Life Insurance policy is the most popular and taken by the most number of people. Many of us buy life insurance policies, because we want to make sure our loved ones remain financially secure after we die. Insurance companies offer both individual as well as group insurance policies.
Calculation of Life Insurance Amount/Premium:
Individuals getting a life insurance cover have to pay the monthly/quarterly/half yearly/yearly premium/life insurance rate, which depends on the amount insured. The premium amount also increases or decreases with different life insurance plans, age of the individual etc. The company pays the full insurance amount either on the death of the individual or the expiry of the policy which ever is earlier. Life insurance policy can be renewed after the expiry. Some insurance companies offer a discount while renewing the policies of existing clients. The insurance is done after a medical examination of the individual being insured.
Benefits of Life Insurance Policy:
Life insurance Policy can be used to avail loans from banks.
Individuals/ groups can also avail tax benefit by investing in it.
Life insurance policy also acts a good saving to meet with the future needs.
Life Insurance Claim Procedure:
The insured can notify the company that the payment is due under the terms of the policy. This can be done at the expiry of the life insurance policy. In case of the death of the person insured, the beneficiary, receives the amount of life insurance. In case of death of insured, insurance companies can repudiate the claim. This is done to ensure the protection of the client. The procedure generally takes from 7-15 days.
List of Some of Insurance Companies Offering Life Insurance:
