-
How can you prevent your life insurance plan from lapsing?
A life insurance plan will lapse if the policyholder hasn't paid the premiums even during the plan grace period. A lapsed policy will no longer provide any kind of benefits, and in case you suffer an unfortunate death during the lapsed period, your family will not receive any death benefit.
To help you avoid your policy from lapsing, we have created a list of ways you can stay covered under the policy benefits. 1: Plan your Budget properly by using online tools like the life insurance premium calculator. 2: Pay your premiums on time using the company’s automatic billing system if you tend to forget to pay the premiums. This way the premiums will be deducted from your bank account directly on the due date. 3: Keep your profile details updated as you might receive premium payment reminders on the provided details. 4: Reinstate the life insurance plan if your policy has lapsed to stay covered under the policy benefits. Making sure that your policy premium payments are up to date ensures that your family is taken care of in your absence and you have a chance to create a corpus over time.
Read More
-
4 times you should revisit your life insurance policy
A life insurance policy is a great way to build wealth while providing financial protection to your family. However, your needs might change with changes in life stages. If you already have a life insurance policy with a life cover enough to fit your needs, your needs might change once you get married with kids.
This is why we have created a list of all the times you should revisit your life insurance policy to ensure you have the right life cover as per your new needs. 1. After getting married, a life insurance policy financially aids your spouse in the event of your unfortunate death. 2. When having children, your family might require a larger life cover to maintain their lifestyle and pay for the child’s higher education. 3. On becoming a business owner, the life insurance plan can help fund the company until a new person is hired, in case something happens to you. 4. When you want to grow wealth, a life insurance plan’s investment portion can help create a corpus over time. With a life insurance policy, you can not only secure your family’s financial future in your absence but also grow your wealth to beat inflation and fulfill your life dreams.
Read More
-
Why is life insurance a safe investment?
Life insurance policies are one of the best ways to secure your family’s financial future or intending to create a corpus in the long run. Let us see the various factors that cumulatively make life insurance plans the safest investment of life.
1. Regulation: IRDAI, the Indian insurance regulatory body releases its CSR values each financial year for policyholders to choose their insurer wisely and creates the guidelines for insurance companies to ensure that policyholders are protected. 2. Guaranteed benefits: Some life insurance plans like whole life insurance policies and money-back plans offer a certain guaranteed amount regardless of their health and circumstantial conditions. 3. Affordable premiums: Life insurance plans like term plans offer large life cover at low premium rates that fit in your budget and provide the needed protection. These factors combine to make life insurance plans one of the safest investment options in 2023. It is always important to do your research before and purchase life insurance plans from trusted sources.
Read More
-
What is Human Life Value and why you should consider it before deciding on your life cover?
Human Life Value is an online tool that helps you calculate the sum assured you should have for your life insurance that will help secure your family. Since this amount will be provided to your family in case of your unfortunate death during the policy term, you need to choose this amount wisely.
The life cover should be enough to cover your family’s financial needs in your absence. A
human life value calculator helps you calculate the maximum limit of your life cover for your life insurance policy by taking your current age and annual income into account.
Read More
-
SUD recently launched its Life Century Gold Insurance Plan offering Guaranteed Maturity Benefits
Star Union Dai-ichi Life Insurance launched its savings life insurance plan called Life Century Gold Insurance Plan. This plan offers two plan options, namely; Goal Sure and Edu Sure which offer guaranteed maturity benefit inclusive of guaranteed additions at the maturity of the policy.
The plan also offers the flexibility to choose the premium payment frequency along with the policy and premium payment term. The plan can be purchased via online channels to gain additional benefits along with tax benefits. You can also choose to receive the death benefit in a lump sum amount or have it paid in three parts.
Read More
-
Why should women consider investing in a life insurance policy?
Women make up almost 50% of the country’s population and thus it is important for females to take charge of their financial future. Here we have a list of reasons why women should consider investing in a life insurance policy
1. Life can be very uncertain but you can secure your family in your absence, with a life insurance policy in case something happens to you. 2. With a life insurance plan you would know the exact amount you need to invest to receive the desired amount as a return. This allows you to manage your money in a more effective manner. 3. A life insurance policy assures financial freedom as you won't be dependent on anyone for financial security 4. The premium amount for most plans is lower for women as women tend to live longer lives than men 5. Life insurance plans offer tax benefits to everyone under sections 80C and 10(10D). With these points in mind, you can find a life insurance policy suitable for your needs and budget.
Read More
-
Aegon Life Insurance recently launched their newest term insurance product: Aegon Life iTerm Prime
Aegon Life Insurance recently launched its newest term insurance product called the Aegon iTerm Prime plan. The plan can be purchased by anyone within the 18 to 65 years of age range.
The policy offers a sum assured of over Rs. 25 Lacs with 3 premium payment terms, limited, regular, and single premium payment terms. There are also 3 premium payment modes available, namely, monthly, annually, and semi-annually. The plan also offers the option of including the Accidental Death Benefit Rider and Critical Illness Rider in the base plan to increase its coverage.
Read More
-
Factors you need to consider before buying life insurance plans in 2023
According to IRDAI the life insurance industry saw a rise in premium rates in 2022 and is expected to increase further in 2023. To make sure you are buying the best life insurance plans at affordable rates we have created a list of points to consider before you buy a life insurance plan in 2023.
1. Motive of buying a life insurance plan 2. Selecting the right type of life insurance product 3. Estimating adequate life cover 4. Choosing the correct policy tenure 5. Including riders to the base plan 5. Checking the Claim Settlement ratio and solvency ratio of the insurers 6. Disclosing accurate personal information. Going through these points will ensure you end up with a life insurance plan that fits your needs and budget.
Read More
-
Post Office offers life insurance plans with a sum assured up to Rs. 50 Lacs
Postal Life Insurance offers the PLI Whole Life Assurance-Suraksha Policy with a sum assured including bonuses up to Rs. 50 Lacs. The plan can be purchased by anyone within the 19 to 55 years of age range.
The policy offers a loan facility after 4 years of the policy being in force and tax benefits under Sections 80C of the Income Tax Act. The policy matures at the age of 80 and in case the policyholder suffers an unfortunate death before the end of the policy term, the nominee will receive the benefit amount.
Read More
-
Don't worry if you have misplaced your original policy documents
Having the original policy documents are necessary as they need to be presented while placing a claim for death or maturity benefit of the life insurance plan. These documents are also important to understand the terms and conditions of the original policy.
Here is what you should do in case you can't find your original policy documents. 1. The first thing you should do is inform your insurer submitting your name, policy number, date of policy purchase, and type of insurance. 2. Publish an advertisement in the regional newspaper and send a copy of the published advertisement a month later to your insurance company. 3. You should sign an indemnity bond stating that you would return the original documents if you find them later. The bond protects you against the misuse of the original documents without your knowledge. The insurer will issue a duplicate of the documents after the issuance of the indemnity bond.
Read More
-
What is a guaranteed income plan with life cover and who can benefit from it?
Guaranteed income plans are a type of life insurance policy that helps policyholders by offering combined benefits of savings as well as insurance. They provide guaranteed high returns, large life cover, and tax benefits on the premiums paid.
The plan works by allowing policyholders to pay premiums regularly for a fixed period while being covered under the plan. At maturity, they can receive their guaranteed income on a monthly, quarterly, yearly, or half-yearly basis. This plan is especially great for those who want to invest in low-risk plans and fulfill their life-long dreams.
Read More
-
Canara HSBC launched its new savings plan called Guaranteed Fortune Plan
Canara HSBC Life Insurance recently launched its savings life insurance plan called Guaranteed Fortune Plan. The plan offers the dual benefit of long life cover and guaranteed payout.
The plan provides two plan options: Guaranteed Savings Option and Guaranteed Cashback Option. The guaranteed savings option provides a death and maturity benefit whereas the guaranteed cashback option offers a death, survival, and maturity benefit. The plan can be purchased online or offline as per your preference.
Read More
-
Life insurance plans with a cash value at maturity offer loan facilities at low interest rates
Life insurance plans are often bought to secure life and provide peace of mind but they can also provide financial aid in times of emergency. A lot of life insurance policies offer death, maturity, and survival benefits but various plans also provide loan facilities through which you can request cash value at low-interest rates.
It is essential to remember that not all life insurance plans offer loan facilities. Plans like whole-life, money-back, or endowment offer loan features since they have a cash value at maturity.
Read More
-
Secure your child’s future against the uncertainties of life with SBI Life Smart Champ and SBI Life Smart Scholar Insurance
SBI Life Smart Champ Insurance and SBI Life Scholar are two child life insurance plans that allow you to secure your child’s financial future. SBI life smart champ is an individual, non-linked, participating savings life insurance plan whereas SBI’s Smart Scholar secure is a unit-linked, non-participating life insurance product.
Smart Champ plan can be purchased for a child within the age range of 0 to 13 years while Smart Scholar can be purchased for a child below 17 years of age. Both plans offer single or limited premium payment options along with maturity benefits payable on the completion of the policy term.
Read More
-
Aegon Life’s iGuarantee Max Savings Plan gives you over Rs. 4.69 Lacs in return by investing Rs. 3000 monthly
Aegon Life insurance recently released its iGuarantee plan that can give you over Rs. 4.69 Lacs in return by investing just Rs. 3000 per month. So if you are a 30-year-old male purchasing the plan for yourself for a policy term of 10 years.
If you are investing Rs. 3000 per month then your total investment over the entire policy term would have been Rs. 3.6 Lacs. If you suffer an unfortunate death during this policy term your family will receive Rs. 4,00,310 as a guaranteed death benefit and in case you outlive the policy term you will receive Rs. 4,69,278 as the Guaranteed maturity benefit.
Read More
-
ICICI Prudential Introduces Long-Term Savings Product: ICICI Pru Sukh Samruddhi
ICICI Pru Life Insurance company has introduced a new long-tenure savings insurance plan, i.e., ICICI Pru Sukh Samruddhi plan that offers customers the benefit of guaranteed income, potential bonuses, and life insurance cover for the complete policy term.
This plan also provides a higher benefit at maturity to women policy buyers in their savings journey and to achieve financial freedom. The innovative features of ‘Savings Wallet’ helps buyers to accrue and grow their income, instead of taking it as payment. This life variant is suitable for customers to build an amount over a long tenure and then use the one-time (lump sum) maturity payout to fulfill financial objectives like buying a house, higher education of children, etc.
Read More