Advantages & Key Benefits of Life Insurance in India

What Are the Benefits of a Life Insurance Policy?

FAQs About Life Insurance Benefits

What will happen if I fail to pay the life insurance premium on time?

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If you miss one premium of your life insurance plan, the insurer may notify you about the same. Nevertheless, insurance companies provide a grace period for up to a certain number of days. You can pay the premium within this period without the burden of penalties.

What is the claim settlement process for maturity benefits?

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The policyholders must collect a maturity claiming or discharging form from the insurance company on or after the maturity date. They will have to submit the filled-in form along with the original policy bond and other basic identity proofs.

Which documents do I need to provide while placing a claim for the maturity amount?

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Following are some of the important documents that you need to provide while raising your claim for the maturity amount:

  • Original policy document
  • Your policy discharge form
  • Government-issued ID card
  • Age proof
  • Bank account details (copy of your bank passbook)

What are the different types of life insurance policies available in India?

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There are various types of life insurance policies in India, having different features and benefits. These are as follows:

Do Life insurance and health insurance offer the same type of benefit?

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No, life and health insurance do not offer the same type of benefit; they serve very different purposes in financial planning. Life insurance provides financial support to your family in case of your sudden death, whereas health insurance covers the medical expenses included in treatment due to illness, injury, or hospitalisation.

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