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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.
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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.
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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.
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Our relation managers would try to understand your requirements and propose the
suitable life insurance policy for you.
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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.
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Yes. You can change your nomination at any time till the maturity date. Ail you
need to do is to inform the insurance company about the change through the specified
form.
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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.
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While nomination is an authorization 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 favor of the assignee.
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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.
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The company considers the sum at risk, cause, circumstances of claim and duration
of the policy while asking for certain requirements. E.g. 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 .
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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.
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As per IRDA (Insurance Regulatory Development Authority), the insurance company
is required to settle a claim within 30 days of receipt of all the records, documents
and necessary forms are submitted and documentation.
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- 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 (E.g.
Critical illness rider)
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You must send us the:
- 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 (E.g.
Critical illness rider)
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Riders / add-ons are the additional benefits that can be added to the basic policies
by paying a marginal additional premium. Some of the riders offered are:
- Term Rider
- Accident & Disability Benefit Rider
- Accident Benefit Rider
- Critical Illness Benefit Rider
- Waiver of Premium Rider.
- Income Benefit Rider.
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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.
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You will need to pay the charges towards the issue of a duplicate policy, which
will also include the charges for stamp fee. Insurance company will send a 'Duplicate
Policy Request' form that you will need to fill and send it to company. You will
also need to send additional requirements like FIR copy/ advertisement in the newspaper.
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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).
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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.
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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.
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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.
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After you pay premiums for at least three consecutive years. Your policy acquires
a surrender value and you can surrender the policy. If you have single premium policy,
you can surrender your policy after the first year.
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You need to submit a 'Surrender Request' form available with the insurance company.
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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.
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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.
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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.
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Yes, you can assign a policy. To assign the policy, you have to notify the insurance
company regarding the assignment.
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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.
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Assignment is applicable on all insurance plans except Pension Policies and Married
Women's Property Act (MWP).
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