Who can buy a life insurance policy?
Any individual who is 18 years old or above at the time of purchasing the insurance policy, and according to the conditions specified under the Indian Contract Act, 1872, can buy an insurance policypurchase a life insurance policy. Alternatively, you may choose to buy a life insurance policy for a nominee, such as your child.
Why should I buy life insurance?
There are several reasons for purchasing a life insurance policy. Choosing a life insurance plan is fundamental to securing your family’s financial future. You can also purchase an insurance policy to save tax, create wealth, plan for your child's education or marriage, or to secure your golden years after you retire.
What is the meaning of insurance premium?
The insurance premium is the payment made by the policyholder to an insurance company for particular coverage. The policyholder must make regular payments in intervals chosen by them (known as premium payment mode), until the maturity of the policy, or as specified in the policy documents, in order to avail of the said life insurance cover, along with the other monetary benefits. payment must be made regularly until the policy’s maturity, or as stated in policy documents, to avail of a specific life insurance cover and other monetary benefits.
What are the benefits payable under a death claim?
Under a death claim, the benefits payable include the basic sum assured + rider (if applicable) + other policy additions (e.g., reversionary bonus/guaranteed addition (if applicable)).
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