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Life sometimes brings unannounced uncertainties and hardships. Some events may have an irreparable impact on your life and may leave your family in a turmoil both financial and emotional. To reduce the financial hardships that may erupt due to the unpredictable and untimely demise of the earning member of the family, life insurance policy comes to the rescue. Life insurance is a vital form of investment that will act as financial aid or assistance to your family when you are not around. Life insurance plans are of varied kinds out of which few plans are pure protection plans offering a death benefit only, whereas the others are saving or investment plans offering death and maturity benefit (whichever occurs first).Get Affordable Quotes
Life Insurance is a long term contract (known as LIFE INSURANCE POLICY) between the Life Insurance Company (known as INSURER) and the person whose life is being insured (known as LIFE INSURED) for a specified tenure (known as POLICY TERM) giving a financial amount as life cover (known as SUM ASSURED) by paying a cost (known as PREMIUM).
In the event of death of the Life Insured (known as DEATH CLAIM) during the policy term, the insurance company passes on the requisite amount as policy proceeds (known as DEATH CLAIM AMOUNT) to the specified family members (known as BENEFICIARY/NOMINEE) mentioned in the contract and the policy terminates thereafter or in the event of life insured survives through the policy term, the insurance company pays out the promised amount (known as MATURITY CLAIM AMOUNT) to the policyholder and the policy terminates thereafter.
Life Insurance primarily covers the risk of "Dying too early" or "Living too long". The listed reasons will highlight the need for life insurance for you and your family:
The Premium for your Life Insurance policy is calculated, basis the following factors:
Riders are additional benefits attached to your base policy which will offer you boosted benefits apart from your base policy. Various insurer’s offer multiple riders which can be taken with the main policy as per the policy conditions. Additional benefits come with the additional costs.
Accidental death benefit rider gives extra financial benefits to your nominees in case you die an accidental death. There is an accidental death sum assured, which is paid to your nominee apart from the base Sum Assured of the policy.
An additional death benefit is paid to your nominee apart from the base policy payout. The nominated beneficiary/ nominee can receive term rider sum assured if you have taken this rider to your base policy.
There are severe illnesses which disable an individual temporarily or permanently resulting in loss of earnings. The treatment cost of such illnesses is massive due to medical cost inflation. To take care of the medical cost involved in such illnesses like Heart attack, Cancer, Paralysis, Coronary artery bypass surgery, Major organ transplant and many more, a critical illness rider can be opted.
As the name suggests, the future premiums are waived off in the events like death or disability of the insured or policyholder as per the policy contract. The policy continues to survive till the end with the waiver of future premiums.
Life Insurance benefits are usually given to the nominees as a one-time lump sum, income benefit rider allows you the choice of distributing policy benefits in installments as a family income to the nominees. This rider allows you to regulate the dispersal plan of policy proceeds that suits best for your family in your absence.
Disability rider replaces your income for the specified tenure in the event of permanent or temporary total or partial disability due to an accident. The payout varies with the kind of disability occurred and also basis the insurers rider conditions. Usually the total disability, the payout is full sum assured where as in the case of partial disability, the payout is the partial sum assured.
(Note: The rider benefit, conditions, and eligibility criteria may vary from insurer to insurer)Select from Top Insurer's
Your life insurance plan excludes the following:
This clause states that the policy benefits are paid out only in the event where the life insured is killed in a commercial plane crash while travelling. But if the life insured dies as a passenger in a private plane insurance company will not entertain the claim.
This exclusion says that in the event the death of the life insured happens due to the involvement in certain dangerous adventure activities like auto racing, rock climbing, hang-gliding, etc., the payment of the policy proceeds will not be paid. Some insurer’s cover death arising out of such activities at a very high premium rates.
This exclusion provides that the insurer will not pay, if the cause of death is a result of the war.
Read the do’s and dont’s related to your Life Insurance Plan.
|Assess your needs and requirements in order to buy the right sum assured and right plan type||Ask your agent to fill the proposal form|
|Compare,choose and buy the plans online and save on cost||Leave any column blank in the proposal form|
|Fill the proposal form yourself.Mention the complete and corr ct details in the form||Conceal and misrepresent the facts, as it could lead to disputes during the time of claim settlement>|
|Retain a copy of your duly filled proposal form for your own records>||Make payment in the name of your agent advisor rather it has to be done in the insurer’s name|
|Read the fine print thoroughly before making payment||Buy a life insurance policy without comparing online|