1 Crore Term Insurance Premium Calculator
The premium calculator for 1 crore term insurance can be done by using the online portal in 3 simple steps and the premium can be paid online before the issuance of the policy. The below steps are to be followed to arrive at the premium of 1 crore sum assured term insurance policy.
Step 1: The first step in using the life insurance premium calculator is to click on the online life insurance premium calculator link and proceed to the life insurance section.
Step 2: The next step in using the life insurance premium calculator is to enter the below details clearly and correctly.
- Gender of the applicant
- Tobacco consumption ; Yes or No
- Annual income from the options given in the calculator
- Occupation type; Salaried or Self Employed
- Age of the applicant; to be entered as Date of Birth
- Name of the applicant and email id of the applicant.
Step 3: In this step you can enter your requirements such as:-
- Sum assured required under the life insurance policy
- Tenure – maximum age the coverage is required
- Premium payment type - Regular or Lump sum or Limited pay
- Premium payment frequency - Monthly or Quarterly or Half yearly or Yearly
- Payout type - Lump sum or Income or Combination of both
- Add-ons such as Critical illness, Waiver of premium and Accidental disability cover can be selected and the premium would change accordingly.
Step 4: This is the last and final step where you need to make payment to the insurance company and it only takes a few minutes to finish this process. The premium figure displayed may be changed subject to the medical underwriting. Once the premium payment is made, the customer receives confirmation regarding the same and the next step would be the tele medicals or physical medical verification where the customer needs to undergo medical tests or declare health condition on telephone to the insurance Company before policy issuance.
Documents to be Submitted to Purchase 1 Crore Term Insurance Policy Online
There are certain documents required to buy the term life insurance policy from any Life Insurance Company. They are:-
- Age proof: The premium to be paid for the life insurance policy depends on the age of the applicant and the sum assured required. To verify the age of the applicant, age proof such as Voter Card, Pan Card, Driving licence etc. should be submitted to the insurance company.
- Address Proof: Proof of residence would be required to communicate the policy related details and the address proofs such as utility bill, passport, Voter ID, Aadhar card etc would be required by Insurance Company.
- Photo Identity Proof: Photo identity proof such as PAN Card, Aadhar card, Driving licence and any other proof which contains the photo of the applicant needs to be submitted at the time of taking the life insurance policy from the insurance company.
- Picture: Passport size photo of the applicant should be submitted at the time of taking the life insurance policy from the Insurance Company.
- Income Proof: One of the most important documents which are required at the time of taking term life insurance policy is the income proof of the applicant. The income proof could be the salary slip, income tax return, employer’s certificate or Form 16.
- Medical Reports: Life Insurance Company might ask for a medical certificate depending on the declarations made by the applicant in the proposal form. Higher sum assured options may require compulsory medical tests before issuing the policy.
1 Crore Term Insurance Policy Claim Settlement Process
Step 1: Claim Intimation
- In case of Maturity claims, policyholder should inform the insurance company regarding the maturity of the policy or survival of the policyholder.
- In case of Death claims, the nominee of the policyholder or the immediate family members can lodge a claim with the insurance company.
The claim intimation can be done online or offline which should contain basic information such as the Name of the Policyholder, Policy number, Date of Maturity etc. In case of offline intimation the claim form can be availed from the nearest life insurance branch and duly filled before submission. ?
A claim intimation number is provided by the insurance company which is to be retained and used for any further communication with the insurance company.
Step 2: Submission of Documents
Once the claim intimation is done and the claim intimation number is obtained, the next step is to provide all the relevant documents to the insurance company. It is advisable to submit all the documents in one go to avoid to and fro communication with the insurance company.
The following documents are to be provided by the nominee or the policyholder:
- Certificate of Death (Death Claim)
- Panchanama report (Death claim)
- Statement from hospital if the insured is admitted
- Certificate from medical attendant stating that the illness of the insured
- F.I.R Report (Accident death claim)
- Cremation or burial report
- Certificate from employer if the deceased is an employee.
- Age proof
- Residence proof
- Relation proof with the policyholder(Death claim)
- Deeds of assignment (if any)
- Policy document
- Duly filled claim form/ claim intimation number
- Bank account details
- Any other documents as required by the insurance company.
Step 3: Claim Settlement
As per the regulation 8 of the IRDA (Policyholder’s Interest) Regulations, 2002, the insurer is required is required to settle a claim within 30 days of receipt of all the required documents. If the claim is an early claim (claim which is occurred within 3 years from the date of policy start date) then there would be further investigation by the insurer. This procedure has to be completed within six months from the date of receiving written intimation of claim.
After receiving all the documents the claim is processed and the insurance company releases the funds into the account mentioned in the claim intimation form.