Life Insurance policy is the most
popular and taken my 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.
Types Of Life Insurance Available :
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 insures, 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:
