Zero Cost Term Insurance: Pay as long as you need life cover and get premium back on termination Insurance – especially life insurance – is the foundation block of any financial plan. This is because all the financial goals would become out of reach once the investments stop due to an untimely demise of the investor or the earning member of a family, unless adequate insurance cover is taken to compensate for the loss. While there is a variety of life insurance products available in the market – like term life insurance, endowment plans, ULIPs etc – the most affordable one is the term life insurance. However, there is some reluctance in taking a term insurance plan as there is no maturity...
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Vanilla term life insurance is the most preferred form of life insurance where in case of demise of the policyholder, the sum assured is paid to the nominee or the family members. While it is the least cost life insurance product available in the market, a market survey by Max Life Insurance found that a significant number of consumers fear that if nothing unfortunate happens, they would be wasting a huge amount towards the premiums paid for the term insurance by their retirement age. To cater to this particular segment of consumers, Max Life came out with a plain term insurance plan with an option to return all the premiums (minus GST) at the age of 65 or the 25th policy year, whichever is...
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Key takeaways If you're young and have a family, life insurance can be a key piece of your financial safety net. Term insurance is often a good fit for families looking for an affordable policy or for coverage for a set period of time, like until kids reach adulthood. The policies can be relatively easy to shop for and compare because they're generally much simpler than other types of life insurance. Has COVID prompted you to take a closer look at your family's financial safety net? If so you're in good company: About 1 in 3 young Americans with families say the pandemic has been a driver to buy life insurance. Of course, life insurance can be a cornerstone of your family's financial...
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1. Death Benefit: Single Life – In the event of death of the Insured Member, provided all due premiums till the date of death have been paid and the coverage is in force, the company will pay sum assured as specified in the certificate of insurance to the nominee(s)/beneficiary(ies). Any unpaid premiums during the term of the Policy shall be deducted from the Sum Assured. Joint Life – In case of Joint Life coverage, in case of first death of the two lives, provided all due premiums till the date of death have been paid and the coverage is in force, the Company shall pay sum assured as specified in the Certificate of Insurance to the Beneficiary(ies)/ Nominee(s) and the coverage for the...
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SINGAPORE--( BUSINESS WIRE )--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” from “a” and affirmed the Financial Strength Rating of A (Excellent) of MS First Capital Insurance Limited (MSFC) (Singapore). The outlook of these Credit Ratings (ratings) is stable. These ratings reflect MSFC’s balance sheet strength, which AM Best categorises as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the implicit support from the company’s ultimate parent, MS&AD Insurance Group Holdings, Inc. (MS&AD). The Long-Term ICR upgrade reflects the increased level...
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Feature Article: New Guidebooks Help Urban Communities Install Low-Cost Sensors to Reduce Flood Risks Floods are costly and dangerous events that impact communities across the U.S. every year. The National Oceanic and Atmospheric Administration predicted above-normal activity for the 2020 Atlantic hurricane season, running from June 1 through November 30. The month of August saw the unusual event of two weather systems coinciding in the Gulf of Mexico, with Marco weakening into a tropical depression just before making landfall in Louisiana and Laura slamming into the Louisiana-Texas border area as a category 4 hurricane. In addition to high winds, such events bring storm surge concerns and...
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Vulnerability is not simply about poverty, but extensive research over the past 30 years has revealed that it is generally the poor who tend to suffer worst from disasters (DFID, 2004; Twigg, 2004; Wisner et al., 2004; UNISDR, 2009b). Impoverished people are more likely to live in hazard-exposed areas and are less able to invest in risk-reducing measures. The lack of access to insurance and social protection means that people in poverty are often forced to use their already limited assets to buffer disaster losses, which drives them into further poverty. Poverty is therefore both a cause and consequence of disaster risk (Wisner et al., 2004), particularly extensive risk, with drought being...
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The uncertainty and unpredictability of events in life are enough reasons for one to buy life insurance. Life insurance, apart from protecting your family from the unexpected financial disasters due to instances such as accidents and critical illnesses, gives them financial stability from the eventuality of death of the breadwinner. Essentially, life insurance is there to give one’s dependants financial protection if one dies, usually as a lump sum or staggered payout depending upon your specific needs and requirements. Increased liabilities and dependants have also forced people to invest in term plans as the usual profile of people seeking such a cover is that they either have kids or...
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People rally outside the Supreme Court on March 23, 2016, in support of religious organizations wanting to ban contraceptives from their health insurance policies on religious grounds. (Saul Loeb/AFP via Getty Images) The Supreme Court Wednesday settled — at least for now — a decade’s worth of litigation over the women’s health provisions of the Affordable Care Act, ruling 7-2 that employers with a “religious or moral objection” to providing contraceptive coverage to their employees may opt out without penalty. The Trump administration was within its rights to exempt religious nonprofit agencies, like the lead plaintiff in the case — the Roman Catholic order Little Sisters of the Poor —...
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What Are the Basic Types of Life Insurance? One of the best ways to protect against the financial consequences of a primary wage earner’s premature death is life insurance. However, choosing from the many types of life insurance policies that are available can be a difficult process. A few main categories are described here to help you search for a life insurance policy that is appropriate for you. Keep in mind that the cost and availability of insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving insurance, it would be prudent to make sure that you are insurable. Term life insurance Term life...
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