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Aegon Life launches 1-year term insurance with COVID-19 cover. How to buy using the Flipkart app

Aegon Life launches 1-year term insurance with COVID-19 cover. How to buy using the Flipkart app

May 28, 2020, 12:03 PM IST

This launch is aimed to provide Flipkart customers with a comprehensive insurance cover against COVID, that can be availed on the Flipkart app along with the base life insurance plan. Customers up to the age of 50 years can buy this policy.

Term insurance policy premium may rise again in coming 3 to 6 months

Term insurance policy premium may rise again in coming 3 to 6 months

May 23, 2020, 10:15 AM IST

Term insurance premiums are calculated on the basis of mortality rate and expected claims outgo, and accordingly, re-insurers fix the re-insurance premium that they charge insurance companies.

Insurers to soon offer e-KYC to make buying life insurance policies easier in lockdown

Insurers to soon offer e-KYC to make buying life insurance policies easier in lockdown

Apr 25, 2020, 03:21 PM IST

The latest circular by the regulator will help enable the policy purchase and KYC fulfillment process in a distance mode where customers can do it from the comfort of their houses just with the click of a button.

Ulip holders may get option to stagger maturity payments to cushion current stock market impact

Ulip holders may get option to stagger maturity payments to cushion current stock market impact

Apr 8, 2020, 02:16 PM IST

Where unit-linked policies mature and fund value is to be paid in lumpsum, Life Insurers may offer staggered settlement option to policyholders. This onetime option is regardless of whether such option exists or not in the specific product.

Force majeure clause won't apply to coronavirus death claims in life insurance policies

Force majeure clause won't apply to coronavirus death claims in life insurance policies

Apr 6, 2020, 12:03 PM IST

The Council also confirmed that the clause of ‘Force Majeure’ will not apply in case of COVID-19 death claims. This step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause.

Cost of term insurance likely to increase soon

Cost of term insurance likely to increase soon

Apr 2, 2020, 10:08 AM IST

An insurer generally works on a concept where they create a fund through premiums (paid by all their policyholders) and pay the insurance claims of those policy holders who die each year, from this fund.

Partial withdrawal from life insurance policy reduces sum assured

Partial withdrawal from life insurance policy reduces sum assured

Mar 21, 2020, 09:42 AM IST

You have to be at least 18 years of age to make a partial withdrawal. You are allowed to partially withdraw money only after the completion of 5 policy years and also only if all due premiums have been paid on time and the policy is in force.

Are deaths due to coronavirus covered by life insurance policies?

Are deaths due to coronavirus covered by life insurance policies?

Mar 18, 2020, 12:26 PM IST

It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance policy acceptance and premiums, if you are currently in the application process stage.

Life insurers to insist on medical tests to keep term insurance rates under check

Life insurers to insist on medical tests to keep term insurance rates under check

Mar 5, 2020, 10:25 AM IST

Term insurance policies — contracts which compensate only in the event of death without any survival benefits — have crashed more than 50% since liberalisation. Companies have offered term insurance of up to Rs 1 crore for rates as low as Rs 6,000.

How is life insurance premium calculated?

How is life insurance premium calculated?

Feb 25, 2020, 09:51 AM IST

A life insurance policy is a contract between an insurer and a policyholder. To make the contract valid, a premium amount is paid by the policyholder at the time of buying the policy and later at agreed intervals of time.

Check the IRDAI death claim settlement ratio of life insurers for the year 2018-19

Check the IRDAI death claim settlement ratio of life insurers for the year 2018-19

Feb 22, 2020, 10:53 AM IST

The claim settlement ratio reveals the percentage of claims the insurer has paid out during a financial year. In simple words, CSR is defined as percentage of insurance claims settled by an insurer compared to the total number of claims received.

Life insurance policy guidelines set to change from February 1. Here's how it will impact you

Life insurance policy guidelines set to change from February 1. Here's how it will impact you

Jan 29, 2020, 10:32 AM IST

New guidelines for Ulips and traditional life covers will come into effect from February 1.

How to decide life insurance policy term

How to decide life insurance policy term

Jan 20, 2020, 06:30 AM IST

You must ensure that you maximise the amount that you contribute towards building your retirement corpus. This will allow you to take a considered view, as to when your dependents will cease to be your dependents.

How to select the right life insurance policy

How to select the right life insurance policy

Jan 6, 2020, 06:30 AM IST

Personal accident insurance will cover the loss of income in case an accident leads to temporary disability.

Life Insurance: What has changed during the year and how it affects you

Life Insurance: What has changed during the year and how it affects you

Dec 20, 2019, 09:59 AM IST

IRDAI has further simplified both traditional and ULIP products offered by life insurers.

When reading policy benefit illustration, remember this

When reading policy benefit illustration, remember this

Dec 17, 2019, 03:54 PM IST

The benefit illustration of a life insurance policy shows how returns on the money invested will be earned/calculated. While reading the life insurance benefit illustration, you must keep a note of the following points.

Have too many life insurance policies? Here's how you can evaluate them

Have too many life insurance policies? Here's how you can evaluate them

Dec 9, 2019, 06:30 AM IST

Insurance is primarily a protection against unexpected loss in the value of an asset or the income it can generate. Therefore, the simplest way to evaluate is to ask what you are paying and what you would get.

Don't have money in your bank account to pay LIC premium? You can use your credit card

Don't have money in your bank account to pay LIC premium? You can use your credit card

Dec 4, 2019, 10:19 AM IST

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

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