Term Life Insurance Protection Plan
Term life insurance protection plans give you coverage only for a specified term. The main advantages of term life insurance protection plans are that they are easy on your pocket, give you the highest amount of coverage, safeguard your family against financial liabilities and offer you tax benefits.
Term life insurance protection plans have no face value and hence the premium for such policies is comparatively lower when compared with other policies. In case of survival of policy term, the insured does not get any return. The premiums in such policies increase with rising age as the chances of death are high in old age. Once you cross 60 years, these policies become difficult to afford.
Life Insurance Claims
Life insurance claims can be classified under below heads:
1. Death Claims: In case of a claim under your life insurance policy, your beneficiary needs to submit following documents:
- A fully filled claim form
- Original policy bond or contract
- An original, or certified copy of the policyholder‘s death certificate
- Proof of identity as the beneficiary
2. Maturity Claim:In order to avail maturity benefits of your life insurance you need to submit the following to your insurer:
- Original policy bond
- Maturity claim form
Life Insurance Investment Plan
These life insurance investment plans offer you dual advantages of Investment and protection. The life insurance investment plans range from low risk to high risk investment propositions, depending on the risk profile of a customer.
Life Insurance Coverage
The life insurance coverage is defined as the sum assured that you buy under the policy. You have the discretion to decide your sum assured but certain factors that affect the coverage are your annual income, your life stage and your risk group.