What is sum assured?
A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder’s demise. The insurance company pays this money as per the sum chosen by proposer at the time of purchasing the policy.
What is Bonus?
Bonus is the amount added to the basic sum assured under a with profit life insurance policy. It is paid in the event of death of policy holder or maturity of policy, whichever occurs first.
What is paid up value?
Paid up value is the reduced amount of sum assured paid by the insurer in case of the discontinuation of the payment of premium after paying the full premium for the first two years.
What is Lapse?
Termination of a policy upon the failure of policyholder to pay the premium with in grace period.
What is Lapsed policy?
A policy terminated and is no longer in force due to nonpayment of premium due.
Can one take loan from the deposited premium?
Yes loan can be received to the extent of certain limit of premium paid but only after two years and one must had paid at least two years annual premium.
What is the minimum maturity period in life insurance policy offered by the company?
Usually five years. However, it may differ by policy purchased.
Can insured term/period increased or decreased in tenure?
Term/Period of a policy cannot not be changed.
What are the different types of life insurance available with the company?
Endowment, Anticipated, Anticipated cum Whole Life, Micro Insurance and Term Life etc
Can one change purchased policy?
Policy once purchased can not be changed. However some clauses like mode of premium payment, nominees are changeable.
Can sum assured added or deducted in future?
No, sum assured of a policy could not be added or deducted.
What is the provision for lost policy?
If policy bond lost due to some reason one must immediately apply for duplicate copy. However necessary official procedure has to be completed and some official charge has to be paid.
What are the methods to deposit premium?
Premiums can be deposited either directly by cash, online transaction or in various bank accounts provided by the company
Where can policy holders’ pay their premium?
Policy Holders can pay their Premium in Branch, Sub Branch of the company and online also.
What are the types of agents in life insurance?
There are two types of agents in life insurance i.e. individual agents and corporate agents.
What are the documents required for individual agent?
What are the documents required for corporate agents?
When agent license will renewed?
The License of Agents should be renewed on every Chaitra month of the year.