Life Insurance

Life Insurance is one of the top most opted insurance product in India by customer after motor insurance. This is the most conventional & effective insurance product that shall be taken by every individual whose family is largely financial dependent on them . In fiscal 2018-19, India’s life insurance penetration stood at 2.74%, which means that there is still very large population still left uninsured from this very important life insurance product which shall be taken by every individual for their dependent family members.

Life Insurance policies are basically categorized in five categories. In every category, Every Insurance company has their own products where product varies in terms of Policy term, Maximum age, minimum age, Return on ULIP Plans etc.

Term Life Insurance

This is simplest form & much needed, life insurance product wherein Insured Family member receives coverage amount in case of death due to any reason, during policy term. Every Individual shall take this insurance as soon as they start earning for their family. Every individual retirement goals are different thus policy term may also be different. It is always advisable for salaried class customers to take policy term until their retirement age only. Higher the policy term, higher will be cost of insurance. Similarly, it goes for coverage amount as well.
When will my claim get rejected?

Life style habits such as Alcohol consumption, Smoking Habits etc make huge impact for an insurance company to decide on cost of life insurance premium. It is always advisable to always make complete & honest declarations in proposal while opting for term life insurance policy. Because, Claims very often have been seen getting rejected due to incorrect declaration in proposal while going for life insurance policy.

What are the general exclusions under term life insurance?

These are general exclusions under term life insurance and may vary from insurer to insurer.

1. Misrepresentation while purchasing life insurance policy
2. Suicide. Usually Insurers now cover same but with waiting period of 12 months
3. Death while being involved in illegal activities
4. Death due to accident while driving under influence of alcohol or drugs.
5. Death while being involve in hazardous sport activities
6. Death due to Sexually transmitted ailment such as HIV, AIDS

Whole Life Policy

Whole life policy covers customer until his complete life. Customer pays premium in this policy through until death and corpus built through out his life is usually paid to policy beneficiary along with some profits. This policy certainly pays since death is inevitable.

Endowment Plans

An Endowment plan based life insurance is slightly more improvised insurance product which protects customer dependent not only in case of death but also after expiry of policy term directly to customer. This means that, Endowment plans in both scenarios, that is, Either, Beneficiary receives sum assured in case of death of life assured OR Life assured receives lump sum amount after expiry of policy term.

Due to its nature & benefit, Endowment plans are usually more costlier than standard term life insurance. Because charges & fees are also more in these products since insurance company too has slightly more operational cost to earn profits by investing premium into asset markets- equities and debit.
Unit linked Insurance Plans(ULIP)

ULIP plans are a just another variant of Endowment plans. In this product, sum assured is paid out either in case of death OR return is assured over maturity of policy term. In ULIP plan, Portion of Premium is usually invested in Stock Market or debt market. However, Insured may allocation of fund similar to mutual fund. Only difference between mutual fund & ULIP plans are that ULIP is combination of both insurance & investment whereas mutual fund is purely an investment tool.

Money Back Policy
  1. This is also another type of endowment life insurance wherein customer pays periodic premium over specified term and starts receiving return over periodic intervals until survival or sum assured at event of death.
  2. Unlike ULIP plans, it has low risk exposure and gives assured return on investment.
  3. Children education plan or Retirement pension plans are usually example of money back policies.
Additional Coverage/Riders under Life Insurance

These are riders may be opted in any category of life insurance such as term life, whole life, ULIP, money back or any other endowment plans. There are variety of Coverage/Riders offered under life insurance by insurance companies such as

  1. Critical Illness Rider: Additional Financial compensation on being diagnosed by Critical Illness
  2. Disability Rider: Additional financial compensation on being disabled as stated in policy
  3. Accidental Death Benefit rider: Additional financial compensation on event of death due to accident
  4. Term Rider: Offers monthly income to nominee on death of life assured
  5. Waiver of Premium rider: Policy holder does not required to pay future premium in the event of accident or mishap as defined in rider terms & condition
  6. Hospital Daily allowance rider: Additional financial help for every day hospitalization

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IRDA Registration Number : 704 | CIN : U66000HR2019PTC082383 | Category : Direct Broker (Life & General including Health) | License Period : 17-04-2020 to 16-04-2023

IRDA Registration Number : 704
CIN : U66000HR2019PTC082383
Category : Direct Broker (Life, General, Health)
License Period : 17-04-2020 to 16-04-2023

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