LIFE INSURANCE
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Life insurance is a contract signed between a person and an insurance company. In exchange for premium paid at regular intervals, the insurance company promises to pay a lump sum known as a death benefit to the beneficiaries of the policyholder after the death of the policyholder.
The intention of the life insurance is to provide a financial benefit to the dependents of the person buying the life insurance, to guard them against financial pitfalls in the event of the premature death of the insured person.
The death benefit that accrues to the beneficiaries upon the death of the insured person replaces the income that was earned regularly by the policyholder. This amount can be used by the dependents to pay off debts, meet living expenses and fund education and other long-term goals.
You can buy different types of life insurance plans, including term insurance, endowment plans, retirement insurance plans and Unit Linked Insurance Plans (ULIPs). You can buy life insurance online as well, in simple steps. Buying life insurance online is a simple way to make sure your loved ones will continue to be financially secure in your absence.
Buying life insurance does not just help provide financial support in the event of the insured person's untimely death, but it can also be a sound long term investment by helping you meet your life goals such as children's education, your retirement corpus or buying a second home.
Rules for Beneficiaries Claiming Life Insurance
Your claim intimation will need to comprise elements such as policy number, name of the policyholder, place of death, name of the insured, name of the claimant, etc.- The nominee will first have to fill a few death claim forms and also provide some proof of death. Once the form is filed with the life insurance company, then it is established that the company has got a death claim.
- Next, the nominee will need to assemble all the appropriate documents that serve as proof.
- Then, the nominee will need to furnish these documents to the company for the claim settlement process.
Life insurance
If there is anyone dependent of your income like your parents,children,relatives for instance the you need life insurance.
Meaning of Life Insurance
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium after a set period.
Trust and Goodwill
Life Insurance promote and build a feeling of trust and quality in the customers mind and it establish credibility.
FAQ on Life Insurance
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What are the benefits of life insurance?Buying a life insurance policy at any stage in life gives you peace of mind. It offers a life cover that keeps you and your family protected in case of your unfortunate demise. The life insurance claim in the event of your expire will help your family have a secure financial future, by paying for children's education, paying off debts and helping towards household expenses. The money you invest in life insurance is safe, and your family stands to gain from the benefits of insurance payouts in case of unforeseen circumstances.
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Who needs life insurance the most?Anyone who has dependents to support and is an income earner for the household needs Life Insurance. Your loved ones who depend on your income would be negatively impacted by your untimely passing and the subsequent loss of income. A life insurance policy makes sure their financial future is protected through the payouts by the insurer in case of the insured person's pass away.
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Plan Your Life Efficiently with Insurance?Many investors tend to make a common mistake of investing in instruments without factoring their entire financial picture – the equity they have built-in their home, existing loans, and other liabilities. Ideally, every asset and investment you own should factor into your risk-reward equation.
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How Does Life Insurance Work?Life insurance works by providing a death benefit in exchange for paying premiums. One popular type of life insurance only lasts for a set amount of time, such as 10 or 20 years. Permanent life insurance also features a death benefit but lasts for the life of the policyholder as long as premiums are paid.