What is the age restriction to buy a life insurance policy ?

Anyone above 18 years old, who is eligible to initiate a legitimate contract, can easily choose an insurance plan. Subject to specific circumstances, a policy could be obtained about the lifetime of a partner (Husband or wife) or kids.

Is there any policy where the insured gets no money at the time of maturity?

Term Insurance by Annual Premium and Term Insurance by Single Premium are two policies on which you will not get any money on Maturity.

What are the various modes of payment for premium?

Beside single premiums you can pay premiums in yearly, half-yearly, quarterly or monthly installments.

What are Prizes and Bonus?

Through State Life insurances you can earn profits per annum in form of bonuses. These prizes are ascribed for policyholders and paid at the time of maturity. Bonus is declared as a certain amount per thousand of sum assured.

Are there any Survival Benefits?

You can get survival benefits in few of the policies, a part of the sum insured, at fixed intervals before the maturity date. The risk cover for life continues for the full sum insured even after payment of survival benefits and bonus is also calculated on the full sum insured.

What is Surrender Value?

The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of policy term is known as the surrender value of the policy. Policy will acquire a surrender value after it has been inforce for at least two consecutive years provided no premiums are in default. The bonus is also added to the surrender value if the policy has been in force for at least 3 years.

To whom death claim is payable?

Death claim is usually payable to the nominee/ assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/ assigned the policy or not made a will, the claim is payable to the holder of a succession certificate or such evidence of title from a Court of Law.

Who are the Nominations/ Assignment of a Policy?

Nomination or Assignment of a policy is the legally entitled person who will get policy money on the death of the policyholder. Incase of any claim, the result will only favor the nominee similarly, if the policy is assigned, the assignee receives the claim amount.

Can I alter a policy?

No alteration is permissible in the policy document – the evidence of contract, unless both the parties to the contract agree. After the policy is issued, a policyholder in a number of cases finds the terms not suitable to him or her and desires to change them to suit his or her convenience. State Life also realizes that insurance being a long-term contract, certain changes under given circumstances might necessitate an alteration of the contract. Keeping in view the basic principles of insurance and administrative convenience, State Life permits some alterations. As a rule, State Life will not permit alterations within the 1st year from the commencement of the policy.

What happens if I lose policy documents?

The loss or destruction of a policy document does not in any way absolve the Corporation of the liability of payment of policy monies when the claim arises. If the policy is lost or destroyed, claim or sum insured will be paid to the claimant or policyholder after he or she furnishes an indemnity bond jointly with two sureties. Similarly, a policy can be surrendered even if the original policy document is lost. However, for the purpose of loan or survival benefit one has to obtain a duplicate policy. The policy being a legal document, the issue of duplicate policy involves the normal procedures like issuing a newspaper advertisement.

What is the maximum period in which a lapsed policy can be revived?

A lapsed Life Insurance policy can be revived within 5 years from the date of the first unpaid premium.

What happens when a policy is lost?

In case the policy is lost, policyholder should get a duplicate policy issued. State Life issues it after completion of certain formalities and a nominal fee.

Can a lapsed policy be revived?

A lapsed policy can be revived within five years from the date of the first unpaid premium.

How are premiums on life policies calculated?

The calculation of life insurance premiums is primarily based on four factors – age of the person to be insured, type of policy, sum insured and term of the policy.

Is life insurance a saving instrument?

Life insurance is mainly considered as a saving instrument rather than an investment avenue as it promotes compulsory savings besides protecting the family of the policyholder in the event of unforeseen happening. It is the only saving instrument, which covers the life risk. A loan can also be availed against the State Life insurance policies.

How is a life insurance policy useful?

Planning for the financial consequences of a premature death is an essential part of every financial plan. Generally, the consequences are simply too large to ignore and cannot be totally covered with your own resources.

Life insurance is nothing but a contract with an insurance company under which the insured (purchaser) pays a premium in exchange for coverage of specified losses. Life insurance protects your family against the risk of the premature death of you (or your spouse). Life insurance planning should consider your family’s short-term needs (for example, medical expenses) and long-term needs (for example, replacing your income).

In the course of our life we are accosted by risk-that of failing health, financial losses, accidents and so on. Insurance is a means by which life’s uncertainties are addressed in financial terms. It offers a monetary compensation against those losses. Insurance is considered more as a hedging mechanism rather than a true investment avenue. Life insurance, in particular is essentially acknowledged as a mechanism which eliminates risk substituting certainty for uncertainty primarily by transferring risk from the insured to the insurer.

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