The value of life is best realised when we imagine the future of our loved ones without us. All of us have had this dread of leaving the people who we always protected and cared for, alone in this rather cruel world. But no matter how much endearing is the idea of spending our lives with our loved ones, we can never know when life takes an ugly turn. Life isn't assured, but it can definitely be insured.
Quoting V Manickam, Secretary, Life Insurance Council, ", "As part of Indian culture, our elders have always stressed on doing the most essential things first and then opt to carry on with other things. This is an integral part of the day to day conversations. "Sabse Pehle Life Insurance" comes from this very cultural nuance and will help establish an understanding of the essentiality of life insurance in our lives and the need to treat it as a topmost priority while planning for life."
Speaking of culture, saving money has been an integral part of the culture of India. Be it saving by investing in gold, or the day-to-day saving of non-financial assets by women of the household, Indian culture has always stressed upon the need for saving to deal with eventualities.
Life insurance is not only a safeguard measure against unfortunate incidents but also a great financial tool for saving. It is one of the simplest and safest financial instruments and thus has to become the centre of financial planning of individuals as well as households.
Life Insurance thus serves a dual purpose – It is a saving as well an excellent investment. Not only this, it comes with perks like tax benefits, easy loans on the lower rate of interests, affordable premiums, encouraging thrift.
Life insurance is a contract that pledges payment of an amount to the person assured (or his nominee) on the happening of the event insured against. Among other things, the contract also provides for the payment of premium periodically to the Corporation by the policyholder. Life insurance is universally acknowledged to be an institution, which eliminates 'risk', substituting certainty for uncertainty and comes to the timely aid of the family in the unfortunate event of the death of the breadwinner.
The contract is valid for payment of the insured amount during:
Many kinds of life insurance are available in India:
Many policy plans are a combination of one or more aforementioned insurance plans.
It’s just a click away. Visit our website’s Term insurance section and fill in few details regarding your age, income, cover needed and whoa! You get a list of insurance policy from an array of insurers. Not just this, you can customise your coverage, period, Pay-type, Payout, and pay frequency as per your needs.
You can compare, analyse and buy a policy here and then, hassle-free! Still confused, you can call us on 97167-20000 or even contact us using WhatsApp! Our executives will help you choose your life insurance plan!
You can also check out our blog section to get a more nuanced view of insurance plans available and the ones you should go for.
The details we ask for are necessary:
Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has an insurable interest.
Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. At the same time, the Corporation considers underwriting proposals, certain factors such as the policyholder's state of health, the proponent's income and other relevant factors.
Insurance Proposal Form is the one you must fill before buying a policy. It is good to keep a few documents handy while filling down an insurance proposal form.
The form may also ask you about your smoking or alcohol habits. It is advised to disclose all the information to the insurance company. If the insurance company finds the application incomplete or vague, it may reject the application, or the underwriter may increase the premium. If the insurance company finds some crucial piece of information is incorrectly given, it may also lead to rejection of the claim. Some people may leave this process to the agent, but it is best in your own interest that you fill your details yourself, correctly and clearly to avoid any kind of suffering in the end.
At cover360, you can access your policy with a single click in your online docket and know all its details.
As soon as any eventuality occurs, the insurance company should be contacted. These days, it is also possible to file claims online. The company generally demands some documents to support your claim. There are typically two types of claims – maturity claims and death claims. Maturity claims are made when the period of your insurance is over while death claims are made in case of the death of the insured.
Most of the companies will send a maturity letter much before the completion of the period of the plan. On the date of maturity, the life insured is required to submit the maturity claim discharge form with the original policy bond. It is advisable to send these much before the maturity date to enable timely settlement of the claim.
The company will issue cheques or transfer electronically on the maturity date.
In the case of death claim, you will need to give the following details to the company:
You have to attach the following documents with the claim intimation form:
Some companies may ask for some additional documents like a certificate from employer or some other supporting documents.
As soon as the company settles the claims process, which generally takes 7-10 days, the death/rider benefit is released.
First, decide on what are your needs. Do you need a policy for taking care of your children who will eventually become independent? Go ahead with term insurance. Do you have permanent dependants? Whole life insurance will suit you the best. Also, consider your income and the premium you can afford. You should check the various plans available with the insurance companies.
Alternatively, you can visit our website, and we will conduct the research for you.
Depends on your income and life goals. One rule of the thumb is that "An earning individual up to the age of 40 should purchase a term plan with a life cover of approximately 20 times the annual income, a person in his 40s should buy a cover 10-20 times, and an individual in his 50s should opt for a life cover of 5-10 times the annual income. The term insurance plan should continue until retirement age". However, the needs of every individual and family are unique. You should always figure the number of dependents, the number of years they will need financial support, inflation and your debts and liabilities while deciding on your insurance cover.
These days most companies offer a variety of payment methods like cash, credit or debit card payments, online wallets, internet banking, and so on. You should always check with your insurance company about the premium payment options they provide.
With so many companies and plans in the market, one can easily get confused over what to buy. Cover360 not only has the directory of the best policies available, but it also has the filters that help remove the clutter. Also, cover360 provides easy to understand product descriptions with all the details incorporated and complete support right from selecting a policy to filing a claim.
Many companies provide an option to change your cover with changing income. However, your premium will also vary accordingly. Term insurance can be renewed or upgraded. It is advisable to consult the company and confirm beforehand.
If you cancel a policy during the free-look period which is generally 15 days from the date of buying insurance, you can get a refund of the payments you've made. If you have a term-life policy, you won't get any refund or cash if you cancel your policy after a free-look period or let it lapse. Whole life policies with cash value may provide some cash when cancelled.
If you are unable to pay your premium on the date it is due; you enter the grace period. The grace period is generally a period of 15 days from the due date; you must pay your premium within the grace period.
In case you do not pay your premium even during the grace period, your policy lapses,
Here are a few quick tips:
At cover 360, you get a more extensive range of policies and plans. We have efficient, smooth and secure payment gateways to make easy and safe online payments on just a few clicks. As no agents or brokers are involved, there are lesser risks involved. It also saves your precious time and money as there are no physical visits required.
There are special units in Life Insurance Companies that evaluate the risks, known as Underwriters. An underwriter gauges the threat of your future claim and calculates the risk. However, no one can calculate the value of human life. Life insurance is just a financial shield against such mishaps.
Some types of life insurance can readily be cashed in before death for the accrued cash value. If you need the money and you have a life insurance policy with a cash value, there are ways to get the cash from the policy without the insured person passing away. Alternatively, you can take a loan keeping your insurance policy as collateral.
If one commits the suicide within 12 months of buying the policy, the policy will pay the family (whosoever is the nominee) the death benefit (the sum assured). After this period, suicides are generally covered.
The policyholder may not receive any money from the insurance company upon maturity in case he survives the policy term. However, some insurance companies offer a term policy with a return of premium amount or the sum assured upon maturity. Some companies also offer plans along with bonus or profits and policyholder upon surviving the term of the policy would receive the sum assured along with the accumulated bonus.
You must immediately inform the company about the same and change your nominee at the earliest. If you fail to do so, your cover goes to your natural heir or legal successors.
Sabse Pehle Life Insurance (Meaning Life Insurance First) is the first joint mass media drive of the life insurance industry aimed at increasing awareness in the country bout life insurance. The objective is to, further its penetration as well as motivate the general public to buy life insurance products that are best suited for them.
This campaign has been launched in all major Indian languages like Hindi, Bangla, Kannada, Telugu, Malayalam, and Tamil. It will use conventional as well as digital platforms such as TV and social media to amplify its outreach. An eye-grabbing TV Ad is also being aired on various channels for this purpose.
To know about the need for a campaign like this, we need to have a look at some of the figures as per the Annual Report of IRDAI (2017-18):
The unsatisfactory state of insurance penetration is indicative of how the general public is still unaware of its innumerable advantages. Also, people are still not willing to invest with a view of securing their future. Even those who do, do it for saving taxes. In such a scenario, launching a full-fledged campaign is indispensable.
Association of Mutual Funds in India (AMFI) has already set a precedent by launching an investor awareness campaign called Mutual funds Sahi Hai (mutual funds are the right choice), which was immensely successful and lead to an increase in mutual fund investors by 3.2 million.
The Life Insurance Council of India announced Sabse Pehle Life Insurance campaign on 10 October 2019 and the related TVC campaign was launched on 15th December 2019.
All 24 life insurance companies in India have joined hands with the Life Insurance Council of India to promote this campaign. Constituted under Sec.64C of Insurance Act 1938, the Life Insurance Council is a forum that connects the various stakeholders of the sector. It develops and coordinates all discussions between the Government, Regulatory Board and the Public.
The main objective of this campaign is to educate the general public that taking life insurance is neither a luxury nor an optional investment but a very fundamental necessity. It also intends to convince people to get adequate life insurance product. The tagline appeals to the masses to make life insurance as their first and foremost priority.
We live in an age where people make ‘choices’ based on what they 'see'. We can no more rely only on word of mouth to propagate an idea or to promote a product. Be it the government of the corporate world; everyone has realised that ‘visibility’ is the key to persuade, educate, mobilise or involve the public.
In such a scenario, Sabse Pehle Life Insurance is a much-needed campaign that has a combined motto of persuading and educating the public. It will not only help to get the message across the public in a much effective way but will also aid in creating a favouring atmosphere for the buyers and sellers of the insurance industry.