To find out if someone has a life insurance plan, use a life insurance policy finder, search through existing records or ask your respective insurance company or legal advisors.
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Read on to know more about Life insurance policy finder in detail:
A life insurance plan is an agreement signed between an insurance company and a policyholder. This contract determines the amount paid to the nominee after the death of a policyholder. This plan only works if life assured has paid all the premiums on a regular basis. Ideally, life insurance plans are commonly known for providing life coverage to the policyholder.
Here are some of the major benefits offered by life insurance plans:
Tax Benefits: Availing of a life insurance policy can guarantee you the benefits on tax. The premium amount you pay towards your plan makes you eligible for exemptions on a tax of up to Rs.1.5 lacs, u/s 80C of the Income Tax Act. Tax benefits are also available under section 10(10D) of ITA.
Loan facility: Certain plans provide the option to avail loan and allow to borrow an amount. This simply means that if you require to take a loan to fund the marriage or education of a child, you can use a life insurance plan as security.
Guaranteed fixed returns: Life insurance plans guarantee a fixed amount after a fixed timeframe. You are required to go through the aspects of various life insurance products. Read through the T&Cs of different plans to choose a plan that best suits your requirements.
Risk coverage and mitigation: These plans provide the risk cover of financial compensations to lessen and cover risks after the death of a policyholder. By purchasing life insurance plans, you are securing your loved ones against the financial risk that might occur if the sole earner meets an unfortunate death.
Coverage for medical expenses: Most plans cover health and its treatment expenditure that may occur if the life assured falls sick. You can also select to enhance the coverage of the plan to protect your finances in case you are alive.
When the policyholder dies, the death benefit is paid to beneficiaries by the insurance company. However, the insurer is not always notified when the life assured has died and, in some cases, the beneficiary gets the information of the policyholder’s death before the company does. So, always file a claim with the insurance company as soon as possible to collect the death advantage.
If the policyholder dies before informing you where to find a policy copy or whether it exists or not, you might not have all the details so you are required to file a claim. Learn how to locate a life insurance policy if someone has it and how to find a plan in case someone has died.
Life Insurance Policy Finder is a tool that helps you find a plan you may have forgotten about or your family member has provided you with a legacy. It is a free-of-cost service that assists families in locating unclaimed benefits on life insurance plans. Apart from the online search, there are other ways to find someone who has life insurance:
Obtain the death certificate
Talk to family members
Check his/her personal belongings
Contact insurance company
After finding that one has the life insurance policy, you are required to go through the document. If you know the insurance company, so contact the company and ask about the beneficiary information on the policy. Various insurance company websites also offer Life insurance policy finder in which following details are required to enter:
The name of a policyholder
Death date (if the policyholder has died)
Relationship with the deceased
This tool will search through the existing records on the company’s databases of Individual life insurance plans. It does not provide a location or search for group life insurance plans i.e., plans provided through employment.
The only individuals who will have the access to monetary information of policy such as policy documents are:
Spouse, parents, or child of a policyholder
Assigned/appointed beneficiary towards the life insurance policy
You may be the nominee/beneficiary of a life insurance plan and not aware of it. A life insurance policy finder helps you to locate a lost policy easily and conveniently.
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