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? up-arrow

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? up-arrow

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? up-arrow

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? up-arrow

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

  • Unit Linked Insurance Plans or ULIPs
  • Money Back policy
  • Endowment plans
  • Group life insurance
  • Whole life insurance
  • Child Insurance Plans
  • Retirement Plans