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Cost of term insurance likely to increase soon

Cost of term insurance likely to increase soon

Apr 2, 2020, 10:08 AM IST

An insurer generally works on a concept where they create a fund through premiums (paid by all their policyholders) and pay the insurance claims of those policy holders who die each year, from this fund.

Partial withdrawal from life insurance policy reduces sum assured

Partial withdrawal from life insurance policy reduces sum assured

Mar 21, 2020, 09:42 AM IST

You have to be at least 18 years of age to make a partial withdrawal. You are allowed to partially withdraw money only after the completion of 5 policy years and also only if all due premiums have been paid on time and the policy is in force.

Are deaths due to coronavirus covered by life insurance policies?

Are deaths due to coronavirus covered by life insurance policies?

Mar 18, 2020, 12:26 PM IST

It is reasonable to assume that a global health crisis like the coronavirus would have some impact on your life insurance policy acceptance and premiums, if you are currently in the application process stage.

Life insurers to insist on medical tests to keep term insurance rates under check

Life insurers to insist on medical tests to keep term insurance rates under check

Mar 5, 2020, 10:25 AM IST

Term insurance policies — contracts which compensate only in the event of death without any survival benefits — have crashed more than 50% since liberalisation. Companies have offered term insurance of up to Rs 1 crore for rates as low as Rs 6,000.

How is life insurance premium calculated?

How is life insurance premium calculated?

Feb 25, 2020, 09:51 AM IST

A life insurance policy is a contract between an insurer and a policyholder. To make the contract valid, a premium amount is paid by the policyholder at the time of buying the policy and later at agreed intervals of time.

Check the IRDAI death claim settlement ratio of life insurers for the year 2018-19

Check the IRDAI death claim settlement ratio of life insurers for the year 2018-19

Feb 22, 2020, 10:53 AM IST

The claim settlement ratio reveals the percentage of claims the insurer has paid out during a financial year. In simple words, CSR is defined as percentage of insurance claims settled by an insurer compared to the total number of claims received.

Life insurance policy guidelines set to change from February 1. Here's how it will impact you

Life insurance policy guidelines set to change from February 1. Here's how it will impact you

Jan 29, 2020, 10:32 AM IST

New guidelines for Ulips and traditional life covers will come into effect from February 1.

How to decide life insurance policy term

How to decide life insurance policy term

Jan 20, 2020, 06:30 AM IST

You must ensure that you maximise the amount that you contribute towards building your retirement corpus. This will allow you to take a considered view, as to when your dependents will cease to be your dependents.

How to select the right life insurance policy

How to select the right life insurance policy

Jan 6, 2020, 06:30 AM IST

Personal accident insurance will cover the loss of income in case an accident leads to temporary disability.

Life Insurance: What has changed during the year and how it affects you

Life Insurance: What has changed during the year and how it affects you

Dec 20, 2019, 09:59 AM IST

IRDAI has further simplified both traditional and ULIP products offered by life insurers.

When reading policy benefit illustration, remember this

When reading policy benefit illustration, remember this

Dec 17, 2019, 03:54 PM IST

The benefit illustration of a life insurance policy shows how returns on the money invested will be earned/calculated. While reading the life insurance benefit illustration, you must keep a note of the following points.

Have too many life insurance policies? Here's how you can evaluate them

Have too many life insurance policies? Here's how you can evaluate them

Dec 9, 2019, 06:30 AM IST

Insurance is primarily a protection against unexpected loss in the value of an asset or the income it can generate. Therefore, the simplest way to evaluate is to ask what you are paying and what you would get.

Don't have money in your bank account to pay LIC premium? You can use your credit card

Don't have money in your bank account to pay LIC premium? You can use your credit card

Dec 4, 2019, 10:19 AM IST

Now, for those who are short of cash, they can opt to pay their Life Insurance Corp. of India (LIC) policy premiums using their credit card. This is especially useful for those last-minute tax-savers who do not have enough money in their bank a/c.

Buying life insurance policy? Here's why you should wait till December 1

Buying life insurance policy? Here's why you should wait till December 1

Nov 25, 2019, 06:30 AM IST

There is a reason why insurance agents are pushing policyholders to buy policies before 30 November.

How and where to check death claim settlement ratio of life insurers

How and where to check death claim settlement ratio of life insurers

Nov 21, 2019, 10:28 AM IST

Life insurers are required to show the details of individual and group death claims ratio on their websites separately. If they are showing a death claim ratio by clubbing the data for individual and group policies, they are violating IRDAI rules.

What is term insurance with a monthly payout?

What is term insurance with a monthly payout?

Nov 18, 2019, 06:30 AM IST

Term insurance with a monthly payout is particularly useful for families with limited financial exposure where there is a possibility of the lumpsum amount being mismanaged or squandered away.

Why you should surrender endowment life insurance policies

Why you should surrender endowment life insurance policies

Nov 18, 2019, 06:30 AM IST

Surrendering a policy would mean that a portion of the premium already paid will be refunded to you. If the policy has been in force for some time, you would get a good surrender value which can be immediately invested in products of your choice.

5 important points to remember while reading policy benefit illustration

5 important points to remember while reading policy benefit illustration

Nov 6, 2019, 10:22 AM IST

The rates of return mentioned in the benefit illustration are not the upper or lower limits of what you may get in reality. You may get even higher gross yield of more than 8 percent per annum or lower than 4 percent per annum on your investment.

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