Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.
Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities. Besides providing for financial security in the case of one’s untimely death, it can be used to accumulate a kitty for your old age, systematically build assets, for funding your child’s education and also for saving on taxes.
The cost of life insurance depends on three factors: your age, health and your income. We suggest that you not compromise on the level of protection you require. You could purchase a basic protection policy that gives you the opportunity to pay only the minimum premium. You can choose this affordable policy, without any riders.
Our certified insurance advisors understand your requirements and propose the suitable life insurance policy for you. To get in touch with our advisors write to us at email@example.com .
Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy monies in the event of the policy becoming a claim by death. Any policyholder, who is a major and the life insured under a policy, can make a nomination.
A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.
Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the specified form.
The following details are necessary when filling in the proposal form: full name of the nominee, address, age, and the relationship between you and the nominee.
While nomination is an authorisation to receive the policy monies in the event of death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment.
On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favour of the assignee.
A claim is the payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for the premiums paid for the insured.
The Company considers the Sum at risk, cause, circumstances of claim and duration of the policy while asking for certain requirements. Eg. For accidental death, specific proofs such as Post Mortem and Police Report are required whereas for death due to illness, the Company calls for records from hospital, test reports, etc
Generally every fund levies either an entry load or an exit load or both to provide for administrative and other routine costs. The purchase price will be higher than the NAV to the extent of the entry load and the redemption price will be lower than the NAV to the extent of the exit load.
The Company settles the Claim within few working days after all the records, documents and necessary forms are submitted and documentation is completed.
IRDA is Insurance Regulatory Development Authority, that has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. [This definition has been taken from the IRDA website]
As per IRDA (Insurance Regulatory Development Authority), the Insurance Company is required to settle a claim within 30 days of receipt of all requirements.
However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.
- The nominee or appointee (in case of minor nominee) last recorded under the Policy in case of Policy on own life.
- The proposer in case the Policy is not on own life.
- Assignee in case the Policy was assigned.
- Life Assured himself in case of policy on own life for living benefit claims (Eg Critical Illness rider)
You must send us the:
- Completed Claim form
- Policy of life assurance
- Proof of age, if not submitted earlier
A switch will enable you to shift the existing units of your unit-linked policy into a new fund and will not change your future premium allocation.
A premium redirection will enable you to change your allocation for all the future premiums of your policy. However, your existing units will not be shifted into a new fund.
You will need to pay the charges towards the issue of a duplicate policy, which will also include the charges for stamp fee.
The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It is calculated as the value on the day you make a transaction request (provided it is a working day).
Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.
When the life assured becomes a major, you need to submit the proof of his/her age with his/her correct date of birth. You also need to write a covering letter.
Yes, you can change the date of birth after the free look period. All you need to do is submit the proof of age with the correct date of birth, along with a covering letter.
A policy lapses when the policy holder fails to pay the premium even within the grace period. In this case, the policy loses all its benefits.
After you pay premiums for at least three consecutive years, your policy acquires a surrender value and you can surrender the policy.
Partial withdrawal of a policy implies withdrawal of only a part of the funds of your policy. The applicable norms for partial withdrawal may differ for every product.
Top-ups are one-time payments. You have the flexibility to make an additional investment through a top-up, which is over and above your regular premium payments. You can make a top-up at any time while your policy is in force. The applicable norms for top-ups may differ for every product.
Transfer or assignment is a method of transferring one’s transferable interest in a life insurance policy to another person or institution, for example, as a security for repayment of loans.
Yes, you can assign a policy. To assign the policy, you have to notify us regarding the assignment.
Assignment or transfer of a life insurance policy may be made by simply making an endorsement to that effect in the policy document. Another way of transferring or assigning the life insurance policy is to get a separate assignment deed executed.
The former case is the preferred mode of assignment as it is exempt from further stamp duty. An assignment should be signed by the assignor or his duly authorized agent, and should specifically state the fact of transfer or assignment. The document should be attested by at least one witness.
Assignment is applicable on all insurance plans except Pension Policies and Married Women’s Property Act (MWP).
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