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.
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.
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.
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.
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.
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.