Term assurance policy ↝ Life insurance

COVID impact: Taking a term insurance policy has become costly and tedious

COVID impact: Taking a term insurance policy has become costly and tedious As insurers tighten their underwriting norms, those who are not graduates could find it tougher to get a term life insurance policy. Similar could be the case for those who draw an annual income of less than Rs 5 lakh Term insurance premiums are set to rise, starting this month. But if you plan to buy a term insurance policy now, you need to understand the changes, other than just higher premiums. “Some companies are looking at income levels of more than Rs 5 lakh for salaried people and over Rs 7 lakh for non-salaried persons. A few companies are looking to focus only on such profiles and are completely setting...

Why term insurance policies that promise to pay back premiums are avoidable?

Why term insurance policies that promise to pay back premiums are avoidable? Term insurance policies also come with an option to return your premiums. But they are costly. If you invest the premium difference in a mutual fund SIP, you can earn more. A pure term life cover is an insurance policy that promises to pay your nominee an amount (sum assured of the policy), if you die. But it doesn’t come bundled with investment, unlike traditional life insurance policies. But insurance companies have another way of selling it to you. What looks like a term cover, but comes with an investment wrapper around it. Though you get some return from this policy even if you do not die, the premium is...

Pension term assurance policies have implications for annual allowance -

Les Cameron, head of technical services at Prudential UK, warns that those with older policies may find their ability to contribute is being restricted by the annual allowance if they are actively seeking to maximise their retirement income funding. He says pension term policies can use up annual allowance, including those protected policies that receive tax relief and are at least 14 or 15-years-old, but not for policies after this date. “So, the question of pension term policies causing annual allowance issues only arises with older policies," Cameron explains. "The only potential issue would be where someone is actively seeking to maximise their retirement income funding but their...

Legal General: Term assurance Mortgage Term assurance

Provider: Legal & General Product: Term Assurance and Mortgage Term Assurance with Critical Illn... Product: Term Assurance and Mortgage Term Assurance with Critical Illness Cover. The plan is a level term assurance plan with the option to add critical illness cover. SmoothMove is is an additional benefit of Mortgage Term Assurance designed to give extra reassurance on the day the assured moves home. SmoothMove service provides free 'rescue insurance' to help cope with unexpected problems and hitches such as the removal van failing to arrive or a burst pipe. A 24-hour helpline is available. Minimum age at commencement: 17 Maximum age at commencement 62 Minimum policy term: A term of two...

Ohio National enhances whole life portfolio with new riders

Ohio National enhances whole life portfolio with new riders Protector Plus and Paid-Up Additions (PUA) riders offer greater flexibility for individual and business planning needs CINCINNATI, Aug. 31, 2020 (GLOBE NEWSWIRE) -- Ohio National Financial Services is pleased to announce the addition of the Protector Plus and Level-premium Paid-up Additions (PUA) riders to its limited pay whole life insurance lineup. Previously available together only on the Prestige 100 II lifetime pay whole life policy, their combination on limited pay whole life policies gives producers greater flexibility to help their clients with a wide range of individual and business planning needs. When added to a...

LIC unveils campaign to revive lapsed policies - The Hindu

Life Insurance Corporation of India (LIC) has announced a special scheme to revive lapsed policies. The ‘Special Revival Campaign’ is open from Monday to October 9 during which customers can revive their individual lapsed policies. Though it is not offering any concessions in medical requirements, some concessions may be allowed in late fee under plans other than term assurance and other high-risk plans. Under this scheme, policies of specific eligible plans can be revived within five years from the date of the first unpaid premium subject to certain terms and conditions, the LIC said. Those policies that have lapsed during the premium- paying term and not completed policy term as on the...

Your budget is key to your financial success as a pensi...

Short and longer-term budgets are the underlying key to every financial challenge you have. No financial adviser will even give you financial advice without having access to your budgets as a significant part of what is called fact-finding about you. This is required in legislation. In times of an unrestrained virus, lockdowns and ongoing theft of taxpayers assets, budgeting becomes even more important. The short term and the longer term are both uncertain, particularly for people who have already lost their jobs, may still lose their jobs or have been retired early. Do two budgets (if you have not done one). One for the year ahead to see what you spend, and one into the future. This...

How to revive a lapsed life insurance policy

Life Insurance Corporation is running a policy revival campaign for its policyholders from 10 August to 9 October 2020. How to revive a lapsed life insurance policy 3 min read . Updated: 10 Aug 2020, 03:39 PM IST Disha Sanghvi Typically, insurers offer a revival period of two years for policyholders to reinstate their life insurance policies The revival campaign for LIC customers will continue till 9 October 2020. Policies of eligible products can be revived within five years from the date of the first unpaid premium. The insurer is also offering a concession in the late fee for a few policies, except term assurance, health insurance, multiple risk policies and those that are high-risk...

Term Insurance Benefits: Top 8 Benefits of Term Insurance

What are the benefits of term insurance? The need to purchase term insurance plan varies from person to person, but some of the most common term insurance benefits, which influences the individual to buy a term insurance plan are: Term insurance for a Secured Family Term insurance Plan Helps to Take Care of the Liabilities Nuclear Families Benefit a Lot through Term insurance Term Insurance Tax Benefits Term Insurance with Maturity Benefits Here is the in brief explanation of above term insurance benefits. Affordable Premiums Term insurance plan is the most basic form of life insurance; hence, it can be availed at an affordable premium. As compared to the other forms of life insurance, a...

LB Financial Solution, Financial Advisers, Life Assurance

Life Assurance The Financial Conduct Authority does not regulate inheritance tax and trust planning. Life assurance is a very simple policy that pays an amount of money upon your death. Different types of life policy are designed to suit differing circumstances. No one knows what the future holds, but if you were to die, how would your family cope financially? Could they pay the mortgage and other household bills? What about childcare costs? Having enough life assurance in place could help ease the financial strain on your family at an already difficult time. With Level Term Assurance you choose the cover amount and the length of time you’d like it for, and pay the same monthly amount for...