FAQs on Life Insurance

Life insurance FAQs

FAQs on Life Insurance,
Life insurance, Term life insurance, Affordable life insurance FAQs

What is life insurance?

Life insurance is a contract between an insurance policy holder and an insurer, where the insurer promises to pay a designated beneficiary a sum of money (the “benefits”) upon the death of the insured person. Depending on the contract, other events such as terminal illness or critical illness may also trigger payment. The policy holder typically pays a premium, either regularly or as a lump sum. Other expenses (such as funeral expenses) are also sometimes included in the premium.

Why should I choose life insurance?
Life as we all know can be unpredictable and sometimes ruthless. We cannot foresee what’s around the corner.

Life Insurance or affordable life insurance provides financial support in the event of untimely death and also acts as a long term investment. You can meet your goals, be it your children’s education, their marriage, building your dream home or planning a relaxed retired life etc.

How much does life insurance cost?
In order to buy a life insurance policy, you must pay premiums to the life insurance company. The amount of premiums depend upon the type of policy, term of policy contract, sum assured and your age.

What is an Endowment Policy?
Endowment Policy provides with an Insurance coverage and at the same time acts as a Savings instrument, a plan where the benefits are paid on death within the term or at the time of maturity of the policy whichever is earlier.

What steps should I follow to get a policy?
You must select the coverage amount, which you wish and get daily insurance quotes. After that the next step is an application to the insurance company which we’ll help you with, a short medical exam provided by the life insurance company you choose at no cost, and then you discuss the mode of premium paid.