Life Insurance is a financial product, wherein the policy holder and the life insurance company comes to an agreement. A lump sum amount is paid by the insurance company in the form of insurance coverage to the nominee/insured in return for the premium after a specific period or in case of the death of the insured.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
A life insurance policy offers financial coverage wherein the insurance company guarantees to pay a certain amount to the nominated beneficiary upon the policyholder's demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either regularly or as a single premium.
Under this policy, coverage is also extended for critical illnesses.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The perks of buying a life insurance policy go beyond protecting the policyholder's family in tough times. Undoubtedly, it is a necessity for breadwinners to safeguard their dependents in case of their unfortunate demise, accident, or physical disabilities that lead to a loss of income. Having said that, there is a long list of other benefits that make it a must-have.
Sadly, most people are not aware of the many benefits offered by a life plan apart from death and disability benefits. There are plenty of other benefits offered by life policies such as maturity benefits and tax benefits.
Let's look at the benefits:
Many people are still unaware of the fact that life policies can also be used as loan collateral. Based on the type of life insurance policy and its surrender value, the policyholder can opt for a loan from a bank or NBFC (Non-Banking Financial Company) as per applicable terms and conditions.
Loan Amount: Generally, the loan amount is a percentage of the surrender value of the life policy and it can go up to 90%. Only a few companies allow for a loan up to 50% of the total premium amount paid by the policyholder.
The payment mode chosen by an individual drastically affects the premium of the policy. Most individuals are unaware of the online payment benefit. The company's administrative costs considerably go down when an individual opts to pay the premiums online.
This is because no paperwork-related costs are involved. Also, the life insurer saves a significant amount on the commissions paid to its agents for offline life insurance buying and renewing.
It must be noted that this discount varies for different companies.
Almost every life insurer offers various payment periodicities to its policyholders- annual, half-yearly, quarterly or monthly mode.
If a policyholder chooses to pay the policy premium on an annual basis, the company can use it for investment purposes that automatically means more profits and benefits for the company.
Once a policyholder chooses the payment periodicity, this discount is often already included in the premium rate charged by the life insurer.
If the policyholder who owns a business dies within the policy term, their business partners can purchase his/her share without any hassle.
The business partner will simply have to sign an agreement with the life insurer and the pay-out received after selling the policyholder's share will be given to their dependents.
However, it is important to understand that the nominee or the dependents of the policyholder won’t get a stake in the company.
For paying a life policy premium, a policyholder is eligible for a tax rebate under Section 80C of the Income Tax Act 1961. Irrespective of self, spouse, or their children, the premium paid for parents and in-laws is exempted.
This benefit is offered by all the life insurers. Additionally, the maturity benefit of life policies also qualifies for tax deductions under Section 10 (10D) of the Income Tax Act, 1961.
|Life Insurance Plans||Coverage|
|Term Plans||Pure risk cover|
|ULIPs||Insurance + Investment benefits|
|Endowment Plans||Insurance cover + Savings|
|Money Back Plans||Insurance cover with periodic returns|
|Whole Life Insurance Plans||Coverage for a lifetime|
|Child Plans||To create a corpus for child's education, wedding etc.|
|Retirement Plans||Financial cushion aiding financial independence post retirement.|
Term insurance is the most basic form of life coverage. It is affordable life insurance that one can buy easily without any hassles. Simply put, a term insurance plan offers death cover for a stipulated period.
In the event of the sudden demise of the insured during the policy tenure, the insurance provider offers a pre-decided death benefit as a lump sum, monthly/ annual pay-out, or combined benefits to the nominee. The best term plan offers comprehensive coverage at a competitive premium.
A unit-linked insurance plan or ULIP is a type of life coverage plan that offers a perfect blend of insurance & investment. It comes with a long-term investment opportunity along with valuable investment flexibility.
The premium paid towards a ULIP is partly used as a risk-cover for life coverage plan and the remainder is invested in market funds such as debts, equities, bonds, market funds, and hybrid funds.
The selection of the market funds depends purely on the risk appetite of the insurance buyer, based on which the insurers invest in the capital market.
Endowment plans are also known as traditional life insurance plans that come with an element of saving. As compared to other investment products, the risk involved in this plan is lower (so are the returns).
An endowment policy is a combination of a life coverage plan and savings plan. It invests a particular amount in life coverage and the remaining amount is invested by the provider. In case the policyholder outlives the policy term, the insurance provider offers a maturity benefit to him/her.
Furthermore, some insurance endowment policies may offer bonuses on pre-specified periods. If applicable, the bonuses are paid either to the policyholder at the time of policy maturity or to the nominee in case of a death claim.
True to its name, this type of life coverage plan offers a stipulated percentage of the assured sum. It is paid back to the policyholder at pre-decided intervals. This payback benefit is known as a survival benefit.
Money back Policy is the best insurance policy for individuals who want their investments to be accompanied by an element of liquidity. Furthermore, these plans are eligible for bonuses as declared by the provider (if any).
A whole life insurance plan offers life coverage for as long as the insured lives. There are a few providers that offer life coverage up to 100 years of age. Contrary to the term plans, this plan offers extensive coverage.
The sum assured is computed while purchasing the life coverage plan and is payable to the nominee after the demise of the insured. Along with the sum assured, bonuses (if any) are also paid to the nominee. It is one of the best policies that offer coverage for whole life at low premiums.
A variant of whole life is available in the market that clubs the benefits of life insurance plans with ULIPs. A whole life ULIP offers extensive coverage along with high returns.
It must be noted that in case the policyholder outlives the 100 years of age, the insurer pays the benefit of matured endowment coverage to the policyholder.
A child plan acts as a tool to generate funds for the policyholder’s child. A child plan helps one build a corpus that can be used for the child’s education, wedding, or other life goals. Generally, child plans either provide benefits as instalments on an annual basis or a 1-time payout once the insured child turns 18 years.
In case of the untimely demise of the policyholder during the policy term, immediate premium payment is made by the insurer. In such cases, some insurers waive off future premiums but the plan continues till the opted policy term.
A retirement plan, also known as an annuity or pension plan, helps the insured accumulate a corpus for their retirement. Typically, retirement plans provide benefits in the form of instalments on an annual basis or a 1-time pay-out once the policyholder reaches 60 years of age.
In case the insured outlives the policy term, the plan offers a vesting benefit. In case of the insured's demise, it offers the death benefit to the policy nominee.
Please note that in case of the insured's demise while the policy is active, the life insurer pays a pre-decided amount to the insured's nominee.
|Basis||Term Policies||Whole Life Insurance Policies||Endowment Plans||Unit Linked Insurance Plans||Money Back Plans||Pension/Annuity Plan|
|Overview||Term life insurance plans are the simplest form of life coverage.||These plans offer protection till the whole of life and may or may not have an investment component.||These plans offer protection along with investment components. The returns have some amount of guaranteed component that could be as high as 100% guaranteed returns..||These plans offer market linked returns along with protection components. The investment returns completely depend on the performance of the fund and are not guaranteed by the insurer.||These plans offer protection along with investment components. The returns could be in the form of an income for a fixed period of years.||These plans offer income till a person survives. Some plans also have a return of purchase price on death.|
|Policy Term*||Usually range from 5 years to 50 years||This policy covers the whole life of life insured.||Generally, ranges between 10 years to 35 years.||Term ranges from 10 years to 20 years.||Generally, it can be up to 25 years.||No fixed term.|
|Maturity Benefits||You are not paid any maturity benefit on the survival.||You are paid the maturity benefits while you reach a certain age (maybe between 80 to 100 years).||You will be paid the maturity benefits if you survive the policy term.||You can avail the maturity benefits on your survival at the end of the policy term.||You are offered the survival benefits on the maturity of your policy.||No maturity benefit is offered. You are entitled to a regular income till you survive.|
|Death Benefits||In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.||In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.||The death benefit is paid to the beneficiary upon demise of the life insured.||The death benefit is paid to the beneficiary in case of life insured’s demise while the policy is active.||The death benefit is paid to the beneficiary in case of the life insured’s demise while the policy is still active.||A few plans provide a provision to return the amount invested in case of life insured’s demise.|
|Ideal for||These plans are ideal for individuals who are seeking to safeguard the financial interest of their loved ones without paying excessive premiums.||The whole life insurance plans are ideal for individuals who wish to safeguard the financial interest of their loved ones and want to leave a legacy amount||These plans are perfect for individuals who want financial protection along with guaranteed returns from investment.||This is a best-suited plan for individuals with a medium-term investment goal to expand their portfolio. Moreover, it is an ideal plan for people with high income and good investment sense.||The individuals are looking for securing their life and wanting to earn money at a regular interval of time. Best-suited for individuals seeking protection plus investment benefit.||This scheme is an ideal option for individuals who want to secure their retirement by getting a source of regular income after retirement.|
Listed below are the best life insurance plans:
|Insurance Plan||Entry Age (Minimum/Maximum)||Policy Term (Minimum/Maximum)||Sum Assured (Minimum/Maximum)|
|Aditya Birla Sun Life Shield Plan||18/65 years||10, 20/30 years||Rs.25 lakh/no upper limit|
|Aegon Life i-Term Plan||18/75 years||5/40 years||10 Lakh/ no upper limit|
|Aviva Life Shield Advantage Plan||18/55 years||10/30 years||Option A - 35 Lakh/ no upper limit Option B- Rs.50 lakh/ no upper limit|
|Bajaj Allianz i-Secure||18/70 years||10/30 years||20 Lakh/ no upper limit|
|Bharti AXA Life Premium Protect Plan||18/65 years||10, 15/35 years||25 Lakh/no upper limit|
|Canara HSBC iSelect + Term Plan||18/65 years||10/30 years||Rs.25 lakh/no upper limit|
|Edelweiss Tokio Life Simply Protect Plan||18/65 years||10/40 years||Rs.25 lakh/no upper limit|
|Exide Life Elite Term||21/60 years||10 to 40 years||Min SA: Rs. 50L ; Max SA: Rs. 10 Cr|
|Future Generali Flexi Online Term Insurance||18/55 years||10/75 years||Rs.50 lakh/no upper limit|
|HDFC Click2Protect Plus||18 /65 years||10/30 years||10 Lakh/10 Crores|
|HDFC Life Sanchay||30/45 years||15/25 years||1,05,673/ no upper limit|
|ICICI Pru iProtect||20/75 years||10/30 years||3 Lakh/ no upper limit|
|IDBI Federal Income Protect Plan||25/60 years||10/30 years||N/A|
|India First Life Plan||18/60 years||5/40 years||1 lakh/ Rs.5 crore|
|Kotak Life Preferred e-Term||18/75 years||10/40 years||25 Lakh/ no upper limit|
|LIC Jeevan Amar||18/65 years||10/40 years||25 Lakh/ no upper limit|
|LIC Tech Term||18/65 years||10/50 years||50 Lakh / no upper limit|
|Max Life Smart Term Plan||18/60 years||10/50 years||25 Lakh/100 Crores|
|PNB Metlife Mera Term Plan||18/65 years||10/40 years||Rs.10 lakh/no upper limit|
|Pramerica Life U-Protect||18/55 years||10/30 years||Rs.25 lakh/no upper limit|
|Reliance Nippon Life Protection Plus||18/60 years||10/40 years||Rs.25 lakh/no upper limit|
|SBI eShield Plan||18/70 years||5/30 years||20 Lakh/ no upper limit|
|SBI Shubh Nivesh Plan||18/60 years||5/30 years||75000/ no upper limit|
|Sahara Shrestha Nivesh Jeevan Bima||9/60||5/10 years||Rs.30,000/ Rs.1 crore|
|Shriram Life Cashback Term Plan||12/50 years||10,15,20 &25 years||Rs.2 lakh/Rs.20 lakh|
|SUD Life Abhay Plan||18/65 years||15, 20/40 years||Rs.50 lakh/---|
|TATA AIA life Insurance Sampoorna Raksha +||18/70, 65 years||10, 15/40||Rs.50 lakh/no upper limit|
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
The market has many insurance products such as term plans, endowment plans, money back plans, and ULIPS. The tax saving instruments are also opulent and people take insurance for Rs 25 lakh, Rs 1 crore and so on. However, simply picking a random figure is not the way to buy an insurance policy.
Primarily, it depends upon the age of the person, the number of dependents, liabilities, and similar factors. Let us just assume that an unmarried person falls between the age bracket of 18-24 years of age. It means that he does not have many responsibilities. The financial liability could be a loan or his parents depending upon him.
Under such a situation, a small insurance plan can be purchased. In case the person has a good source of income, then he could also opt for large cover as the liabilities and responsibilities tend to increase once married.
If a person falls between the age bracket of 24-33 years of age, the person may ideally be married and needs to protect the interest of his life partner. Such a person should buy the life insurance plan immediately and avoid further delay. The life insurance cover differs across various stages of life.
The life insurance coverage should be such that it covers all outstanding liabilities, provides money to your spouse, and covers the expenses of children’s education, marriage, and life goals.
While choosing the coverage amount, make sure to calculate the yearly family expenses and liabilities. Now multiply the sum by the number of years you are looking forward to supporting the family.
The life insurance cover should be enough at any point in time to take care of the family today and tomorrow.
A life insurance premium is a payment made to enjoy the policy benefits. The premium can be paid on a monthly, half-yearly, or annual basis. This premium also helps to grow the cash value of the insurance.
The insurance company determines the premium payable by the policyholder against the chosen sum assured. Having said that, the buyer can also select the policy term and coverage amount.
To calculate the sum assured, the insurer takes various factors such as your lifestyle, occupation, number of dependents, and current financial situations into consideration.
Note- No premium calculator can determine the worth of human life.
While applying for a policy, the life insurer will ask for the below-mentioned KYC documents:
This is necessary to estimate the sum assured or coverage amount that would be offered to the insured. In most cases, the life insurers offer a cover up to 20 times the proposer's annual income. The standard income proofs include:
Insurance companies also ask for address details of the applicant. The following documents can be used as address proof:
One can provide the following documents as ID proof:
Some of the aforementioned documents can also be considered as age proof. However, below is a comprehensive list of documents that can be used as age proof:
Here are some other documents that an applicant would have to submit at the time of buying the policy:
Different plans are offered by various life insurance companies in India. It sometimes becomes a task to select the best plan from multiple options and avail the same at best coverage and a pocket-friendly premium.
Listed below are some key pointers that will help you choose the best life insurance policy:
Today the market is flooded with insurance companies providing different life insurance plans. It means that the insurance sector also has providers that may not be up to the mark or are new in the business. Therefore, go with the renowned insurer who has earned goodwill in the market and most importantly fulfil your insurance requirements.
The intent to buy the life insurance policy is to obtain a claim at the time of need. But what if the filed claim goes nowhere? Before selecting the insurance company, make sure that you check the claims settlement ratio of the company. This essentially gives you a better idea of the number of claims received and settled by the company in a year. The company with the highest number claim ratio is the safest bet.
Before you initiate knocking on the doors of the insurance companies it is advisable to calculate the expected sum assured. Besides, it will also get you an insight into the premium calculation that is done by the insurance companies. To know which company is suitable for you, combine both the factors and you will have the answer to make an informed decision.
Last and not least. Make it a habit of reading customer reviews online. Today you can easily buy a life insurance policy online. Moreover, for any question, dilemma or clarification required, simply get in touch with the customer support of the insurance company. This will also help you to better understand the efficiency of a certain company in dealing with its customers.
Filing a claim and getting the assured amount can be a cakewalk if all the necessary steps are taken care of in advance. It is important to have the right approach to file a claim.
Here's how nominees of the policyholder or policyholders themselves can file a claim in India under the following scenarios:
Contact the insurer as soon as possible on their toll-free number or over email. It is always preferable to inform the insurer directly over a call to instantly initiate the process.
The beneficiary or the claimant while lodging a claim with the life insurer needs to share all the important details like:
If the policy has been purchased offline, then the insurer would have provided a claim intimation form at the time of the policy purchase.
If it is an online policy, simply apply for the claim settlement through claim forms online.
In case of accidental or natural death, the beneficiary or the nominee must submit all the supporting documents to the life insurer as a part of the claim process.
The claim support team will verify the insurance documents and claim declaration. In some cases, the insurer might ask the beneficiary to submit a few other documents.
Documents to be submitted:
Note- If someone other than the nominee files the claim, the insurance company can ask for the legal title of succession.
Once all the documents have been submitted and the life insurer has verified them, the claim will be settled by the insurer.
The life insurer can ask for the beneficiary's bank details - a cancelled cheque or a copy of the bank account passbook, which must be attested by the bank authorities.
For the nominee's identity proof, a copy of passport, voter identity card, PAN card, Aadhaar card etc. needs to be submitted.
Generally, the claim settlement process takes 30 days. Once approved, the insurer immediately makes the payout.
Some insurers make the payments through the Electronic Clearance Service or ECS, which is an alternative method to make bulk payments.
Aforementioned are the basic set of documents that are required to process a claim.
Here are a few other documents that the insurer can ask for (if need be):
If the insured outlives the policy term, he/she will be eligible to avail of policy maturity benefits. However, the insured must make sure the policy is ongoing and all the premiums have been duly paid.
Here is a simple process to file a maturity claim with minimal paperwork.
When the policy is about to mature, the life insurer generally intimates the policyholder at least 1-2 months in advance. All the details regarding the maturity date, maturity amount, and discharge voucher are provided to the insured.
The discharge voucher (similar to a receipt) has to be signed by the policyholder in the presence of the witnesses. The voucher is then sent back to the insurer along with the original policy bond, based on which the policy maturity benefits are provided.
In case the policyholder has nominated another individual or entity for the policy, then the nominee must sign the discharge voucher to the insurer, to receive the claim amount.
Points to Remember:
Riders provide add-on benefits offered by the insurers that help to enhance the base coverage. However, without knowing the types of riders available in the market, one shouldn't randomly opt for the same just for the sake of increasing the cover amount of the life plan.
Choosing the right rider is as crucial as buying a life insurance plan. After all, no one wants to regret an insurance decision. That's why one must take time and expert advice before opting for a rider.
Here are some of the rider options available for policyholders:
This rider benefit covers major critical ailments like cancer, heart attack, kidney failure, stroke, coma, and paralysis. As the coverage may differ from insurer to insurer, it is important to check the list of illnesses covered by the company.
The life insurer offers the rider benefits upon the diagnosis of the covered critical illness. Though many of the above listed critical illnesses may not cause immediate death, the treatment could cost a bomb.
Under this rider, the insured can use the sum assured to pay for the treatment expenses. The only condition is that the policyholder will have to survive the waiting period.
As no one can ensure a 100 percent guarantee against a critical illness, this rider can be opted by:
If the insured is unable to pay the premium due to any disability that leaves him/her with no income, the life insurance policy is terminated and the insured wouldn't be offered any compensation. In such a situation, how will their family manage their finances without a regular source of income?
Waiver of premium rider acts as life saviour as all the future premiums of the policy will be waived off and the policy remains in force.
In case the premiums are not paid due to the death or accidental disability of the policyholder, the premium for the base policy and riders will be waived off and the policy will continue.
While this rider can be opted along with critical illness and accidental total and permanent disability rider, the insured can opt for it separately. As uncertainties can't be predicted, one should consider buying this rider if they are a daily commuter or work on on-site civil work that involves physical work.
With this rider, in case of the accidental death of the insured, the nominee will receive the basic sum assured amount along with the additional accidental death benefit. In many cases, the policyholder doesn’t pass away on the spot, so most of the insurance companies set a period after the incident to extend the offered coverage.
Let’s say, if the policyholder passes away after 100 days of the accident, the nominee will still receive the sum assured. That's why it is imperative to check the life insurance policy clause carefully at the time of opting for a rider.
As accidents can happen anywhere, anytime, everyone should ensure the financial future of their family. While anybody can opt for this rider, it is a must-buy for those who:
If the insured is unable to earn a daily income due to total temporary or permanent disability arising due to an accident, this rider provides financial assistance to their family in the form of a monthly income. The rider benefit may vary from plan to plan and is offered for a pre-decided period.
For instance, some companies offer rider benefits for 5 years to 10 years from the occurrence of the accident. In case of the death of the insured during the policy term, the beneficiary would receive the outstanding sum assured amount.
This rider is important to buy for the individuals who:
The figures in the below table are as per the annual report of IRDAI 2019-2020:
|Insurer||Total Number of Claims||Claims Paid||Claims Repudiated||Claims Rejected||Claims Unclaimed||Death Claim Settlement Ratio|
|Aditya Birla Sun Life||5162||5035||108||0||0||97.54%|
|Canara HSBC OBC||1276||1252||22||0||0||98.12%|
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
To understand life insurance completely it is important to know the basic terminologies that are often used within the plan. Sometimes, you may not be aware of certain terms and refrain from buying the plan.
Let us help you to understand the given below key important life insurance terms with brief explanations of each:
Anyone who buys the life insurance plan and pays the premium is referred to as the policyholder. An individual might own the policy but may or may not be the life assured.
In simple words, the individual who is protected or insured is known as a life assured. In case of demise of the life assured, the beneficiary will receive the insurance sum. For example, when a husband buys the life insurance policy for his wife then he is the policyholder and the wife is the life assured.
The person nominated by the policyholder is known as a nominee. The nominee will receive the life insurance payouts along with other benefits in case of any eventuality. The nominee is also referred to as the beneficiary.
A nominee is declared when the policy is being bought. Generally, the policyholders’ immediate family members such as the spouse, children and parents are declared as a nominee who is financially dependent upon them.
The duration for which the life insurance plan provides coverage is known as the policy tenure (also known as policy term). On the premise of the type of life insurance policy and the terms and conditions of the insurance provider, the life insurance policy tenure differs.
It is the amount you pay to keep the life insurance plan active. In case you are unable to pay the life insurance premium sum either before the due date or under the grace period, the policy lapses. The life insurance premium sum depends on factors such as the policy term, the age of the life assured, and lifestyle habits.
It is the guaranteed sum the beneficiary or nominee will receive when the life assured has passed away. Most of the time, the choice to arrive at a sum assured is upon the premise of the financial loss that might incur due to the death of the life assured.
At the time of buying the life insurance plan, the policyholder chooses this sum, which is then paid to the nominee if the life assured passes away during the policy term.
The death benefit is the sum paid to a nominee when the life assured has passed away during the policy tenure. It is to be noted that sum assured and death benefits are two different terms. This implies that the death benefit could be equivalent or higher than a sum assured as it could involve the rider benefit too.
The sum paid to the policyholder when the policy tenure is completed is known as the maturity benefit.
When the policy gets terminated because of non-payment of the premium amount even after the grace period is known as a lapsed policy. There are life insurance companies that offer the facility to revive a lapsed policy only when the outstanding premiums are duly paid by the policyholder.
It is essentially the extension given by the insurance provider to the policyholder after the due date of the premium payment. When the policyholder pays the premium sum then the cover of the plan continues.
When the premiums are not paid during the grace period the policy gets lapsed.
In case you wish to continue the plan, then you are provided with an option of re-activating the lapsed plan. However, it should be completed within a certain period after the end of the grace period. It is known as the revival period.
In case you are not comfortable with the terms and conditions of the plan it can be returned within a certain timeframe mentioned in the policy documents. This is known as a free-look period. After deducting stamp duty charges, medical examination, proportionate risk premium, the premium sum will be refunded.
The riders are an additional benefit that enhances the overall coverage of the plan. These rider benefits are optional and enhance financial safety to secure the family against any unforeseen event by paying an additional premium sum.
When the life assured passes away during the policy term, the nominee will file a claim to receive the death benefit. This process is known as the claim process.
Certain situations remain uncovered within a life insurance plan. In case the claim is made on such exclusions then no benefit is provided by the insurance company.
To get insured from the comfort of home, an individual can buy life insurance online from Policybazaar Insurance Brokers Private Limited.
Follow these simple steps to buy life insurance online:
Step 1- Choose your gender and enter details like your full name and date of birth
Step 2- Enter your active phone number and click on view plan
Step 3- Answer 4 simple questions to get accurate quotes
Step 4- Select the best life insurance plan from the displayed options. For suggestions and help, the insurance buyers can choose ‘get free advice’.
Step 5- Choose and compare different life insurance plans on Policybazaar Insurance Brokers Private Limited. You can choose the personalised plan option as well.
Step6- After selecting the plan, you can pay the premium or speak to the customer care representative to make an informed choice.
Step 8- Finally you will have to pay the premium.
Once all the steps are completed, the policy documents will be emailed to you on the registered mail ID.
Pay 29 Rupees A Day And Get 4 Lakh Rupees: LICs New Scheme For Women
Published on 12th July 2021
From the several investment schemes introduced by LIC over the period, the recently announced woman-oriented scheme is attracting attention of all.
Aadhar Shila scheme is an exclusive plan for women aged between 8 to 55 years old. The investors need to invest just 29 rupees per day to get an amount of 4 lakh rupees at the time of maturity. A guaranteed return endowment plan, it offers a minimum amount of 75,000 rupees and a maximum amount of 3,00,000 rupees as per the premium payments.
Interested women can invest in the scheme for a minimum term of 10 years and the maximum term is 20 years. They also have the choice to pay their premiums on a monthly, quarterly or half-yearly basis.
Declare Nominees/Beneficiary While Purchasing Life Insurance
Published on 7th July 2021
It is very important to appoint a beneficiary/nominee for all the assets, insurance and investment policy. Choosing the right nominee in a life insurance policy ensures that the proceeds go to the rightful heir, in case of unfortunate demise of the life assured during the policy tenure.
As per the industry experts, generally child below the age of 18 years is not considered eligible to handle the claim amount. Thus, the policyholder needs to assign a custodian. It is wise to appoint the spouse or parents as a nominee for the life insurance policy.
Standard Life Decided To Sell OFF 3.46% Stake Held In HDFC Life
Published on 30th June 2021
The UK-based firm Standard life has decided to sell off its 70 million shares through a block deal. The sale price has been fixed at ₹658-₹678 per share. The decision
was made to raise approximately ₹4606 crores in the near future. JP Morgan India and BoFA Securities India issued a term sheet to disclose the update.