Extra security arrangements offer the accompanying normal riders –

Unintentional demise and disablement advantage rider – under this rider, an extra entirety guaranteed is paid if the protected passes on or turns out to be for all time impaired during the term of the arrangement because of a mishap

Premium waiver rider – under this rider, future premiums payable under the arrangement are deferred off if the policyholder passes on during the term of the arrangement or meets with a mishap or a basic sickness, as is referenced in the approach bond. All things considered, the future premiums are postponed off and the arrangement proceeds. The strategy develops in its booked time.

Basic disease rider – this rider covers a rundown of basic ailments. On the off chance that the protected is determined to have any of the secured sicknesses during the term of the arrangement, an extra total guaranteed is paid

Medical clinic money rider – under this rider, a day by day money advantage is paid if the safeguarded is hospitalized during the term of the arrangement

Term rider – if the protected bites the dust during the term of the arrangement, twofold whole guaranteed is paid independent of the reason for death

Any one or numerous riders can be picked alongside the fundamental strategy

No, riders do not have a maturity benefit. They are applicable only if the insured contingency occurs

If the policyholder does not wish to continue with the life insurance policy for the stated duration, the policy can be surrendered. Surrendering means termination of coverage. When the policy is surrendered, the surrender value is paid.

Life insurance plans do not cover death due to the following reasons –

1. When under the influence of alcohol or drugs
2. Acts of criminal nature
3. Participation in hazardous activities
4. Suicide within 12 months of buying the policy or reviving it
Any one or multiple riders can be chosen along with the basic policy.

If the policy lapses, the concept of paid-up value is applicable if the policyholder has paid the premium for at least 2 or 3 years, as the case may be. In such cases, the policy runs on a paid-up value which is the sum assured reduced to the extent of premiums paid against the total premiums payable. So, if in a policy of 20 years, premiums for 10 years have been paid, the sum assured would be reduced by 50% to arrive at the paid-up value.nt

If the policy has lapsed, the policyholder can pay the outstanding premiums and revive the policy. Revival is allowed within 2 years of the lapse of the policy.

Life insurance plans can allow premiums to be paid at once (single premium plans), for a limited period (limited premium plans) and also for the duration of the policy (regular premium plans). Policyholder can choose to pay the premium annually, half-yearly, quarterly or monthly.

Toggle ConIn a life insurance premium calculator, the premium is calculated depending on the data fed into the calculator. The important data required for calculating premiums include – The type of policy required

1. The sum assured
2. The term of the plan
3. The age of the member to be covered
4. Any riders which are required
5. Premium paying mode and frequency
6. Any discounts applicable
7. Smoking habits of the insured
After these details are entered, the calculator calculates and shows the premium charged by the life insurance plan

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If the insured commits suicide within a year of buying the plan, the premiums paid are refunded back. If the insured commits suicide within a year of reviving a lapsed policy, higher of the surrender value under the plan or 80% of the premiums paid are refunded. In case of suicide committed any other time, the promised death benefit is paid.

A nominee is a person who is authorised by the life insured to receive the proceeds of the life insurance policy if the insured dies and a death claim occurs.

If the life insurance policy is transferred to the ownership of another individual, the process of transfer of ownership is called assignment. Assignment only changes the ownership of the policy. The insured would remain the same.

A life insurance policy is issued on the basis of the information furnished in the proposal form. It is a policy of utmost good faith. If you answer anything incorrectly or hide an important information from the company and the said information affects your risk, your claim might be rejected by the insurance company

The nominee should inform the insurance company about the claim. The death certificate of the insured should be submitted and a claim form should be filled stating the details of the policy. Then the insurance company would check the forms and settle the claim.

Money back plans are anticipated endowment plans. They also have death as well as maturity benefit like Regular Endowment Plans, with the only difference that rather than paying the sum assured in one lump sum on maturity, money back plans pay a portion of the sum assured periodically during the policy tenure. These plans, thus, provide liquidity. The survival, maturity and death benefits are given below:

1. a.Survival Benefit= % of the Sum Assured as per the policy schedule on the pre-defined year. For example, 10% of the Sum Assured is paid every 5 years, i.e. on survival, On the 5th year, 10% of the Sum Assured would be paid On the 10th year, another 10% of the Sum Assured would be paid On the 15th year, another 10% of the Sum Assured would be paid And on the 20th year, another 10% of the Sum Assured would be paid
2. b.Maturity Benefit= Remaining Sum Assured + Bonus (if applicable) is paid to the policyholder if the life insured survives the entire policy tenure and the policy ends. Thus, in the previous example, the remaining 60% of the Sum Assured + Bonus (if applicable) would be paid at the end of the policy tenure as Maturity Benefit.
3. c. Death Benefit= Sum Assured + Bonus (if applicable) is paid to the nominee if the life insured dies within the policy tenure irrespective of the amount already paid as survival benefit and the policy ends. Bonus declarations, guaranteed additions or loyalty additions might also be paid with the death or maturity benefit, if applicable