LIFE INSURANCE
Life Insurance
For many people, life insurance forms the cornerstone of their financial planning. That’s because, carefully chosen, a life insurance policy can offer tremendous flexibility when it comes to helping you plan for your future and for the future of your loved ones. When many people think of life insurance, they think of a policy that will cover funeral expenses and any final medical costs, with maybe a little extra to take care of outstanding debts. But life insurance can do much more than that.
Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer. This insurance will also replace your family income when resources are less so they can maintain their quality of life.
It can help you replace lost income so your spouse or dependents can continue to experience the support you’ve provided. And it can even help you create an inheritance for those you leave behind. There are many different options when it comes to buying life insurance. At Innovative Insurance, we offer a range of whole life, term life and traditional life policies so you can get a policy that’s aimed at helping you achieve your goals.
Life Changes. So Should Your Policy
For each of our neighbors in Delhi, the right life insurance will be unique and dependent on personal and financial needs. As your life changes, your life insurance coverage may need to change in order to adapt to your current needs. Some life transformations that may require a policy “tune-up” include:
- You recently married or divorced
- You have a new child or grandchild
- You have opened or expanded a business
- Your health or your spouse’s health has deteriorated
- You are providing care or financial assistance to a parent
- Your child or grandchild requires assistance or long-term care
- You recently purchased a new home
- You are planning for a child or grandchild’s education
- You are concerned about retirement income
- You have refinanced your home mortgage in the past six months
- You or your spouse recently received an inheritance
- You have a sizable estate
What You Need to Know
Innovative Insurance can help you select the best life insurance coverage for your needs. There are several different types of life insurance products available – the most common include:
★ Term Life Insurance
Term life insurance provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 20-year (level term) period.
★ Whole Life Insurance
Whole life insurance is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
★ Traditional Life Insurance
Traditional life is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Traditional life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.
What type of life insurance is best for you? Talk with the team at Innovative Insurance. We can assist in identifying the best protection for you.
Advantages of Life Insurance
Having the right life insurance is essential to planning for your present and your future. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.
★ Life Insurance Death Benefit – When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.
★ Living Benefits – The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
The right life insurance coverage for each and every one of our customers in India is unique. Talk with the Innovative Insurance team today to find out how to protect your family and your future with the right life insurance.
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Frequently Asked Questions
Q. What should I look for before I decide to buy a policy?
Ans: You must check and see whether or not there is availability of guarantee of return, what the lock in period is, details of premium to be paid, what would be implications of premium default, what the revival conditions are what the policy terms are, what are the charges that would be deducted, would loan be available etc.
Q. What are special medical reports required to be submitted in Life insurance?
Ans: In case of certain proposals, depending upon the age of entry, age at maturity, sum assured, family history and personal history, special medical reports may be necessary for consideration of a risk. E.g. if the proposer is overweight, special reports like Electro Cardiogram, Glucose Tolerance test etc could be required, while for underweight proposers, X-ray of the chest and lungs with reports could be required.
Q. What are the requirements to be submitted in case of a Maturity Claim?
Ans: Usually the Insurance Company will send intimation attaching the discharge voucher to the policy holder at least 2 to 3 months in advance of the date of maturity of the policy intimating the claim amount payable. The policy bond and the discharge voucher duly signed and witnessed are to be returned to the insurance company immediately so that the insurance company will be able to make payment. If the policy is assigned in favour of any other person the claim amount will be paid only to the assignee who will give the discharge.
Q. What is the importance of a proposal and the disclosures made therein?
Ans: The disclosures made in a proposal are the basis for underwriting a policy and therefore any wrong statements or disclosures can lead to denial of a claim. Therefore please fill the form very carefully, many of claim can not get through just because of the false statement.
Q. What is meant by Paid-up Value in Conventional Life Insurance Policy?
Ans: After premiums are paid for a certain defined period or beyond and if subsequent premiums are not paid, the sum assured is reduced to a proportionate sum, which bears the same ratio to the full sum assured as the number of premiums actually paid bears to the total number originally stipulated in the policy.
For example, if sum assured is 1 lakh and the total number of premiums is payable is 20 (20 years policy, mode of premium is assumed yearly) and default occurs after 10 yearly premiums are paid, the policy acquires the paid up value of 50,000/-. Paid up Value = No. of Premiums Paid / No. of Premiums Payable X S.A=10/20 X 100000 = 50000/-.
This means that the policy is effective as before except that from the date the 11th premium was due, the sum assured is 50,000/- instead of original 1,00,000/-. To this sum assured the bonus already vested (accrued) before the policy lapsed, is also added. Example if the bonus accrued up to the date of lapse is 35,000/-, the total paid up value is 50000 + 35000 = 85000.
Q. What documents are generally required to be submitted in case of death of life assured while the policy is in force?
Ans: The basic documents that are generally required are death certificate, claim form and policy bond, Other documents such as medical attendant’s certificate, hospital certificate, employer’s certificate, police inquest report, post mortem report etc could be called for, as applicable. The claim requirements are usually disclosed in the policy bond.
CUSTOMER FEEDBACK
“Innovativer insurance gave me clarity about the life policy, hence I took life insurance from them, Information is well provided by Mr. Naveen. The service level is also good, the representative contacted and gave me all the updates. Satisfactory Service.“
Ramjee Kashyap, physiotherapist, Delhi
“I had a good experience with innovativeinsurance.in, I received my child insurance policy on time. Even I did not face any issues with the services it was very user friendly, they provided proper guidance and help in choosing the right policy. I was able to compare and choose the policy. Thank you!”
Vinod Ahrahari, Businessman, Delhi