Life insurance is taken to ensure the financial stability of your loved ones, after your death. Furthermore, this can be the best investment tool also. If your lifestyle and daily routine are risk-prone then you should take life insurance as soon as possible. Therefore, it is suggested that one should not wait for an exact time to purchase a life insurance policy.
In general, a claim can be rejected by the company in certain situations such as false details provided in the application form while purchasing the policy, a lapse of the policy due to non-payment of premium on time, type of death, or situations not covered in the insurance policy, any new illness or situation arises which are not covered in the insurance plan, etc.
The duration of the settlement of the claim can vary from company to company. Though, all the companies claim and try to payout the beneficiary the sum assured as soon as possible. Plans like New-Age Term Life Insurance can be settled within one business day after filing the claim.
The maximum and minimum age to buy a life insurance policy is not fixed, and it can also differ from company to company. However, most of the best life insurance companies in India have 18 years as minimum and 65 years as the maximum age to buy a life insurance plan.
Yes, you can appoint a minor person as your nominee. However, the appointee should have completed the age of 18 years.
The calculation of monthly premium depends on several factors such as age, gender, benefits included in the policy, type of insurance plan, sum assured, term period of the policy, occupation, and the results of your medical tests.
There is no maximum or minimum fixed criterion. The amount of cover depends on your financial need and your annual income. Experts suggest that you should take a life insurance cover that is equal to you 10 to 20 times of annual income.
Yes, you can cash your policy amount before your death. This depends on the cash value of your life insurance policy. The part of your life insurance policy that can be liquidated is known as the cash value of your policy.
According to the rule book of IRDA, if the insured person commits suicide within 12 months of purchasing the policy then the nominee will not get anything. In case, if this type of accident happens after 12 months, then the company pays all the amount of premium paid by the insurer to the nominee, after deducting the service charges. In certain cases, the nominee also gets the whole amount of sum assured. However, this varies from company to company, and condition to condition.
The paid-up value is correlated to the sum which a policyholder has paid to the company as premiums. This is the reduced value of the sum assured in can policy get lapsed.
A policyholder needs to pay the premiums on time at regular intervals to avail of the continuity of offered benefits. If he/she fails to do so even after the grace period then the policy gets lapsed. If anyone wants to revive a lapsed life insurance policy then he/she has to give a valid reason why the premium was not paid on time. Also, the company charges a penalty with the amount of premium and revives the policy.
No, you can’t. Any person suffering from a terminal illness is not eligible to purchase a regular life insurance policy.