Faq

1. What is insurance?
Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specific event such as death, disability, critical illness.

Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boosts the confidence of the insured, and offers satisfaction of being covered for illness, life or financial loss.

Q2. What is life insurance?
Life Insurance is a contract between the insurance company (insurer) and the policyholder (insured). In return for a consideration (the premium), the insurance company promises to pay a specified amount to the insured on the happening of a specific event such as death, disability, critical illness.

Life insurance ensures financial protection on accident or death. It enables maintenance of the same lifestyle even after the unfortunate demise of a loved one. The beneficiaries can utilize the monetary benefits to replace the income one would have earned or help pay off debts or other expenses. Life insurance boosts the confidence of the insured, and offers satisfaction of being covered for illness, life or financial loss.

Q3. How can I plan my insurance?

• It absolutely depends on the priorities of different stages of life: that can be
• Protection of future income
• Protection for self and family from medical / health problems
• Planning for education
• Planning for marriage
• Protection against home and car loan
• Planning for retirement

Q4. What is term insurance?
Term insurance is a life insurance which provides coverage for the policy term decided between the policy holder and insurer at the onset of the policy. After this policy term expires coverage is no longer valid. If the insured dies during this term, the death benefit is paid to the nominee.

Q5. What are ULIPs?
Unit-linked insurance plans offer the benefits of both life insurance and returns on investment. They give the insured the option to participate in the growth of the capital markets. On the death of the insured the sum insured or the market value of the investment (fund value), whichever is higher, is paid. On maturity of the plan the fund value is payable. Returns are subject to movements in the capital markets or debt market where investments such as equities (shares) or bonds (debt) are transacted. Unit-linked policies carry a higher risk than with-profit policies and contain fewer guarantees. However, they are much more flexible. Unit-linked policies are suited for people prepared to undertake some investment risk to obtain the benefits of flexibility.

Q6. What do you mean by sum assured?
The Sum Assured is generally referred to as the amount of insurance in a policy. The Sum Assured is actually the reason for which we buy life insurance. This amount affects the insured while living as well as afterlife. It is the amount that would be paid to the nominee in case of the death of the insured person (the afterlife effect) and plays a crucial role in determining the premium one has to pay to get the policy (The effect on an alive person). Sum Assured is the minimum death benefit in an endowment policy.

Q7. What is Grace Period?
Grace Period is the time provided to the customer over and above the exact due date to make the payment for the renewal premium without lapsing the insurance policy or reducing any of the policy benefits. So it is an extra time window given to the customer to make the premium payment just in case he forgets to make the payment in time or needs some more time to arrange for the funds. The grace period for annual, half yearly and quarterly mode is 30 days, and 15 days for monthly mode.