayment, frequent job changes, employer not falling into the lender's lending category, incomplete documentation, property issues, high level of debt, borrower's age, not obtaining No Dues Certificate from previous lenders, and so on can all cause your home loan application to be rejected.
To prevent rejection of home loan application, be sure that:

  • Your work or business is stable (at least from the last 2 years).
  • Documentations are complete and correct.
  • Your credit score is excellent (650 or above).
  • Your prior lenders provide you with a 'No Dues Certificate.
  • The property you want to buy is on the lender's list of approved properties.

01

Can my credit score affect my approval chances?

A personal loan is typically based on your monthly net income and previous credit history, including your credit score. As a result, credit score is important in assuring the application's success as well as setting the loan's interest rate.

02

Is there a penalty for not paying back a personal loan?

Yes. A prepayment penalty of 1% to 3% of the outstanding principal amount of a personal loan is charged by most banks and NBFCs.

03

What are some of the benefits and disadvantages of a personal loan?

Personal loans can assist you in dealing with a variety of financial difficulties; however, they do have certain advantages and disadvantages that you should be aware of. Here are some of the drawbacks and benefits of taking out a personal loan.
Benefits:

  • No collateral required: A personal loan does not require any type of collateral or security, and you can easily apply for one as long as your credit score is decent.
  • Less documentation required: Personal loans demand far less documentation than conventional secured loans.
  • Rapid Approval: Several banks have implemented an e-application process that is both speedier and more convenient. Some banks even provide e-approvals and pre-approved personal loans.
  • Flexibility: Unlike other secured loans, there are no restrictions on the usage of money borrowed with a personal loan.

Drawbacks:
  • Qualification standards: While personal loan guidelines differ from bank to bank, qualification conditions are extremely stringent. To get a personal loan, you must have a strong credit history.
  • Higher Interest Rates: Personal loan interest rates are lower than credit card interest rates, but they are still higher than secured loan interest rates.
  • Prepayment penalty: On prepayment of Personal Loans, several banks apply a prepayment penalty.

04

Will there be any additional fees?

A processing charge must be paid in advance. This charge will be deducted from the amount you owe in disbursements.

05

What is the PL procedure?

Your eligibility is determined by the information you supply. You must fill out the application form with your basic personal and professional details. To check your financials, you must enter into the internet banking interface of the bank that manages your salary account. Your loan will be approved and disbursed electronically if your profile fits our requirements.

06

Who should I contact if I have any questions about my loan?

You can reach out to our representative at 8810878185 or email us at mail@consolegal.com with any loan-related questions.

07

What are the requirements for a Personal Loan to be disbursed?

All loans are approved based on Company’s internal policies and at the company's sole discretion.

08

How long would it take to receive my Personal Loan?

If your personal loan has been accepted, it will be issued following the submission of documentation, subject to all of the Personal Loan's terms and conditions being met.

09

What is the maximum loan amount that I am eligible for?

A salaried resident Indian can take out a maximum loan of Rs 25 lakh.

10

How can I apply for a personal loan?

We offer personal loans through our website.

11

What kind of information is needed for a personal loan?

Please keep the following information accessible for your Personal Loan: • Current Address proof: Aadhaar Card, Electricity Bill, Voter’s ID card etc. • PAN Card. • Net banking Credentials of the Bank Account from which you receive your Salary. If you don't have access to the same, you can upload a bank statement from the previous six months. • Pay Slips for the last 3 months.

12

>How can I find out how my loan application is progressing?

13

For how much tenure can I take a Personal Loan?

The Loan Tenure options are 12, 24, 36, 48, or 60 months. The maximum loan term will vary depending on the customer's profile.

14

What exactly is the BPI?

BPI is an acronym for Broken Period Interest. The additional number of days beyond the 30-day period is known as the Broken Period if the first due dates for EMI payment is after a period of 30 days from the loan amount disbursement date. At the time of disbursement, an advance interest charge for this Broken Period is deducted from the loan amount.

15

What is the date of my next EMI? What is the best way to check my EMI status?

Your EMI due date will be shown in your Welcome letter as well as on the website's confirmation screen.

16

What are the EMI payment options?

You can pay by eMandate or NACH, which allows us to debit the EMI directly through an auto debit mandate.

17

What is the cost of Stamp Duty?

Stamp duty fees cover the costs of the loan's legal documentation.

18

Is it possible for me to foreclose on my loan?

Yes, you have the option to foreclose on your debt. There would be a foreclosure charge of 4.5% of the principal owed at the time of foreclosure plus GST.

19

Can I pay off my loan early?

Yes, you can pay off your debt early. Mail us at mail@consolegal.comto make a prepayment on your personal finance account. We ask that you bring the following documentation with you when you visit the branch: a. A statement stating that the last instalment has been cleared. b. Loan applicant's signature on a request letter. c. Foreclosure statement d. PAN card Payments for personal loans can be made in cash, cheque or online payment through our website.

20

How do I submit any document proof that I have?

While applying for a personal loan, you will be able to upload papers directly to our website.

21

If I can't access my Net Banking, how can I give my Bank Statements?

We'd have to scrape your bank statements using the Net Banking credentials you submitted on our secure server to make quick loan disbursements. If you are unable to access your Net Banking, one of our employees will contact you to proceed with your personal loan application.

22

Is it possible for me to receive the Disbursement amount to a bank account other than my salary account?

No, the disbursement must be made in your Salary Account solely and in conformity with the Company’s standards.

23

What is the maximum file size for each document that can be uploaded?

24

Is it secure for me to share my online banking credentials with the website?

Yes because without your consent, we cannot and do not change any of your accounts with your Financial Institutions. Your credentials are encrypted and saved on your system rather than on our servers.

01

What types and models of cars are eligible for car loan in India?

Car loans are available in India for nearly all small to medium sized vehicles, commercial vehicles, sport utility vehicles (SUV), and multi utility vehicles (MUV).

02

What credit rating is necessary to purchase a car?

A high credit score above 750 is preferred. But, if it is more than 600, you are still eligible to apply for a loan. Keep in mind that your application can be declined if your score is too low.

03

Is the interest rate impacted by my credit score?

Yes. For candidates with excellent credit ratings, certain banks will offer cheaper interest rates

04

What will be the tenure for repaying a car loan?

Normally, repayment schedules will be between 12 to 84 months (1-7 years)

01

When is it appropriate to take out a business loan?

The greatest time to take out a business loan is when you need money to expand your company, weather seasonal slumps, or cover unexpected expenses. This could be for a variety of reasons, including but not limited to business growth, expansion, or a short-term cash flow mismatch, depending on the company.

02

What are the advantages of obtaining a business loan?

Depending on the lender, you may be eligible for a variety of benefits. Our Company Loan combines all of the advantages of small business loans with the convenience of flexible repayment schedules. This is an unsecured loan that you may apply for online in a matter of minutes.

03

What is a loan with a variable repayment period?

This feature lets you select a repayment period of up to 36 months. You can select acceptable EMIs and modify loan payments to meet the cash flow capabilities of your organisation because of the flexible nature.

Registered Office:

ConsoLegal Private Limited
C 32/22, B 1/3, Annapurna Nagar Colony
Vidyapeeth Road, Varanasi, Uttar Pradesh-221002
Tel: 0542-2982253 Email- mail@consolegal.com

Support

+91 8810878185
mail@consolegal.com

Complain/feedback

+91 8874700008
legalconso@gmail.com