1.What is a savings policy?
A savings plan is a life insurance plan that provides an avenue for savings for important life goals and a basic life cover to support your family financially. The life cover will provide financial security to your family and ensure a steady source of income in absence of the life assured so that their lifestyle is not compromised.
2.What are riders? Why do I need a rider?
Riders9 are add-on benefits that can be attached to a life insurance plan at a nominal cost. These riders offer multiple benefits such as coverage against accidental death, disability, critical & terminal illness, unforeseen medical expenses, etc.
3.What is a claim settlement ratio?
The claim settlement ratio is referred to as the number of claims that have been passed by an insurance company. It is the ratio of the number of claims settled by an insurer to the number of claims filed in a given period.
4.What is a regular income / guaranteed income insurance plan?
A regular income or guaranteed income insurance plan is a savings plan that allows you to accumulate a savings corpus over the policy term, along with a basic life cover. When the policy matures, you can choose to receive the guaranteed benefits of the plan, which is the accumulated financial corpus in the form of a regular/guaranteed income for an income period of your choice. Additionally, in case of your unfortunate demise, the family receives the death benefit.
5.Why do I need a savings plan?
A savings insurance plan provides an avenue for disciplined savings with guaranteed or non-guaranteed benefits to plan for important life goals. In addition, savings plans come with a basic life cover which ensures financial support to your loved ones in case of your absence.
6.When does a policy lapse?
When the premiums for 1 full year has not been paid within the grace period, the policy will lapse from the due date of first unpaid premium, and no benefits will be payable to the policyholder.
7.What is the difference between guaranteed income and whole life insurance?
Whole life insurance is a form of life insurance where the life cover or the policy term is up to the age of 100 years. This means that the policyholder’s family can be protected with a life cover for the policyholder’s entire lifetime. At the end of the policy term, a whole life plan may offer an accumulated corpus or the return of all the paid premiums as a survival benefit.
On the other hand, a guaranteed income plan is a savings avenue where the maturity benefits are assured or guaranteed and can be paid out as a regular income or as a lump sum, as per the policyholder’s choice. However, a guaranteed income plan may also offer the return of premiums with the maturity benefit.
In the case of whole life insurance as well as a guaranteed income plan, if the policyholder dies during the policy term, the insurance company will pay a death benefit to the appointed nominees.
8.What is the maturity benefit in a guaranteed income plan?
The maturity benefit in a guaranteed income plan is the money/funds saved over the policy term that has been paid in the form of premiums. This amount can either be paid out as a lump sum benefit or as a regular income once the policy matures.
9.Why purchase our best guaranteed return insurance plan?
With our best guaranteed return insurance plan, you can choose from the policy term and a sum assured of your choice to provide life insurance coverage to your family as per your insurance needs. To ensure that the premiums can be paid at your convenience, you can also choose a flexible premium paying term and frequency.
You can make the most of our guaranteed return insurance plan with a range of policy benefits, such as life cover, guaranteed returns, and regular savings through easy premium payments.
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39 Critical Illness covered including minor stage illness
