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Financial Services Consulting

The finance industry encompasses a broad range of organizations that deal with the management of money. Among these organizations are banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.

We understand the value of money and provide the best fit solution to our clients.

We broadly classify our services into two categories:

  • Bank products
  • Insurance Products

 

Bank Products:

Banks in India have traditionally offered mass banking products. The most common deposit products being Savings Bank, Current Account, Term deposit Account and lending products being Cash Credit and Term Loans. Due to Reserve Bank of India guidelines, Due to Reserve Bank of India guidelines PLR (Prime lending rate) was the benchmark for interest on the lending products.

A few foreign & private sector banks have already introduced customized banking products like Investment Advisory Services, SGL II accounts, Photo-credit cards, Cash Management services, Investment products and Tax Advisory services. A few banks have gone in to market mutual fund schemes. Eventually, the Banks plan to market bonds and debentures, when allowed.

Due to certain regulations by competent authorities in various banks, we would restrict our services to loan products. 9Associates has and will in the future, tie up with all banking and non banking finance companies to provide personal and business loans.

 

Insurance Products:

What is Insurance - an agreement between the policy owner and the insurer, where the insurer for a consideration agrees to pay a sum of money upon the occurrence of the insured individual's or individuals' death or other event, such as terminal illness, critical illness or maturity of the policy.

■ Advantages  of Life Insurance :

  1. Risk Cover
  2. Planning for life stage needs
  3. Protection against rising health expenses
  4. Builds the habit of thrift
  5. Safe and profitable long-term investment
  6. Assured income through annuities
  7. Protection plus savings over a long term
  8. Growth through dividends
  9. Facility of loans without affecting the policy benefits
  10. Tax benefits
  11. Mortgage Redemption

Insurance is US$ 41-billion industry, India is the fifth largest life insurance market and growing at a rapid pace of 32-34% annually. Today there are 22 life insurance companies operating in India.

  1. Insurance other than ‘Life Insurance’ falls under the category of General Insurance. General Insurance comprises of insurance of property against fire, burglary etc, personal insurance such as Accident and Health Insurance, and liability insurance which covers legal liabilities. There are also other covers such as Errors and Omissions insurance for professionals, credit insurance etc.
  2. Non-life insurance companies have products that cover property against Fire and allied perils, flood storm and inundation, earthquake and so on. There are products that cover property against burglary, theft etc. The non-life companies also offer policies covering machinery against breakdown, there are  policies that cover the hull of ships and so on. A Marine Cargo policy  covers goods in transit including by sea, air and road. Further, insurance of motor vehicles against damages and theft forms a major chunk of non-life insurance business.
  3. Personal insurance covers include policies for Accident, Health etc. Products offering Personal Accident cover are benefit policies. Health insurance covers offered by non-life insurers are mainly hospitalization covers either on reimbursement or cashless basis. The cashless service is offered through Third Party Administrators who have arrangements with various service providers, i.e., hospitals. The Third Party Administrators also provide service for reimbursement claims. Sometimes the insurers themselves process reimbursement claims. 
  4. Accident and health insurance policies are available for individuals as well as groups. A group could be a group of employees of an organization or holders of credit cards or deposit holders in a bank etc. Normally when a group is covered, insurers offer group discounts.
  5. Liability insurance covers such as Motor Third Party Liability Insurance, Workmen’s Compensation Policy etc offer cover against legal liabilities that may arise under the respective statutes— Motor Vehicles Act, The Workmen’s Compensation Act etc. Some of the covers such as the foregoing (Motor Third Party and Workmen’s Compensation policy )  are compulsory by statute. Liability Insurance not compulsory by statute is also gaining popularity these days. Many industries insure against Public liability. There are liability covers available for Products as well. 

We help the customer sin deciding how much insurance they need and for what tenure, what would be the guaranteed return on it., other factors to be considered while purchasing Insurance.

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