LIC plan: Get Rs 75,000 life insurance cover for just Rs 100 – Know details Aam Aadmi Bima Yojana: This plan from LIC, the country’s largest insurer, gives life-time policy as well as accidental death cover. The pandemic has taught many lessons, with one of them being financial security. People have become more aware and cautious about their life and health insurance covers. Several health and life insurance policies have also been launched by the government for the common man. One of them is the Life Insurance Corporation (LIC) Aam Aadmi Bima Yojana. This plan from LIC, the country’s largest insurer, gives life-time policy as well as accidental death cover. As per the details of the...
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How to check Life Insurance policy status How to check Life Insurance policy status Previously, the only way to know information about policy status is by visiting the insurer’s branch and making inquiries with a representative of a company. After the digitization of the insurance industry, policyholders have access to many other channels to track the status of their insurance policy from the comfort of their homes. The Life Insurance company offers several means through which you can check the policy status which includes the SMS-based helpline and portal for the registered users. The other way to know the status of the policy is by contacting the insurer’s Customer Care team on their...
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Upon delivery of your life insurance policy, your life insurance agent should go over the key components. FSCO also recommends you review your life insurance policy carefully by yourself. It is a complex document with many pages and terms, but here are eight tips to help you break it down. Familiarize yourself with the structure: your policy should have a cover page or declaration page (this contains basic information like your name, address, policy dates, insurance company contact information, and key details of your policy), a list of terms or definitions found in the policy, coverage details, riders and exclusions. Any policy illustrations previously discussed should also be attached....
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The goal of life insurance is to prepare for the future. A life insurance policy with long-term care benefits does two things: It pays your beneficiaries when you die, and stops long-term care expenses from eating into your savings. But it’s expensive, and not suitable for everyone. What is a long-term care life insurance policy? This hybrid policy combines the benefits of life insurance coverage with long-term care. When you die, your policy pays out a lump sum death benefit to your beneficiaries. But if you develop a need for long-term care, your policy will kick in to pay for the things that regular health insurance or Medicare won’t cover — like a nursing home, assisted...
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Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer; for example claims relating to suicide, fraud, war, riot and civil commotion. In today's world, human life is exposed to multiple risks of death and disability. These risks may arise due to natural or accidental causes. Obviously at the end of any mishap or disaster if the main bread winner of the family suffers a temporary or permanent disability, the family has to undergo a lot of hardship. while source of income dries up, expenses never cease to surprise you in one or the other form...
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Compare and contrast of the various life insurance products that are available: Life insurance is a safeguard against monetary loss that might occur from the sudden or premature death of an insured and the listed beneficiary gets the remaining and is thereby protected from the financial loss of the death of the insured. The benefit of death is covered by a life insurer which is mainly a company, against the lump sum or installments of the premium payments made by the insured person. Life insurance has several significant advantages in our lives, and it does not only protect our loved ones & family but also supports in paying off debts and other expenses. And that’s not all, life...
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Having life insurance to cover yourself and your dependents is an important part of financial planning. Life insurance ensures that you, or your dependents, will receive some money to cope with the unfortunate loss of a loved one. This includes the income that the deceased earned for the family. Life Insurance Is Important For most of us, having some form of life insurance coverage would be a responsible thing to do. It is more important should we have family members like our children, parents or spouse who rely on our income. There are two main forms of life insurance. Whole Life Insurance and Term Insurance. Term Insurance Term insurance is a cheaper form of life insurance compared to...
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Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid’s future. However, due to time constraints or negligence, he forgot to pay its premium and missed grace period too. When almost after a month he came to LIC policy office to renew his expired policy, he was appalled to know that now he had to pay extra charges along with interest to renew his policy. Had he checked the LIC policy status he would have been saved from wastage of hard-earned money and also unnecessary running around? There are various methods to check everything related to the policy, including premium due date, bonus, maturity, etc, people forget to check the status of their life...
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