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Ref. No. KLI/22-23/E-BB/492
Life insurance helps you secure yours and your family’s future effectively. Click here to know all about Life Insurance - What is life insurance, types of life insurance and its benefits.
To understand what is life insurance, you need to first know its importance. A life policy is an official understanding that in case of the policyholder’s death during the policy tenure, the nominees receive a sum assured from the insurer.
Here is a discussion on all you need to know about life insurance.
Various life insurance benefits can secure your future effectively. Listed below are some of these.
The sum assured offered by the insurer provides for your family’s financial wellbeing.
You can choose from different types of insurance policies. Some plans offer maturity benefits along with death benefits.
Some life insurance plans offer critical illness and hospitalization covers.
The life insurance premium is tax-deductible under Section 80C of the Income Tax Act,1961.
The different types of life insurance policies available are:
This plan provides cover for a specific period and offers only death benefits
This cover is offered for your entire life
This is one of the types of life insurance in India, which has a savings component
This is life insurance policy offers a portion of the benefit as a regular income
Understanding what is a life insurance policy cannot be completed without knowing about the claim settlement process. To claim the death benefit, the nominee must contact the insurer at the earliest once an unfortunate incident occurs. The following information has to be provided to the insurer:
If the life insurance claims are accepted by the insurer, the money will be transferred to the nominee.
Principles of the life insurance policy
The types of life insurance policies available in India have four main principles:
The faith that the insurer and the insured will share all the information honestly
Experiments done in large numbers ensures long-term stability
The level of interest a person has in a policy determines if the insurer will accept or reject the application
It is expected that the policyholder will lead a secure lifestyle that ensures his or her safety and minimizes the insurer’s risks
Before you buy a term insurance plan or any other life policy, consider these factors:
Take your time to research about the different policies to find the best one
Read the policy documents carefully to understand the plan properly
Free-look period is a certain duration during which you can return the policy. We, at Kotak Life Insurance, offer a 15-day period.
The insurers allow you to pay the premiums in specific periods of your choice. The available choices are monthly, quarterly, semi-annual, or annual.
Life insurance claims
To learn all about life insurance, understand the types of claims you can make. You have two choices, which are death claim and maturity claim. A death claim will be filed by your nominee while you can file a maturity claim on surviving the policy term.
Ref. No. KLI/22-23/E-BB/2435