Compare Insurance Plans in Minutes

What Is Policy Term?

If you are insured with a term insurance plan of period of 20 years then the policy term is also for 20 years, for that your insurance company grants you to pay off the premiums for the term plan over a period of 10 years. Policy term refers to the period for which your term insurance policy will remain active. This term is fixed at the time of purchasing the insurance plan. It is used to refer to the period during which the life insured is provided guaranteed coverage by the insurer.

What If The Policy Term Completes ?

When an insurance policy term completes, it either matures or expires. In life insurance, maturity benefits are paid to the policyholder if the plan includes a savings element. For pure term plans, the cover simply ends without any payout unless there is a 'return of premium' feature. General insurance policies like motor or health must be renewed to maintain continuous protection. Failing to renew leads to a lapse in coverage.

Can I Withdraw Money if Premium Term Completed?

Yes, you can withdraw money after completion of the premium term but this is allowed when all due premiums have been paid on time

What is the Claim Settlement Ratio of Tata AIA Life Insurance?

The claim settlement ratio of TATA AIA Life Insurance is 98.02%. This means that the company settled 98.02% of the claims received during the year. A high claim settlement ratio is an important parameter to consider while buying a life insurance plan, as it indicates the insurer's ability to honour claims.

What is the Claim Settlement Ratio of Kotak Life Insurance?

The claim settlement ratio of Kotak Mahindra Life Insurance is 98.5%. This means that the company settled 98.5% of the claims received during the year. A high claim settlement ratio is an important parameter to consider while buying a life insurance plan, as it indicates the insurer's ability to honour claims.

What is the Claim Settlement of Total Life Insurance?

The claim settlement of total life insurance refers to the payout made by the insurance company when a valid claim is submitted under a whole life insurance policy. This payout is typically the sum assured plus any applicable bonuses or additional benefits.

What is a Life Insurance Claim Settlement?

Life insurance claim settlement is the process where the insurance company disburses the sum assured or benefits to the beneficiaries of the insured individual upon their death or when the policy matures. It ensures that the financial protection promised in the insurance policy is delivered as per the terms and conditions.

What is the Claim Settlement Ratio in Term Insurance?

The Claim Settlement Ratio (CSR) in term insurance is the percentage of claims paid out by an insurance company in a given year compared to the total number of claims received. A higher CSR indicates that the insurance company has a better track record of settling claims.

Previous Next

Related Blogs

10 Benefits of Reliance Nippon Life Insurance Policy {Y}

10 Benefits of Reliance Nippon Life Insurance Policy 2026

   
10 Benefits of Pramerica Life Insurance Policy {Y}

10 Benefits of Pramerica Life Insurance Policy 2026

   
10 Benefits of PNB MetLife India Insurance Policy {Y}

10 Benefits of PNB MetLife India Insurance Policy 2026

   
10 Benefits of Axis Max Life Insurance Policy {Y}

10 Benefits of Axis Max Life Insurance Policy 2026

   

Start Saving Money on Insurance Policy

Compare Life, Health, Car and Two wheeler Insurance rates from top Insurance companies for free.

Start Comparing
1,000+ Reviews
Been Here Before?
Get Back to My Quotes

Please wait while your request is being processed.