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What do you mean life Insurance Policy?
Everyone dreams of a stress-free life surrounded by their loved ones. Family is precious; we strive to care for their emotional and financial well-being. Our deepest wish is to see our family members happy, safe, financially stable, and protected from adversity. We explore various investment options to secure our savings for a better future.
Many believe that financial security holds equal significance to our physical and emotional health. It’s important to protect our family’s financial future by making informed decisions, especially considering unexpected events. The future is unpredictable, but by making timely and wise choices, we can mitigate these uncertainties.
Choosing the best life insurance policy holds immense importance. It acts as a safety net, providing financial stability in times of unexpected loss while also granting the flexibility to enjoy financial independence and returns. A well-chosen policy offers timely support for your family, covering debts and everyday expenses. Additionally, it doesn’t hinder life goals but rather aids in achieving them.
Simply put, your insurance company pays a predetermined lump sum to your family, as outlined in your policy’s coverage. This payment goes to either the nominee or the insured individual after a set period or in the event of the insured’s passing, in return for the premiums paid.
What do we mean by the term?
A life insurance policy involves an agreement between an individual and an insurance company. In this agreement, the company pledges to provide a coverage amount to the insured person or their chosen beneficiary. This payout occurs either at the end of a specified term or upon the insured’s passing, whichever comes earlier. In return, the insured pays regular premiums, a predetermined sum of money. It’s a smart investment that not only covers the risk of death but also offers financial security.
A life insurance policy brings peace of mind to you and your family, granting the freedom to enjoy financial security.
What's the importance of having a Life Insurance Plan?
To secure your family's protection
Family means everything. Keeping them safe and secure is just as crucial as taking care of them every day. Your spouse and children prefer a net of financial safety around them. Imagine if something happened to you out of the blue – your family might face financial difficulties and lots of things to manage alone. A life insurance plan is like a strong shield that protects your family's finances. That's why investing in a good life insurance plan not only keeps them safe but also helps you get good returns for the future.
To Increase Your Savings
Saving is super important because money power is everything nowadays. Even if you're just starting your job, some life insurance plans are great for saving and investing money. If you like the idea of investing in stocks and bonds, there are plans called ULIPs (Unit Linked Life Insurance Plans) that work well for that. Plus, investing in life insurance can also help you save on taxes.
For coverage against illnesses
Today, it's common that both medication and hospitalization are very expensive. When you get sick or face a medical emergency, it can drain your savings fast. As you get older and near retirement, having life insurance that covers serious illnesses gets really important. Some policies protect you from major health issues like heart attacks, Alzheimer's, cancer, and more. It's a good move to get these life insurance plans to protect yourself. We are the best insurance brokers in India and will help you see why you and your family always need the best life insurance policies in the country.
Why choose the best Life Insurance Plan?
Financial and investment decisions should be taken with intelligence. The best life insurance plan comes with many benefits which are mentioned below. That’s why it’s smart to pick a plan after weighing these factors carefully.
Tax Deductions
We all want to cut down on our tax bills. With Section 80C of the Indian Income Tax Act, 1961, buying a life insurance policy lets you claim a direct tax deduction of up to 1.5 lakhs every year. Plus, the money you receive when your insurance policy matures is tax-free, following the conditions in Section 10(10D) of the Income Tax Act, 1961. Just keep in mind, that these laws can change since they're subject to amendments by the government of India.
Peace of Mind
When you've got the best insurance policy that covers risks well, your mind can relax without worry. Knowing your family's future needs are taken care of brings peace of mind and builds their trust in your planning.
Guaranteed income post-retirement
Most private jobs don’t come with pension options, and even in some government roles, pensions are limited. However, investing in a life insurance plan with good coverage and a good maturity date can be a great way to secure your finances for retirement.
Take care of business
Running a business, especially in a partnership, comes with its challenges. If a partner unexpectedly passes away and holds a stake in the company, it can cause chaos and financial stress for the business and the family. That's why some insurance companies provide an option: if a policyholder passes away, their partners can legally buy the deceased partner's share in the company. The money gained from this sale goes directly to the policyholder's family. To buy the share in such cases, the partner needs to sign an agreement with the insurance company, outlining terms that suit both sides.
Child’s Higher Education
Education costs are soaring, making it tough for students who often resort to hefty bank loans. A reliable life insurance plan offering guaranteed returns can be a smart way to prepare for your children's higher education expenses without stress.
Online Payment Discount
A lot of folks in our country aren't aware that opting for online premium payments can lead to substantial discounts. It happens because when you pay online, the insurance company cuts down on administrative and service expenses. Plus, skipping the paperwork saves time and money for both the insurance company and the policyholder.
Wealth Creating Opportunity
ULIPs bring the benefit of coverage along with the added advantage of market-linked returns on your investment. It's an extra opportunity to grow your wealth.
So, these are the reasons why you should always opt for the best life insurance plans.
Which key terms related to life insurance policies should you be aware of?
At MyPolicyExpress, we’re committed to sharing vital information with both current and potential customers. Check out these important terms below and give them a quick read. Understanding these terms is key before making any life insurance policy purchase.
Policyholder
The one purchasing the life insurance policy is known as the policyholder. Typically, this individual is also the one covered by the policy. But at times, the policyholder might be someone else, such as a family member or relative, not necessarily the insured person. In cases involving corporations or partnerships, the policyholder could be distinct from the insured person. The policyholder holds the rights and enjoys the benefits outlined in the life insurance contract or policy document.
Life Insurance Premium
During this period, the insurance policy offers coverage to the insured individual. It's important to note that the coverage duration might not align with the premium payment period. This time frame, often called the policy tenure, marks the maturity of the policy once it concludes.
Life Insurance Premium
The payment you make to your insurance company regularly keeps your policy in force and provides life coverage. Factors like coverage amount, age, lifestyle, and policy duration affect the premium amount. If you miss paying the premium by the due date (including the grace period), your policy can lapse.
Life Assured
This individual's life is protected against the risk of death by the insurance provider as stated in the insurance policy. Remember, the policyholder might not necessarily be the same person who bought the policy.
Nominee
In life insurance, the nominee is the individual entitled to receive the payment if the insured person passes away. The policyholder has the freedom to choose their nominee, who can be a family member or someone else of their choosing. Typically, the nominee's name is specified during the purchase of the life insurance policy.
Sum Assured
The sum assured is a fixed amount of money that determines the coverage for the insured individual. It's what the policyholder's family or nominee receives in case of the insured person's passing. This sum is decided upon by the policyholder in consultation with an insurance advisor and is clearly stated in the insurance policy documents. It's calculated based on the evaluation and needs of the insured person.
Insurance Riders
Riders are added perks that a policyholder can include in their policy by paying an additional premium. They're optional and adaptable, enhancing coverage and financial protection for family members while reducing the risk of financial hardship in case of the insured person's unexpected passing.
Date of Maturity
The date of maturity marks the end of your policy term. On this date, the policy reaches maturity, and the assured sum is paid out to the insured individual by the insurance provider.
Death Benefit
The death benefit is the amount paid by the insurance company to the nominee if the policyholder passes away while the policy is active. It's distinct from the sum assured. The death benefit can be different from the sum assured as it may include additional benefits from riders, making it either less or more than the initially assured sum.
Premium Payment Mode and Frequency
This is about how a policyholder decides to pay their premium, whether it's done online or offline. It also outlines the frequency of premium payments, whether it's every six months, quarterly, or annually. This choice is made at the time of purchasing the policy and is always outlined in the policy documents.
Life Insurance Grace Period
For the policy to stay active, the policyholder needs to pay the premium by the due date. If the premium isn't paid even after the grace period, the policy lapses, becoming a lapsed policy. Certain insurance companies provide policyholders with the chance to reinstate a lapsed policy by paying the overdue premiums on time.
Lapsed Policy
To maintain an active policy, the policyholder must pay the premium by the due date. If the premium remains unpaid even after the grace period, the policy will lapse, becoming a lapsed policy. Some insurance companies provide an opportunity for policyholders to reinstate a lapsed policy by settling the overdue premiums promptly.
Claim process
The claim process entails the nominee providing documentation to receive the assured sum in the event of the insured person's passing. To access the money, the nominee is required to file a claim.
Exclusions
Certain aspects are excluded from the policy coverage and remain uncovered. These details are clearly outlined in the policy document for the policyholder's awareness. If a claim is made under these exclusions upon the insured's demise, the company is not liable to pay the assured sum or any other benefits to the nominee.
What are the different types of life insurance plans insurance company generally providing you in our country?
Endowment Plans
It combines savings and life insurance into one type of policy. When you purchase this plan, you'll get both life cover and savings benefits. If the insured person lives through the policy term, they'll receive a maturity benefit. He'll also receive occasional bonuses (if the insurance company declares any). Compared to other insurance plans, endowment plans have a lower risk factor regarding the return on investment. However, a lower risk also means a lower return.
Money-back Plans
This plan offers a straightforward concept: ensuring a specified percentage of the sum assured, even after the policy term ends. The insured receives the assured sum at set intervals throughout the policy term. It's a great choice for those looking for a savvy investment option with the perks of liquidity and interest.
Retirement Plans
These plans are designed to improve your retirement life, just as their name indicates. ¬¬¬¬-Retirement plans, also called deferred pension products, offer a predetermined pension based on your chosen coverage after your insurance policy's term period ends. If something happens to you unexpectedly, the person you've nominated will receive immediate payment. If you make it through the insurance policy's term period, you'll consistently receive the vesting benefit. Retirement plans usually offer money either monthly, annually (or as agreed upon when getting the policy), or in one lump sum once the insured person turns 55-60.
Life Insurance Plans
Term insurance is the simplest and most cost-effective life insurance plan. It provides a substantial sum assured at reasonable and adaptable premiums. If you pass away unexpectedly, the insurance company will give your nominee the sum assured. These plans usually require low premiums, but if the insured person lives through the policy term, the company doesn't have to pay anything to anyone. A top-notch term insurance plan offers comprehensive coverage at a competitive price.
Children’s Plans
Children's plans are designed to offer financial support for your kids' future needs. The support provided could be for various reasons like education, starting a business, or marriage. Children’s plans allow you to invest in different funds based on your financial situation and long-term goals, giving you flexibility. Essentially, this plan helps the policyholder build funds for their child's future. This plan gives benefits either yearly installments or a single payment once the child turns 18. If something happens to the policyholder, the insurance company pays out the benefit right away to the nominee listed on the policy.
Unit linked insurance plans
ULIPs, short for Unit Linked Insurance Plans, are special insurance plans that give you the double advantage of life coverage and investment opportunities. With this plan, some of your money goes into various funds (like bonds, mutual funds, and the stock market), while the rest of the money is used to provide you the life cover. If something happens to you, this plan provides a payout to your nominee. If you live through the term, it also offers a maturity amount to you as the policyholder. The maturity amount mainly relies on the choices you make with your investments, not just the profits of the insurance company.
Whole Life Insurance Plans
This plan offers broad life coverage for the policyholder's entire life, and in some cases, companies even extend this coverage up to 100 years. When selling the policy, the insurance company calculates the assured sum. After the policyholder passes away, this amount is given to the nominee. This plan offers life coverage throughout the insured person's entire life, just as the name suggests.
How much coverage should I consider for my life insurance policy?
The life insurance cover in a policy is the assured sum that protects against major risks. This amount is decided based on various factors such as age, family member, occupation, and the features of the chosen plan, among other personal considerations. As a general guideline, experts often suggest aiming for 10 to 20 times your annual earnings as the coverage. For instance, if you earn around 10 lakh rupees annually, ideally, your insurance coverage should fall between 1 and 2 crores.
For example, Let’s say I’m 25 years old and unmarried. I do not have any family members who are dependent on me. Also, I do not have to pay any loan in the present or near future. I don’t travel much since I work a regular 9-to-5 desk job. My lifestyle is healthy too. This means that my life insurance policy does not require much coverage. 10 times my annual earnings will do all the favors to me, and it will be sufficient. The cover you purchase through your life insurance policy should clear all your outstanding liabilities, take care of your spouse and children, and provide you enough money for your children’s education and marriage. Sometimes, the choices you make with investments also determine the amount of coverage you should consider. If any family member has a particular disease, then medical bills will also increase your expenses. Moreover, the cover should be decided depending on all these variable factors. When figuring out the coverage, consider your family’s expected yearly expenses as well. Make sure the coverage is sufficient to meet all your family’s needs and requirements at any given time. Therefore, make smart decisions and choose carefully.
You can take the advice of the best insurance brokers in India to help you out choose the exact cover which is right for you.
What duration would be suitable for the Life Insurance Plan I should consider?
Selecting the right timing for your life insurance policy is as important as determining the ideal coverage amount. Usually, life insurance aims to protect your financial stability and personal risks during your working years and earnings. This coverage period often aligns with the conclusion of your working age, typically around 57 to 60 years old. However, improved health and extended family responsibilities might extend your working life, reaching up to 70 years or beyond.
Insurance experts recommend choosing a life insurance term that accounts for all outstanding debts, secures your children’s education and marriage expenses, and ensures your financial independence. A reliable insurance company can guide you in selecting the optimal term length for your life insurance policy.
What do life insurance riders cover, and why are they considered valuable benefits?
Insurance riders act as add-ons that amplify the coverage of a standard life insurance policy, enabling policyholders to tailor their plans according to their unique requirements. Understanding each rider and its benefits before integrating it into your policy is crucial. Adding riders solely to expand coverage without comprehending their significance can be unwise. Hence, it’s advisable to acquaint yourself with the available riders, comprehend their functions, and judiciously include them in your policy based on your specific needs. In the following section, we’ll provide concise insights into individual riders, elucidating their advantages to simplify comprehension for policyholders.
Critical Illness Rider
The advantage of this rider varies between insurance companies. This rider covers diseases like heart attacks, comas, paralysis, and cancer. Alzheimer’s, stroke, kidney or lung failure, etc. It's recommended for the policyholder to check which illnesses are covered by their insurance provider, as not all providers cover the same diseases. If any of these diseases occur in the future, the insured might have to cover the medical expenses from the assured sum. The important point to remember is that the insured needs to live through the waiting period specified in the policy to access this benefit. Furthermore, individuals who smoke heavily or living an unhealthy lifestyle might not receive this advantage from the insurance company.
Premium Waiver Rider
Sometimes, if someone becomes disabled or passes away, they might struggle to pay the premium because they're unable to earn an income under such circumstances. When the policyholder can't pay the premium, there's a risk that the policy might not continue in such situations. In situations like these, a premium waiver rider steps in. It helps by covering the premium when the insured can't pay, keeping the policy active. The future is uncertain, but including premium waiver riders can help protect against these risks in our policies.
Accidental Permanent Disability Rider
If the insured face temporary or permanent disability due to an accident, this rider ensures their family receives a monthly income when they can no longer work or manage their business. The coverage duration is predetermined and differs among insurance providers. For frequent travelers, considering accidental permanent disability riders could be beneficial.
Accidental Death Benefit Rider
By including this rider in their insurance policy, if the insured were to experience accidental death, the nominee receives an additional benefit alongside the assured sum. In essence, this rider provides supplementary support to the nominee if the insured passes away due to an accident. Some insurers now extend coverage for accidents beyond the immediate occurrence, broadening their protection. It's crucial to review this provision before adding the rider, as the timeframe for accident-related death coverage may vary across companies. For individuals frequently traveling for work or having higher-than-average driving activities, incorporating this rider is recommended.
Hospital Cash Rider
Policyholders seeking coverage for emergency hospitalization expenses should consider selecting this rider. With the hospital cash rider, the insured individual receives a set amount from the insurance company during emergency hospitalization. The payout from the company might differ based on the chosen plan and the assured sum. So, it's recommended to go through the terms, and compare plans from various companies before adding this rider to your policy. Get in touch with the best insurance agents to help you find the riders that best suit your needs.
How do you file a life insurance claim for your policy in various situations, and what documents do you need for it?
Filing a life insurance claim and receiving a payout might seem tough, but it’s actually straightforward, similar to buying the policy. Once you know the process, it’s about getting the right documents ready. Understanding how to do it and having your papers in order is key. We’ll guide you through the steps for making a life insurance claim in different situations.
Documents Required
Reports such as post-mortem reports, hospitalization certificates, or doctor’s certificates (if needed in your case), along with investigation reports from police inquiries.
The beneficiary's identification documents (like Aadhar, passport, voter ID, and PAN card) along with their bank account details and a canceled cheque copy. After you provide these mentioned documents, the insurance provider will check and confirm them. Once the verification is done, the insurer will proceed to settle the claim, typically within a maximum of 30 days. Once the documents and process are approved, the insurer quickly transfers the amount to the nominee’s bank account.
To file a claim at the event of maturity
When the insured person completes the insurance policy's term without any issues and has paid all premiums on time, they get to enjoy the benefits of maturity. Usually, the maturity date is the last day of the policy term.
When the policy is close to its maturity date, the insurance company tells the insured about it. They share details like the maturity amount and date. The company sends a discharge voucher to the insured, who needs to sign it and return it with the original policy copy. If someone else is the nominee, they'll sign the discharge voucher. By following these steps and meeting the terms, the company gives all the maturity benefits to the nominee.
To file a claim in the event of a death
When the nominee needs to inform the company, it's best to call instead of emailing. Then, they'll need to share important details like the policyholder's name, policy number, place of death, and other necessary information. If the policy was bought online, it's easy to log into the website and file the claim there. For policies bought offline, a claim form needs to be submitted to the company. The company's team will review the documents and approve the claim, transferring the amount to the beneficiary's bank account soon after. Sometimes, the insurance company might ask for more details from the nominee.
Note
If the policyholder passes away while the maturity claim is being processed, it's still considered a maturity claim. In this case, all the benefits will be provided according to the maturity policy.
What factors should you consider to identify the best Life Insurance Company?
The top insurance or broking companies ensure that all clients, existing and potential, get the promised benefits from their services. At MyPolicyExpress Insurance Brokers Private Limited, we’re committed to offering our clients the following advantages every time.
Fastest Claim Settlement Process
When it comes to settling claims, rest assured, we offer the quickest and hassle-free service. Our claim settlement ratio outshines other broking companies, making MyPolicyExpress the favored insurance company among people.
An exceptional Management Team and Skilled Insurance Agents
Our clients believe our insurance agents are the finest in the city. Over the years of providing outstanding service, we've built a team of well-trained and up-to-date agents who deliver unmatched services. Regular development meetings help our brokers become the best in the field.
Transparency in Dealings
Our brokers and agents always share important information with customers. We believe in being transparent in all our dealings.
Timely Reminders About Premiums
All our customers consistently meet their premium payment deadlines. Our system automatically reminds you to pay premiums, ensuring there's no chance of your policy lapsing.
Hustle-free Service for Everything
We strive to offer fast and easy solutions, whether it's expert advice or policy details. Our aim is to provide satisfying answers to all client questions and ensure they're fully supported through our services.
Technically Developed Channel
We regularly update our website, app, and all online platforms to keep them current. The software which we use in our dealings is the best in the market. Also, our tech team is skilled at fixing any technical issues within a few hours. Also, to determine the top life insurance company, check out its technological advancements.
Trained Continuity of Care Record (CCR)
If we achieve 100% customer satisfaction, it means our customer care team is doing an excellent job. We teach our customer service representatives to offer personalized solutions to both current and potential clients.
Customers Review
Customers always speak the truth. A high customer satisfaction rate and their reviews show how well the company operates and its reputation. Before choosing a plan, it's wise for potential clients to look at reviews of the insurance provider. At MyPolicyExpress, our extensive collection of customer reviews proves that we excel in our field.
Over these years of great service, we’ve trained the best insurance agents in India for POS (Point of Sale) policies.
Why you should buy a term insurance policy?
The main reason for you to buy a term life is because of the several advantages it offers in terms of return on investment.
- Term insurance plans are an excellent way to build a financial safety net.
- Policyholder can choose the sum assured under term insurance policies so that it offers them with sufficient coverage.
- Term insurance plans offers the policyholder with a fixed term coverage.
Term life insurance that is right for you
Term life insurance plays a big part in safeguarding your loved ones. Term life insurance is important for anyone who has financial dependants. Every ones that includes parents, married couples, corporate business people, entrepreneurs, investors, professionals with dependent parents etc. My Policy Express offers coverage for a specific period of time. Our term life insurance covers provides a financial benefit to the nominee in case of the unfortunate demise of the insured during the policy term.
Protection of the Assets
- Let's you to take suitable loans for assets like a house a car
- Minimize the burden of loan settlement if you are not alive with your family
- The term insurance policy pay-out in pay the outstanding loan amounts
Your Family’s Dependency
- The money from the term insurance policy can be utilized as per your interest
- Term insurance is highly effective in terms of fulfilling essential life goals
- It helps with you education and marriage of your child even if you are not around
Risks Associated to Lifestyle
- The present-day lifestyle problems may lead to a range of ailments and diseases
- The term insurance plans will safeguard your dependents and loved ones after the death
- iIt pays on the diagnosis of some critical illnesses namely heart attack, cancer, etc.
Frequently Asked Questions
It is the duration for which the insured is covered under a life insurance policy. It can be different from the premium payment term/period during which you need to pay a life insurance premium.
Maturity date is specified in the Schedule, on which the Policy Term expires. It is stated by taking into consideration the age of the insured and differs basis the date on which the policy was issued.
Riders are essentially features, which are in addition to basic benefits under the Policy. These include accidental death benefit rider, critical illness rider, and waiver of premium rider.