Insurance is a must for all Individual, for cover against uncertainties. Mutual Fund investment is needed for all individual for Wealth Creation
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Insurance is highly necessary in the modern world as uncertain risks are on the rise by the day. Insurance is an arrangement between the insurer and the insurance company to provide monetary benefit to the former in the case of contingent, unforeseen instances. A wide spectrum of personal and commercial belongings can be insured by the owner in case of theft, fire, traffic collisions, material damage, third party liabilities, etc.
Life insurance is a policy between the insured and the insurance provider where the insurer promises to pay a beneficiary a sum of money in exchange for a premium, in the event of death. Life insurance is essential to keep your family protected of all risks and even acts as a good backup plan, if any mishaps were to happen.
In the event of an accidental death, which includes death by vehicular accident, homicide, exposure, etc., the insurance company will pay in addition to the benefits held by the life insurance of the bearer.
A part of the premium paid by the user is used for his insurance, while the remaining amount of the premium is invested in various debt and equity schemes, hence making it a wise option for the insurer.
A term insurance plan is implemented with no complicated paperwork and involves paying an affordable premium throughout. The best part about a term insurance is not just the fact that it offers a guaranteed cover to your loved ones, but also provides you with tax exemption. The customer can choose the term of pay up to 40 years.
Whole life policy is a plan provided by the insurer wherein the policy is guaranteed to remain in force throughout the life of the insured, provided that he/she pays the premium diligently.
An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured, helps the policyholder save regularly over a specific period of time. At the end of the policy term, he/she is able to get a lump sum amount on the policy maturity in case he/she survives it. Sometimes, the lump sum amount is released even in the case of terminal illness.
Money back policy liquefies the amount released at the end of the policy term where the insured person gets a percentage of sum assured at regular intervals, instead of getting the lump sum amount at the end of the term.
Pension is a fund which takes a part of the employee’s wage during his active years, for the amount to be released after his retirement in the form of monthly releases.
Child plans are insurance cum investment plans that help an individual create a corpus for children's future, over a period of the policy term. Upon the maturity of the plan, these plans validate as a lump sum amount which can be used to pay your child's college fees or marriage expenses.
Keeping these in mind, you can choose a plan that best fits your needs. To find insurance agents around you, scroll up to see our comprehensive list. To assist your search for the best service providers, we also additionally have ratings and reviews from users who have availed the service.
People insure their cars against any theft or damage, their homes in case, anything goes wrong, but they forget the most valuable thing of all; their lives. It’s comforting to know that we have people around us who love and care for us deeply. But how would they manage if we are no longer around? The death of our loved ones comes with its own challenges. It is important to ensure that in this period of mourning and loss, life continues as comfortably as possible. The void created by the death of the family member is hard to fill but it should not disrupt the financial future of the family. Therefore, it is important to realize the value of life and get a life insurance.
It is an arrangement between the Insurance Company and the policy holder in which the insurer guarantees compensation for the loss of life in return for the regular payment of a specified premium. In Life Insurance, the name of the beneficiary is mentioned in the contract who gets the specified sum from the insurance company in case of any mishap i.e. Loss of Life.
There are many types of life insurance policies that can aid you in meeting needs of different life stages:
|Life Insurance Plans||Policy Term||Sum Assured||Age (Min-Max)|
|Aegon Life iTerm Plan||5 - 40||10 Lakhs / NA||18 - 75|
|Aviva I-Life Plan||10 - 35||25 Lakhs / NA||18 - 55|
|Bajaj Allianz iSecure||10 - 30||20 Lakhs / NA||18 - 70|
|Bharti AXA eProtect||10 - 30||25 Lakhs / NA||18 - 75|
|HDFC Click2Protect Plus||10 - 30||10 Lakhs / 10 Cr||18 - 65|
|HDFC Life Sanchay||15 - 25||1,05,673 / NA||30 - 45|
|HDFC SL Crest||10 - 10||7 or 10 * Annual Pre / 20 * Annual Pre||14 - 55|
|ICICI Pru iProtect||10 - 30||3 Lakhs / NA||20 - 75|
|Kotak Life Preferred e-Term||10 - 40||25 Lakhs / NA||18 - 75|
|LIC AmulyaJeevan||5 - 35||25 Lakhs / NA||18 - 60|
|LIC New Jeevan Anand||15 - 50||1 Lakhs / NA||18 - 50|
|LIC Term Plan||10 - 35||50 Lakhs / NA||18 - 75|
|Max Life Online Term Plan||10 - 35||25 Lakhs / 100 Cr||18 - 70|
|SBI eShield Plan||5 - 30||20 Lakhs / NA||18 - 70|
|SBI Shubh Nivesh Plan||5 - 30||75,000 / NA||18 - 60|
Life insurance claims are classified as below:
Death Claims: In case of the death claim, the beneficiary needs to submit following documents:
Maturity Claim: In order to avail the maturity benefits of the life insurance, you need to submit the following to the insurer
The life insurance companies will ask for the following documents before issuing you insurance policy:
The factors that affect the premium of a life insurance are:
These are additional benefits which you can get along with your current life insurance policy at affordable rates. They are valuable tools that help you in expanding your life insurance coverage. There are different types of riders like:
In case of the death of the policy holder, the beneficiary is required to send claim intimation form to the insurer as soon as possible. Claim intimation must contain details like Date, Place, and Cause of Death. On successful submission of the claim intimation form, the insurance company will ask you for some additional information such as:
After successful submission of all the above documents, the insurer will verify the claim and settle the same.