Table of Content
What is Life Insurance Policy?
Life insurance is an agreement between the insurance company and the insured customer in which the insurance company agrees to pay the agreed amount known as sum assured in the event of untimely demise or disability of the policyholder due to an insured peril for a consideration from the customer known as Premium amount. Life insurance is considered one of the best financial tools available in the markets as it covers both the investment and insurance parts under a single policy.
Importance of Life Insurance
Life insurance is an essential part of your financial portfolio, making it possible for you to give your loved ones a secured future. A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. Life insurance is one of the most important financial planning tools available in the market as it covers both the investment and insurance parts under a single policy. Life insurance is needed because manage finance for your children’s education, have a savings plan for the future so that you have a constant source of income after retirement, and ensure that you have extra income when your earnings are reduced due to serious illness or accident.
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How Does Life Insurance Policy Work?
A life insurance policy can help you ensure the financial protection of your family in case of your unforeseen demise. At the time of purchasing a life insurance policy, it is essential for you to understand how a life insurance policy works and how your beneficiary can receive the proceeds of your life insurance policy.
One of the most important things to remember about life insurance is that it’s not for you, it’s for them. Life insurance is meant to help protect your family's financial future. Life insurance provides a death benefit to your beneficiary after you die. It can help give your loved ones access to money when they need it. Life insurance also helps you in creating a large pool of funds that can be used by your loved ones for a child’s future, marriage, purchasing a house, etc.
Case Scenario 1:
Mr. Raghu is 35 years old married person and he is the sole bread earner of his family. One day he has planning to take a life insurance policy because he understands how life insurance is important to secure their family. But his family members do not believe in the concept of life insurance.
One day Raghu met with an accident and died with injuries. Raghu’s family worried about living expenses. At that time Raghu’s family get money from the life insurance company. Then they realize why life insurance is important and how it will help in difficult situations.
Case Scenario2:
There are two childhood friends named Aditya and Ashok. Aditya decided to buy a life insurance policy and suggested Ashok invest in a life insurance policy but he doesn’t believe in the concept of insurance investments.
30 years later, Aditya’s daughter wants to go for higher studies. He happily uses a lump-sum amount of matured life insurance policy to fulfill his daughter’s dreams. While on the other hand, Ashok plans to get his elder daughter married. He uses all his lifelong savings to meet the wedding expenses.
One day Ashok’s younger daughter wishes to go for higher studies but he refused to go because all his lifelong savings are used in his elder daughter’s marriage. Had Ashok brought life insurance earlier, he would have saved his money for uncertain times and he can able to fulfil all the dreams of his family.
Benefits of Life Insurance Policy
Life insurance provides life cover that protects you and your family in case of an unexpected event happens. Some of the benefits of life insurance in India are
Financial Security: A life insurance policy helps to minimize the risk of financial difficulties which would be faced by the families in case of the sudden death of the policyholder. According to the life insurance definition, the insurance provider agrees to pay the nominee or beneficiary the pre-defined sum assured. As a result, even in the policyholder’s absence, his family stays protected.
Long Term Savings: Some life insurance plans offer you the opportunity to create wealth. If one wants to make long-term investments, it’s important to think about life insurance meaning. Such insurance plans help you make systematic savings and create wealth that can be used for your future goals.
Tax Savings: Life insurance offers tax dual benefits under prevailing laws as per Income Tax Act, 1961. You can avail of a deduction of up to Rs.1.5 lakh under Section 80C of the Income Tax Act. The maturity insurance plans may be completely tax-free. This tax benefit is under Section 10(10D) of the Income Tax Act.
Save Money: The premium paid by the customer is depending on age, life expectancy, health, and gender. Life insurance gives you the ability to stick at low premium rates while you’re young compared to an older age.
Peace of Mind: Death is unavoidable. In the case of your absence, your family may face financial difficulties so the least you can do for your family is to secure their financial future with a life insurance policy.
Features of Life Insurance Policy
Key Feature
Benefits
Death Benefits
Available in Term, ULIP, Endowment,
whole life insurance policies
Maturity Benefits
Obtainable under Whole, ULIP, Endowment life insurance policies
Tax Benefits
Available in all life insurance policies
Investment Option
Obtainable under Term, ULIP, Endowment life insurance policies
Riders/Add-ons
Obtainable under all life insurance policies
Loan Availability
Available under some life insurance policies
Buying process
Online/Offline
Premium Payment Term
Single Pay, Regular Pay, Limited Pay
Premium Payment Frequency
Monthly, Quarterly, Half-yearly, Yearly
Claim Process
Online/Offline
Payout Options
One time payout, lump-sum + monthly payout, lump-sum + increasing monthly payout
Types of Life Insurance Policy Plans
There are different types of life insurance plans available in India such as
Term Life Insurance Policy
Whole Life Insurance Policy
Endowment Life Insurance Policy
Unit Linked Life Insurance Policy
Retirement Life Insurance Policy
Child Life Insurance Policy
Money-Back Life Insurance Policy
Let us understand briefly the life insurance policy types available in the Indian market and who should take what type of policy and How to choose a life insurance policy.
Term Life Insurance Policy
A term life insurance policy is a type of life insurance in which the insurance company agrees to pay a certain amount known as sum assured in case of the death of the policyholder within the term mentioned in the policy copy. The period in term life insurance can be anywhere between 5 years to 60 years depending on the type of life insurance term policy. If the policyholder survives the term, no survival benefit would be provided to the policyholder under the term insurance policy.
Whole Life Insurance Policy
A whole life insurance policy is the extension of the term insurance policy. In whole life insurance, the insurance coverage is provided till the death of the policyholder or till attaining 99 years of age. Since the coverage is for a complete lifetime, it is known as Whole life insurance. While the term insurance policy has a particular period for which the coverage is offered the whole life insurance policy is covered for the lifetime of the policyholder. Survival benefit would be possible under the whole life insurance policy in rare cases if the policyholder survives the policy period.
Endowment Life Insurance Policy
An endowment life insurance policy is a life insurance policy that apart from covering the life of the insured against uncertain death helps to save a certain amount of money regularly over some time. In short, an endowment policy consists of both the Insurance coverage and the Savings option. This amount saved under the endowment policy is known as the maturity amount and is paid to the policyholder in case he/she survives the policy period or dies during the policy period. Additionally, some endowment life insurance plans may offer periodic bonuses that are either paid on maturity or to the beneficiary in case of the policyholder’s unexpected death.
Unit Linked Insurance Policy
A Unit Linked Insurance Policy is a life insurance policy with Insurance coverage and Investment. ULIP policy provides a death benefit in case the policyholder expires within the policy period and also a survival benefit in case the policyholder survives the policy term. The death benefit provided is with the premium collected under the insurance portion of the policy and the survival benefit is paid with the premium collected and invested by the insurance company. The premium paid for the ULIP plan is partially used as a risk cover and partially invested in different funds.
Money Back Life Insurance Policy
Money Back life insurance policy as the name suggests returns the money invested by the policyholder. In the money back plan, the policyholder can get a certain percentage of amounts at regular intervals, instead of getting the lump sum amount at the end of the term. It can be termed as the endowment plan with a liquidity option. The money back plan also provides a sum assured at the time of death of the policyholder or on the maturity of the policy apart from the money withdrawn at regular intervals.
Child Life Insurance Policy
Child life insurance plans are life insurance plans those are the combination of both the investment and the insurance to ensure a safe future for your child. Child life insurance is a type of life insurance that covers the cost of medical expenses for children. Child life insurance policies are usually purchased by parents when they have their children or soon after. This policy will cover medical expenses for the child as well as funeral costs if the child dies before adulthood.
Retirement or Pension Life Insurance Policy
Retirement plans are Life insurance plans which help people meet their expenses after their retirement with periodic payments by the insurance company. Retirement plans can generally be of two types: One is where the policyholder will invest the amount over a while to attain a corpus and after which the insurance company will pay periodic installments to the policyholder after his/her retirement. The other is where the policyholder can purchase an annuity plan by paying a lump sum amount and the insurance company will start paying the monthly amount immediately or after a while as selected by the policyholder.
Compare Different Types of Life Insurance Plans
Type of Policy
What Is It?
Policy Term
Death Benefit
Maturity Benefit
Term Insurance plans
Term Insurance plans are known as risk protection plans because this insurance policy provides coverage against the uncertainties of life.
5 to 60 years
Sum Assured
No benefit on survival but some insurance providers will provide a maturity benefit in case the life assured survives the entire policy tenure.
Whole Life Insurance Policy
The whole Life insurance policy protects the age of 99 years.
Till 100 years
Sum Assured
Maturity benefit is provided at certain age 80-100 years
Endowment Life Insurance Plans
An endowment life insurance plan is designed to provide a regular income for the investor. It is often used as a retirement savings plan.
10 to 35 years
Sum Assured
Maturity benefit is provided if you survive the policy term
Endowment Life Insurance Plans
An endowment life insurance plan is designed to provide a regular income for the investor. It is often used as a retirement savings plan.
10 to 35 years
Sum Assured
Maturity benefit is provided if you survive the policy term
Unit Linked Life Insurance Plans(ULIPs)
Unit linked insurance plan (ULIP) is a type of insurance plan that combines insurance and investment benefits in a single policy.
10 to 20 years
Sum Assured
Maturity benefit is provided at the end of the policy term
Retirement Life Insurance Plans
Retirement life insurance plans help an individual build a retirement corpus while providing life cover.
No fixed policy term
Sum Assured
Regular income till survive
Child Life Insurance Plans
Child life insurance plans provide dual benefits which are providing life cover and helping you build a corpus for your child’s future expenses.
No fixed policy term
Sum Assured
Maturity benefit is provided in case the life assured survives the policy tenure.
Money-Back Plans
Money back life insurance plans offer life cover along with investment components and fixed-time income.
20 to 25 years
Sum Assured
Provides maturity benefit after deducting the payouts made at regular intervals during the policy tenure.
Who Can Buy Life Insurance Policy
The most important question while purchasing a life insurance policy is who can buy a life insurance policy? Life insurance can be purchased by any age group of people between 18 years to 99 years. Below mentioned are some types of people who are most likely to purchase a life insurance policy.
Young Adults
Parents
Married couples
Individuals
Group of People
Senior Citizens
Children’s
Business owners
When is the Right Time to Buy Life Insurance?
The right time to buy life insurance depends on various factors. Those factors vary from person to person, family members, and financial situations. The best time to buy a term life insurance plan is the moment you have dependents which means family such as retired parents, children, or a financially dependent spouse.
Life insurance premiums increase as you age, therefore, buying it while you’re still young could help you to save money. The premiums might be low if you buy a term plan when you’re young. A term plan is the best if you’re looking for an average cost-effective and financial protection, financial planning plan.
Coming to the point of deciding on the right time to buy life insurance, a few things are to be considered here:
The younger the better: Life insurance in particular term insurance is to be taken at a very young age. The younger the age the lower the premium. Any person who has started earning should have some form of life cover. Life insurance should be seen as an investment instead of an expense.
Why younger age is better? You should get insured in your 20s, or is 30s the better option because, at a younger age, you'll qualify for lower premiums. And as you get older, you could develop health problems that make insurance more costly or even disqualify you from buying a plan. Buying life insurance at a young age has an important economic impact, much like delaying saving for retirement. The earlier it is purchased life insurance, the better.
Liabilities & Loans: One of the most important things to consider while taking a loan is to secure the life against any mishappenings which may lead to financial constraints for the family in case of your sudden demise. If you are taking any loan be it for House Car or any other, it is of utmost importance to take insurance to protect the loan payment in case of your sudden demise.
Dependents: If you are the breadwinner of the family and there are dependents on you then it is important to have life insurance. In case of your sudden demise, the proceedings from the claim will help them settle financially without facing any sudden hiccups.
Life insurance as an Investment: Many people consider life insurance as an expense. This kind of mindset needs to be changed among the masses. Life insurance has to be considered as an investment in your own life. This investment will come in handy for protecting your family and saving them from a sudden financial crunch due to your sudden demise.
How to Buy Life Insurance Policy Online
Life insurance is an essential part of your financial portfolio, making it possible for you to give your loved ones a secured future. The process of buying a life insurance policy online has become simple with PolicyBachat. Following steps to purchase the life insurance policy online in our portal
Step 1: Firstly, Enter the details such as Gender, Annual income from all the sources, Alcohol consumption and tobacco consumption, type of occupation, salary, and Date of Birth. After this, you need to enter your contact details to facilitate a call from our agent.
Step 2: Now the premium from different insurance companies will be displayed on the screen. You can edit the details such as Coverage, Term, Premium payment method, Mode of claim settlement, etc. Submit the details to get the desired premium. The premium can be changed by changing other factors such as Coverage required, mode of payment, etc.
Step 3: The next step is to select the best life insurance plan and pay the premium to the insurance company before proceeding to fill out the proposal form details.
Benefits of Buying Life Insurance Policy Online
There are many ways to buy a life insurance policy but before buying life insurance online the customer should have to know about the benefits of life insurance online that help customers feel free to purchase it for their needs.
Paperless process: No lengthy documentation process for buying a life insurance policy Online. A life insurance policy purchased online involves Zero paperwork. To begin with, the proposal form is filled out digitally and the scanned copy of any required documents is submitted to the insurer online. Moreover, the soft copy of the policy document is sent to your registered email id once the policy has been issued to you. As a result, online purchase of life insurance does not require any filling because everything is done digitally by entering the details easily.
Quick process: When you buy a life insurance policy online, your policy is issued to you almost instantly. You don't have to wait for days to receive your policy document. All you need to do is fill up a few basic details about you and your contact details from the comforts of your home and you can get your policy in no time.
Claim Settlement Ratio: When you compare plans online, you can also compare the Claim Settlement Ratio of different insurance providers. Analyzing the Claim Settlement Ratio helps you to select the best life insurance policy. The higher the Claim Settlement Ratio, the better are the chances of your claims getting settled.
Systematic and safe: T he process to buy life insurance online is very systematic and safe. You can be sure that the documents and proofs you upload on the website along with your application form are directly submitted to the insurance company with no chances of misuse.
Comparison: One of the best things about buying life insurance online is that you can compare different life insurance quotes online for free of cost with PolicyBachat. Compare quotes with different insurers and get the best life insurance policy online. It takes just a couple of minutes to compare different types of plans and to eliminate the need to consult with several insurance agents in person.
Customer support: In case of any doubts or queries about buying a life insurance policy or raising a death claim for one, you call our customer care number. PolicyBachat gives excellent support assistance to avoid any discrepancies. You can get your queries solved promptly and seek assistance whenever needed.
Why Buy Life Insurance Policy at PolicyBachat
Easy Comparisons
Fast Policy Issuance
Hassle-Free Claim Process
Customer Service Assistance
Customer Information Security.
Life Insurance Add-on Covers (Riders)
Critical Illness Rider: Critical illness rider is the most preferred rider because critical illness rider provides claims in the vent of policyholder contracting a critical illness such as Cancer, Heart diseases, tumors, organ failure, etc.
Waiver of Premium Rider: Waiver of premium is a rider in a life insurance policy that waives off the premium payments by the insured if the policyholder suffers from critical illness, accidental disability, or serious injuries.
Accidental Death Benefit Rider: The accidental death benefit rider provides additional coverage to the policyholder in case of the death of the policyholder due to accidental means.
Accidental Total and Permanent Disability Rider: In case of accidental total and permanent disability to the policyholder, a sum assured would be provided to the policyholder by the insurance company.
Terminal illness rider: In Terminal illness rider, if the insured person dies due to an accident or illness the nominee of policyholder will receive a monthly income or a lump sum. The amount of rider benefit can be equivalent to the base plan coverage of the life insurance or it can be a pre-decided amount already mentioned in the policy.
Income Benefit Rider: In Income benefit rider, a regular source of income to the family in case of the demise or disability of the policyholder. This rider will help the life assured to ensure that insured family members maintain a healthy lifestyle even if he/she is not around.
Exclusions of Life Insurance Policy
Below are the exclusions under a life insurance policy
Death under the influence of alcohol or drugs
Death due to suicide and/or self-inflicted injuries
Death due to a hazardous activity
Participation in criminal activities
Due to war
Due to pre-existing diseases
Due to pregnancy or childbirth
Excessive smoking leads to lifestyle diseases
Best Life Insurance Policy Plans in India
The best life insurance plan is the one that offers high coverage at a reasonable premium. The best life insurance plans in India have a few features in common: they offer a lump sum amount as the death benefit, and they cover your family’s financial needs in case you die. Best life insurance plans are analysed based on the data provided by the insurance companies.
Some of the best life insurance plans are listed below
Life Insurance Plans
Entry Age
Maturity Age
Sum Insured
Policy Term
Aditya Birla Sun Life Insurance Life Shield Plan
18 years to 65 years
85 years
Rs. 25 lakh to No Limit
10, 15, and 20 years.
View Plan
Bajaj Allianz Life Smart Protect Goal
18 years to 65 years
85 years
Rs. 50 lakh to No Limit
5, 6, and 10 years.
View Plan
Canara HSBC OBC iSelect Star Term Plan
18 years to 65 years
80 years
Rs. 25 lakh to No Limit
5 to 40 years.
View Plan
HDFC Life Click 2 Protect Life
18 years to 65 years
85 years
Rs. 25 lakh to No Limit
10 to 40 years.
View Plan
ICICI Prudential iProtect Smart Term Plan
18 years to 65 years
85 years
Rs. 50 lakh to No Limit
40 and 45 years.
View Plan
Max Life Smart Secure Plus Plan
18 years to 65 years
99 years
Rs. 25 lakh to No Limit
5 to 67 years.
View Plan
PNB MetLife Mera Term Plan Plus
18 years to 65 years
75 years
Rs. 25 lakh to No Limit
10 years
View Plan
TATA AIA Sampoorna Raksha Supreme
18 years to 65 years
65 to 99 years
Rs. 1 lakh to No Limit
10, 15 years
View Plan
How to Choose the Best Life Insurance Policy?
There are different life insurance plans offered by different life insurance companies in India and at times it can get difficult to choose the best plan from different options. Here are some basic steps you should follow to choose the best policy
Identify the type of policy you need
Before purchasing a life insurance policy determine the sum assured amount
Before purchasing a life insurance policy should check the claim settlement ratios of life insurance companies
Know about inclusions, exclusions of life insurance policy
Before buying the life insurance plans read the terms and conditions thoroughly.
Before purchasing a life insurance policy check customer reviews of life insurance companies
Check all the companies offering life insurance policies, compare them, and then select the one that suits you the best
Note: It is advisable to talk to our experts regarding your requirements which help them in guiding you to pick the best life insurance plan.
How Much Life Insurance Coverage Do I Need?
The main purpose of buying a life insurance policy is to ensure that your family has financial support if you were to meet an untimely death during the policy tenure. But before purchasing a life insurance policy we have to think about how much life insurance cover do I need? A specific sum assured for life insurance coverage may not be suitable for many people. There are several factors like income, future expenses, dependents, liabilities, and others while deciding your coverage amount, and also the sum assured of a life insurance policy should be 10-15 times the income of the life assured. It is advised to choose a sum assured amount which can help your family to fulfill financial requirements in the absence of the life assured.
Best Life Insurance Coverages
Life Insurance Premium Calculator
The Life Insurance Premium Calculator can be used to know your Life Insurance Premium. A life insurance policy premium calculator India is a tool that provides the premium for your life insurance policy according to the data entered by you. The online life insurance calculator is easy and hassle-free can be used for free of cost. An individual can personalize the life insurance calculator as per their requirement. After you get the idea about how much amount you have to pay for your family’s financial security needs, you can also analyze the coverage you get in the policy.
Factors affecting life insurance premium
The factors affecting the life insurance premium are
Age: Life insurance premium is based mainly on the age of the customer. The higher the age, the higher would be the premium payable.
Gender: The premium for Male policyholders of the same age and same sum assured would be higher than that of the Female policyholder due to the mortality rate being high in the Male population in comparison to the female population.
Health history: The health history of the prospect also plays an important role in deciding the premium to be charged by the insurance company. If you have pre-existing diseases, the premiums would be high.
Sum assured: The sum assured selected by the policyholder decides the premium under the life insurance policy. Higher the sum assured, higher would be the premium to be paid under the term insurance policy.
Lifestyle: The premium in the life insurance calculator increases if your lifestyle is risky i.e. smoking, drinking, or consuming tobacco.
Occupation: The occupation of the prospect also decides the life insurance premium is paid. For instance, some occupations such as Persons working in Chemical, Fire Crackers, Army and police, etc.
Type of policy: The major factor determining life insurance premiums using the life insurance premium calculator is the type of life insurance plans opted by you.
Family health history: The family history of the applicant would also be considered before deciding on the life insurance premium.
Top Life Insurance Companies in India
There are many different types of life insurance companies. Best life insurance companies in India offer different types of policies that suit the different needs of their customers. The best life insurance company is the one that offers the most coverage at the lowest cost to you.
Aditya Birla Sun Life Insurance
Aditya Birla Sun Life Insurance is a joint venture between Aditya Birla Group and Sun Life Financial Inc. Aditya Birla Sun Life Insurance was established in 2000 and there are more than 385 branches located across India. The company offers a wide range of solutions and our life insurance policies will help you in meeting your Protection and Financial needs for every important stage of your life.
Canara HSBC OBC Life Insurance Company
Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited is a joint venture between Canara Bank (51%) and HSBC Insurance (Asia Pacific) Holdings Limited (26%) and Punjab National Bank (23%). Canara HSBC OBC Life Insurance is established on 16 June 2008 and it is headquartered in Gurugram (Gurgaon), Haryana it has including access to around 60 million customers and, the company has around 7000 branch offices across India.
HDFC Life Insurance Company
HDFC Life Insurance is a standard life insurance company supporter of housing development Finance Corporation limited. It is a joint venture between HDFC Ltd and standard life Aberdeen, a global investment company. HDFC Life insurance company is a leading long-term life insurance provider established in 2000.
ICICI Prudential Life Insurance Company
ICICI Prudential Life Insurance Company Limited is a joint venture between ICICI Bank Limited and Prudential Corporation Holdings Limited. ICICI Prudential Life Insurance Company is the first private life insurance company in India that has received a National Insurer Financial Strength of AAA. This is a leading international financial services group headquartered in the UK.
PNB MetLife Insurance Company
PNB MetLife India Insurance Company Limited is one of the outstanding life insurance companies in India, its shareholders MetLife International Holdings LLC, Punjab National Bank Limited (PNB), M. Pallonji and Company Private Limited, Jammu & Kashmir Bank Limited, and other private investors, with MIHL and PNB being the majority shareholders. PNB MetLife Insurance has helped generations of customers around the world protect their property, finances, family, and future.
Tata AIA Life Insurance Company
Tata AIA Life Insurance Company Limited is a joint venture between Tata Sons and AIA Group Ltd. Tata Sons holds a stake of 74% in the company and AIA holds 26%. Tata AIA Life was established on April 1, 2001. Tata group is a global enterprise, headquartered in India, and Tata AIA was founded by Jamsetji Tata in 1868. Tata AIA Life Insurance Company Ltd is the fastest-growing life insurance company and it is also one of the leading insurers in the Indian private sector.
How to choose the best life insurance company in India
Points to be considered to choose the best life insurance company from a list of life insurance companies in India:-
Premium: premium to be paid by the insured each year it is of utmost importance to check the premium quoted by the life insurance company and compare life insurance plans online before deciding on the life insurance company.
Sum Assured: Another thing to compare before deciding on the best life insurance plan is the sum assured offered by the best life insurance companies.
Solvency Ratio: Higher the solvency ratio, the higher would be financial strength of the insurance company. As per the IRDA guidelines, all insurance companies are required to maintain a 150% solvency ratio to minimize the risk of bankruptcy.
Persistency Ratio: The persistency ratio in the life insurance policy is the number of life insurance policies that are being renewed each year with the timely payment of premium by the customers. The persistency ratio also indicates the time customers stay with the insurance company.
Claim Settlement Ratio : One more important thing to check before purchasing the term insurance plan is the claim settlement ratio of the insurance company. The higher the claim settlement ratio, the higher would be the chances of your claim getting settled.
Claim Settlement Ratios of Life Insurance Companies
Life Insurance Claim Process
Step 1- Claim Intimation:
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. The first step is to intimate the insurance company by calling on life insurance customer care number download the Life insurance claim form from the website. In case of offline intimation, the claim form can be availed from the nearest life insurance branch and duly filled before submission.
Step 2- Submission of Documents:
The next step is to provide all the relevant documents to the insurance company. The filled claim form along with the required documents has to be submitted to the nearby branch of a Life Insurance Company. The claim officer will contact the nominee for further verification.
Step 3- Claim Settlement:
After the submission, the company will verify the documents and assess the claim. You will be kept in the loop through regular messages and emails. Once everything is according to their rules, it will process the claim within 30 days.
Documents Required for Life Insurance Policy
Age Proof
Birth Certificate
Aadhaar Card
Voter ID Card
PAN Card
Passport
Driving Licence
Ration Card
Identity Proof
Aadhaar Card
Passport
PAN Card
Voter ID Card
Passport
Ration Card
Driving License
Income Proof
Salary slips of last 6 months
Bank Account Details
Income Tax Returns (ITR) of last 2 years
Other Documents
Proposal Form
Policy Declaration
Death certificate
Medical Reports