Traditional life insurance -FAQ

Traditional life insurance

Q. What should I look out before deciding to buy a policy?
A. You should check and see whether there will be a guaranteed return, what is the lock-in period, the details of the premium to be paid, the consequences of premium default, the revival terms and conditions of the policy Which charges will be deducted, what will be the loan, etc.
Category: Traditional Life Insurance
Q. What is the significance of the disclosure made in the proposal (proposal)?
A. The disclosure made in the proposal is the basis of the underwriting policy, hence the claim can be denied due to any false statement or disclosure.
Category: Traditional Life Insurance
Q. Which special medical reports are necessary in life insurance?
A. Dependency in the case of certain proposals is the age of admission, age at maturity, sum insured, family and personal history, and it may be necessary to deposit special medical reports for consideration at risk. For example, if the proposer is overweight, special reports such as electro cardiogram, glucose tolerance test, etc. may be necessary, while for low-fat proponents, chest and lung X-ray reports may be necessary.
Category: Traditional Life Insurance
Q. What does the paid-up value mean in traditional life insurance policy?
A. After payment of premium for a certain period or till then and if premiums are not paid, then the sum insured is reduced to a proportionate amount. Which maintains the same proportion of the full sum insured, such as the number of premiums actually paid, from the total number of premiums fixed in the original policy. For example, if the Sum Assured / Sum Assured is 1 lakh and the total number of premiums payable is 20 (20 year policy, assuming the premium mode is annual) and default is 10 years after paying premium, the policy is 50,000 / – Paid the value of the key. PAD up Value = Number of premiums / payment of the number of premiums payable X X Sum Assured = 10/20 X 100,000 = 50000 / This means that the policy was effective as it was before except the date of 11th premium payable, The original is 50,000 / instead of 1,00,000. The bonuses for this Sum Assured are already vetted (accrued) before the policy was canceled, also added. For example if the bonus excluded up to the date of cancellation is 35000 / – then the total paid up value is 50000 + 35000 = 85,000
Category: Traditional Life Insurance
Q. How is surrender value calculated in a life insurance policy?
A. The dedication value or the semirender value is permissible as a percentage of the pad up value. Surrender value is calculated as Surrender Value Factor or Sreender Value Factor, depending on the payment of premium and the elapsed period.
Category: Traditional Life Insurance
Q. How is the loan calculated on the policy under traditional life insurance policies?
A. If the loan is allowed in the terms of the policy then the acceptance of the loan is done as a percentage of surrender value.
Category: Traditional Life Insurance
Q. What is required to deposit in case of Maturity Amount?
A. Normally, the insurance company will tell the policy holder about the amount due for the claim, sending the advance notice in advance, attaching the discharge voucher at least 2 to 3 months before the maturity date of the policy. Due by signing and signing the policy bond and discharge voucher, the insurance company should be returned immediately so that the insurance company is able to pay. If the policy is assigned assignment / assignment in favor of any other person, the amount of the claim will be paid only to the assignee / allottee, who will discharge.
Category: Traditional Life Insurance
Q. What does the settlement or settlement options mean?
A. Settlement option means to provide such facility, in which the holder of the policy is provided in a defined manner (terms and conditions are mentioned in advance at the time of establishment of the contract).
Category: Traditional Life Insurance
Q. What documents are usually required to be submitted when the life insured dies while the policy is in progress?
A. Usually the required original documents include death certificates, claim forms and policy bonds, to submit certificates of medical attendants, hospital certificates, employer’s certificates, police investigations report, post mortem report etc. in the form of other documents. It can be said, as applicable. The essential formalities of the claim are usually explained in the policy bond.