"The new and value-loaded ULIP helps customers plan and achieve their financial milestones as per the changing life-stages along with financial security for their families," Bharti AXA Life Insurance said in a press release.
The premium that a policyholder pays when buying a life insurance policy depends on many factors. This premium also varies across insurers. Here's how insurers calculate and arrive at this amount and why it is different from insurer to insurer.
The Authority is in receipt of requests from life insurers to allow them to offer index-linked products. Current IRDAI, product regulations do not specifically permit insurers to sell index-linked products.
Term insurance plans offer the staggered payout option instead of lump-sum payout in the event of the death of the insured person. However, such payout options offer low returns. When should you opt for such an option?
Buying a term insurance plan is getting difficult due to the COVID-19 situation in India. The reason behind the same is the growing Covid-19 cases which have forced insurance companies to add a few questions in the term insurance proposal form.
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.
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.
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.
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.
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.
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.
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.
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.
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.