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Life insurance policy with us

We know you love your family and you would go out of your way to protect them from any financial difficulties. To maintain their lifestyle you must have made investments. But, the right life insurance cover will protect them from unexpected financial shocks.

Ideally, the cover should take care of major liabilities such as home loans. As a rule of thumb, life cover should be at least 10 times your gross annual income at the time of buying the policy. Pure term life insurance plans offer the highest life cover for any given premium.

Pure Term Life insurance policies are protection plans that offer life cover during the policy and there is no benefit if the policyholder survives the term. These plans should be treated like a risk cover for your future earnings just like businesses insure their factories, offices and key capital equipment.

Pure term life plans are the cheapest way to provide financial protection to your family. It should be the first insurance policy a working professional should buy if he/she has dependent/s.

The Return of Premium term policy gives back to the policyholder all the premium paid during the policy term if she/he survives the policy term. For example, consider a return of premium term policy with a life cover of Rs 50 lakh and annual premium of Rs 20,000 to be paid for 25 years. The policy tenure ends when the policyholders turn 60 years of age. The family will receive Rs. 50 lakh in case of policyholder’s demise during the policy term. However, the policyholder will get back the cumulative premium of Rs. 5 lakh (Rs 20,000 X 25) if she/he survives the policy (i.e 60 years of age).

This policy is the best for people who believe that pure life term plans are a waste of money and are confident of their good health even in the latter half of life. The catch is that the premium return feature comes at the cost of a small reduction in life cover or higher premiums compared to a pure term plan.

In life insurance it's always best to start early. The best time to buy a term plan is between the age of 25 and 35, when you are early in your working life and enjoying the best of health.

An early investment will translate into low premium and maximum life cover. But if you are past this age and still wish to invest in a term plan then don’t delay it beyond the age of 40. While many life insurance companies now offer term plans till 60 years of age, the premium becomes very prohibitive once you cross 45 years and life cover (sum assured value) also reduces. This defeats the whole purpose of investing in a term plan.

It’s never easy to talk about death with your family when you are alive. It may be painful, but the discussion can prepare your family for the worst. So, it’s important to have a nominee for a hassle-free death benefit claim from the life insurance company.

In the absence of a nominee, your dependents will have to go through many legal and administrative hoops to claim the death benefits which may put them in financial difficulty in the interim period. In the worst case, this may defeat the very purpose of buying a life insurance policy.

The beneficiary mentioned by you in the policy can file a claim with the insurer by submitting a certified copy of the death certificate.

Most Indians refrain from discussing the possibilities of death and life insurance with their families. But if your family is not aware of your term policy details, they will not be able to make any claim in the unfortunate event of the insured’s death. The absence of the primary earning member will land them in financial difficulty while your hard-earned money will remain unclaimed with the insurer. So it is of utmost importance that your family members know about your term policy details, and savings and investments.

Claim settlement ratio is the percentage of claims settled by an insurance provider in a year out of the total claims received that year. The higher the ratio, the more reliable and prompt the insurer is in claim settlement.

Return of Premium Term Policy makes the policyholder eligible for a refund of the premiums paid on a term life insurance policy if she/he survives the policy term.

It is worth investing in this product because under Section 80C, the premium paid towards the term plan is tax free. Even the premium refund in case of no death is treated as tax-free under Section 10(10D).

Having a nominee makes it easy to claim the death benefit from the life insurance company. In the absence of a nominee, your dependents will have to go through many legal and administrative hoops to claim the death benefits which may put them in financial difficulty in the interim period. In the worst case, this may defeat the very purpose of buying a life insurance policy in the first place.

The beneficiary or the nominee mentioned by you in the policy can file a claim with the insurer by submitting a certified copy of the death certificate.

Most Indians refrain from discussing the possibilities of death and life insurance with their families. But if your family is not aware of your term policy details, they will not be able to make any claim in the unfortunate event of your death. The absence of the primary earning member will land them in financial difficulty while your hard-earned money will remain unclaimed with the insurer. So, it is of utmost importance that your family members know about your term policy details.

Claim settlement ratio is the percentage of claims settled by an insurance provider in a year out of the total claims received that year. The higher the ratio, the more reliable and prompt the insurer is in claim settlement.

It is always prudent to buy a life insurance policy that will cover all your financial liabilities and goals in the event of your demise. So, if your home loan alone is Rs.50 lakh, you may need a cover of minimum Rs. 50 lakh so that in case of your demise, your family can use the insurance proceeds to pay off the loan. The thumb rule is to go for a life cover that is at least 10 times your gross annual income at the time of buying the policy. A pure term plan is enough to cover this need.

Alternatively, you can opt for a loan protection plan offered by your bank when you avail a home loan.

Having a nominee makes it easy to claim the death benefit from the life insurance company. In the absence of a nominee, your dependents will have to go through many legal and administrative hoops to claim the death benefits which may put them in financial difficulty in the interim period. In the worst case, this may defeat the very purpose of buying a life insurance policy in the first place.

The beneficiary or the nominee mentioned by you in the policy can file a claim with the insurer by submitting a certified copy of the death certificate.

Most Indians refrain from discussing the possibilities of death and life insurance with their families. But if your family is not aware of your term policy details, they will not be able to make any claim in the unfortunate event of your death. The absence of the primary earning member will land them in financial difficulty while your hard-earned money will remain unclaimed with the insurer. So, it is of utmost importance that your family members know about your term policy details.

Claim settlement ratio is the percentage of claims settled by an insurance provider in a year out of the total claims received that year. The higher the ratio, the more reliable and prompt the insurer is in claim settlement.

Before choosing a product from an insurance company, check its claim settlement ratio. It is calculated by dividing the number of claims settled by the total number of claims received in a year. If the difference in insurance premium is not too big, choose an insurance company with a high claim settlement ratio.

Life cover is also called 'death cover' and it pays a lump sum amount of money known as sum assured to your dependents in case of your death.

A death benefit is a payout to the claimant or beneficiary of a life insurance policy in case of the policyholder’s death.

Survival benefit is the amount received by a policyholder at the end of a policy term if she/he survives the term period, the policy is active and there has been no default in premium payment.

Broadly, life insurance plans can be classified into pure risk-coverage plans, and savings and investment plans with a modest amount of life cover on top.

Pure-risk cover plans protect the life and the earnings of the policy holder and provide financial support to the beneficiaries in the event of death. The savings and investment plans compete with other products such as banks fixed deposits, post office FDs, corporate deposits or mutual funds and offer some life cover as well.

A comprehensive car insurance policy provides standard and mandatory coverage like accidental damage, theft and third-party insurance. But go for an add-on cover if you want additional benefits such as zero depreciation, roadside assistance, engine protect, consumables cover, return to invoice and loss of personal belongings among others. Add-on covers reduces your financial burden in an event of an accident.