Life Insurance Blogs

As the name suggests, whole life insurance is a type of life insurance in which the insured is protected for their entire life. Generally, the plans offer coverage up to 99 years of age. It helps the insured financially protect their loved ones in case of any unfortunate event.

Why life insurance is important?

Everyone should buy life insurance as it financially protects their loved ones and dependents in case of their unfortunate demise. It helps the family of the deceased in various ways, such as paying for loans, securing their children’s future and more. It acts as an income replacement.

What is the surrender value in life insurance?

Surrender value refers to the amount that the life insurance company has to pay when a policyholder wishes to surrender the policy in between the policy tenure. The amount varies depending on how far you are into your policy. There are two types of surrender value in life insurance, i.e. Guaranteed Surrender Value and Special Surrender Value.

How does life insurance work?

Life insurance offers the policy nominees a sum assured if the policyholder dies, provided the premiums are paid on time, and the policy is active. A contract is formed between the policyholder and the insurance company, entailing details such as the sum assured, premiums, frequency, policy tenure, nominee details, etc. These details are mutually agreed upon and calculated considering the need, a

Which is the best life insurance policy?

Every person has varied needs and wants. The best life insurance offers plans to provide financial security according to these needs and wants. There are many life products available in the market to cater to the needs of every individual. It is important to note that not all life insurance is suitable for you and your family’s needs.

What is the difference between term insurance and life insurance?

The main difference between them is that term insurance is a part of life insurance that financially protects your family in your absence for a pre-determined period. The cost of a term plan is comparatively cheaper as it is a pure protection plan, whereas life insurance has various plans that offer survival benefits, maturity benefits, and more.

How to calculate life insurance premium?

You can easily determine your premium using Life insurance calculators. You just need to fill in details such as your birth date, annual income, lifestyle habits, and gender. After that, you select the choice of life insurance plan variant, premium payment frequency, and the amount and duration of the coverage.  The life insurance calculator will determine and display the premium payable for the i

What are the types of life insurance?

Various types of life plans are available on the market to suit every individual's needs. The main categories are:

• Term Insurance
• Whole Life Insurance
• Unit Linked Insurance Plan (ULIP)

• Endowment Plan

• Money Back Plan
• Retirement Plan
• Child Insurance Plan
• Group Insurance Plan
• Savings & Investment Plans

What is sum assured in life insurance?

Every insurance policy has a coverage amount that the insurance company pays to the policyholder or their beneficiaries against the premiums received. This coverage amount is known as the sum assured. Every insurance policy has a coverage amount that the insurance company pays to the policyholder or their beneficiaries against the premiums received. This coverage amount is known as the sum assured.

How do I Surrender my Life Insurance Policy?

Surrendering a life insurance policy means giving up all the benefits, life cover, and investment value of the policy. It also means losing a big part of your investments so far in the plan. Here’s what you can do if you need to surrender:

• Make sure the policy is not in the lock-in period
• Complete the policy surrender form and visit the nearest branch of the insurer to submit - KYC Documents, Bank