Insurance Loans24: LIFE INSURANCE

LIFE INSURANCE TERM AND CONDITIONS

<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="MsoNormal" style="text-align: justify;">
Life insurance in its  nascent 
is known term insurance . The every very name implies  that the coverage is for a  limited 
and specific  time. A term
insurance  contract could be structured  for any period. Generally from the point  of view of underwriting  , the term 
varies  from five years  to twenty 
years. However Assured Life Time, a 
term insurance product of TATA -AIG is a 
available  fro a term of one year
and has certain attractive  options like
conversations  of the plan to a savings
plan and renewal  of one and five year
plans without  any medical test etc.,
Under a term insurance  contract, the sum
assured  becomes  payable only if death occurs  during the selected  term, and nothing  becomes 
payable once the term expires. Wherever 
the contract  envisages a  renewal of the contractor  for a stipulated  period after the expiry  of the original contract  such a policy is called Renewable  Term insurance policy. </div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0wEL0zyCqWx2bxTXUTJlzVy1vI-hefQO5UvUloupXM08vkEyv2CbqHI6sLbZFLpOQenA3JVDQtgi1i4zlVAD4A-v6gsGHrmcLgO8DcqNGZdmBwZ6MXbVO1Dl_wrNxNqBQhjMupXe1Tfw/s1600/business-woman-smiling4.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0wEL0zyCqWx2bxTXUTJlzVy1vI-hefQO5UvUloupXM08vkEyv2CbqHI6sLbZFLpOQenA3JVDQtgi1i4zlVAD4A-v6gsGHrmcLgO8DcqNGZdmBwZ6MXbVO1Dl_wrNxNqBQhjMupXe1Tfw/s400/business-woman-smiling4.jpg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
Some term
insurance  contractors  offer a 
conversion  clause by which the
assured  can experience  an option of the to convert the term into
a  permanent  assurance plan without plan any further
medical  examinations  . LIC, Max New York Life Tata AIG are a few
examples,.  Until  recently term insurance contractors  were not 
popular in India.  The first
branded  term insurance plan Bima sandesh
with return of premium  provision  had a 
slow death for want to of proper positioning , . With the opening up of
the industry, the concept of the term assurance plans received a shot in the
term arm and many companies  like ICICI
prudential  Life, Birla Sun Life, and LIC
market such term assurance  plans as a assurances  with Return of premium (ROP).  With the opening  up to the industry to private players, the
concept of the ‘Term’ is getting promoted . Now private companies  alongside, LIC, market such plans , and
the  price war is hotting up in this
product class. For the first time among private insurers in the Indian market ,
Max NEW YORK LIFE came out the with a 
LEVEL  Term Plan with  yearly 
and other mode options  with the
term extending  to 20 year and 25 years.
This was  positioned as an
attractive  low-cost plan.  Another innovative term insurance plan was a
the KOTAK Preferred  Term PLAN (KPTP),
introduced  by Kotak mahindra  Old Mutual Life insurance company. His term
assurance with a  minimum sum
assured  of  Rs. 10 lakhs is available for men  in the group 
of 18-60  years , provided  they do not 
tobacco in any form. If some 
one  takes  to smoking 
the after the conclusion  of the
contract  the company may view  it as a violation  of the terms of contract  and decide 
to decline the death  claim, it if
is  established  that the death has resulted as result of the
policy holder taken to the tobacco smoking. </div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimTf1FgYbOtPKmFPFTjQMT0kIN2D6fElXZUnYw-4u9ioxVM6t18sC-V5Zg_XZgvgME-w-JMevXfg2SVM_Suvj5bKINTor5oNDAtMX5QguxpCofgTUt-KtH8-REx9wvuc_LjarMRtf-ET8/s1600/businesswoman_32.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="248" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimTf1FgYbOtPKmFPFTjQMT0kIN2D6fElXZUnYw-4u9ioxVM6t18sC-V5Zg_XZgvgME-w-JMevXfg2SVM_Suvj5bKINTor5oNDAtMX5QguxpCofgTUt-KtH8-REx9wvuc_LjarMRtf-ET8/s400/businesswoman_32.jpg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
 
Bajaj Allianz  Term Care
offers  life insurance  cover at a low cost and provides  for returns 
of premiums on maturity. The premium  
returned  at a maturity amount the
to the sum assured  of the premium paid
until  maturity sans the extras, if any .
In the event of the death of the assured, the sum promised  is paid to the nominee of the legal heir. The
plan has built  in Accidental  death Benefits  and Accidental  permanent Total/ Partial Disability  Benefits subject to conditions . </div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiJVa-VI8Kw2uuqLaXqOd249hr26ccQpCBeOk2pGxMQL8V7wfSirqTD9xIm7XlxX0OfHuzM8wMoJZXTfwqxQkoOaeW5YuDKFIWACelMiXfrBAZTVfsAbxMzsUTlEKT59Vnk8hwV5dZOdE/s1600/life+insurance.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="250" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgiJVa-VI8Kw2uuqLaXqOd249hr26ccQpCBeOk2pGxMQL8V7wfSirqTD9xIm7XlxX0OfHuzM8wMoJZXTfwqxQkoOaeW5YuDKFIWACelMiXfrBAZTVfsAbxMzsUTlEKT59Vnk8hwV5dZOdE/s400/life+insurance.jpg" width="400" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
This plan is
marketed  under economy, protect health
the and total compacts  with graded
benefits. ING Vysya markets  a term
insurance plan with a critical  illness rider
and HDFC standard  Life markets a loan
protections  cover. Life shield  a term 
insurance plan  offered by Aviva  life insurance , LIC’s  Jeevan Anmol, Shield, the term insurance
plan  of SBI Life Tata -AIG’s  Life Plus, ICICI Pru’s  Life Guard 
are some of the well known term insurance brands. A number of the
variations  are offered  under these plans.  Though 
a term insurance  plan provides
very high protections at a minimum cost, it should be noted that it is only
temporary protection  and cannot  offer the type of the security  that a 
permanent  insurance cover can. It
should  also be noted  that if they 
a person aged 30 , considered  the
cost advantage  and takes only a term Assurance for a 
period  of 30 years and if he/she
survives the term on reaching  the
elderly  age of 60, he/she is left  high 
and dry without any insurance proceeds 
to fall back on. Even  in the US,
where the dictum buy term and invest the rest was once popular , public outlook
is changing in preference to comprehensive plans.</div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_hd3iQYCzn1PXq2lbkt0MOt6a0SIE20B3tqZhyphenhyphenjT-VjKvIGaCu5Y20JeYsb1N7GJ66EPlBBBBz9Kok0uFZ490zNBFNGrC9q98DUuOiEKY1b1_vsZzhyphenhyphenWoahXlVc1vTPUx2sAzfyRg3s/s1600/life+insurance+for+women.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4_hd3iQYCzn1PXq2lbkt0MOt6a0SIE20B3tqZhyphenhyphenjT-VjKvIGaCu5Y20JeYsb1N7GJ66EPlBBBBz9Kok0uFZ490zNBFNGrC9q98DUuOiEKY1b1_vsZzhyphenhyphenWoahXlVc1vTPUx2sAzfyRg3s/s1600/life+insurance+for+women.png" /></a></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
</div>

LIFE INSURANCE TERM AND CONDITIONS

Life insurance in its nascent is known term insurance . The every very name implies that the coverage is for a limited and specific ...

CHARACTERISTICS OF LIFE INSURANCE

<div dir="ltr" style="text-align: left;" trbidi="on">
<div class="p0" style="margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: Calibri; font-size: 11pt;">The following characteristics  of features in life insurance may be deduced from the aforesaid definitions</span></div>
<div class="p0" style="margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: Calibri; font-size: 11pt;">: 1) Offer and acceptance: Like other contracts of insurance the life insurance  contract is also  the outcome </span><span style="font-family: Calibri; font-size: 11pt;">of an offer made by the policy owner and its acceptance by  the insurer. Generally the  life insurance  is a  contract is made in waiting. </span><br />
<span style="font-family: Calibri; font-size: 11pt;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdPTvB9y2Rc7ZxOoQJlVvwQ5JuX1hHz6yqimATz4ZoQuMthHYdOUB58FGdsMdtnEKv-XrFez9py8aGeI6l3ckkox5I-XUQcNMDiRrJ77-ENR940PZ9roGjNXgD6_KAwyzl715wc7HsmMo/s1600/modern-womans.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="265" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjdPTvB9y2Rc7ZxOoQJlVvwQ5JuX1hHz6yqimATz4ZoQuMthHYdOUB58FGdsMdtnEKv-XrFez9py8aGeI6l3ckkox5I-XUQcNMDiRrJ77-ENR940PZ9roGjNXgD6_KAwyzl715wc7HsmMo/s1600/modern-womans.png" width="400" /></a></div>
<span style="font-family: Calibri; font-size: 11pt;"><br /></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="p0" style="margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: Calibri; font-size: 11pt;">2) Agreed sum of money: The insurer agrees to pay a  certain sum of money either on the death of policy owner  or on the maturity of the policy whichever is earlier </span></div>
<div class="p0" style="margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: Calibri; font-size: 11pt;"> 3) Premium: The policy  owner is liable to pay periodically the amount of the payment in the form of premium till the death of the policy owner or expiry of the period of policy  whichever is earlier</span><br />
<span style="font-family: Calibri; font-size: 11pt;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7rCtC82NsVATjmvxaE4Ek2q846q_3iYhYklFi9Rj_91iUArLoHfTukKxTajP9iGyUTBXRszWLMhla6hvtyZ1tNAjeRlCgLRji0PwNGx3oQHE345iQY8FC6I1yETPV1LOLAVP4lrbqHnY/s1600/Life_Insurance.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="241" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh7rCtC82NsVATjmvxaE4Ek2q846q_3iYhYklFi9Rj_91iUArLoHfTukKxTajP9iGyUTBXRszWLMhla6hvtyZ1tNAjeRlCgLRji0PwNGx3oQHE345iQY8FC6I1yETPV1LOLAVP4lrbqHnY/s1600/Life_Insurance.png" width="400" /></a></div>
<span style="font-family: Calibri; font-size: 11pt;"><br /></span>
<span style="font-family: Calibri; font-size: 11pt;"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<span style="font-family: Calibri; font-size: 11pt;">4) Not a contract of indemnity: Life insurance contract is a note a contract  of indemnity as the loss caused by the death cannot be measured in terms of money is a compensation for loss of the one’s life. 5)  Insurable interest: In life insurance  insurable interest must exist when the claim. The person who has been assigned  a life policy  need not  have insurable interest in it as the insurable interest was already present at time of taking policy.</span><br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<span style="font-family: Calibri; font-size: 11pt;"><br /></span><span style="font-family: Calibri; font-size: 11pt;"> 6) Lending helping hand: Life insurance  provides helping hand to those  who are left support less and  helps financially in case of the death of the insured. It is also considered to be than the best alternative for making savings. </span><br />
<span style="font-family: Calibri; font-size: 11pt;"><br /></span>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUJIfFBwo-NJfhSo2G3XgmoEu-95e9IJwEz38ek15Jt5VQEousT_KYkRy7B-y9BY4J2HIwAd6sv7J-oSaacDR0pdVomgYT5onVzCa9qxD3oxDL_2FqvTH1innZl0vkeDOCYONLAUIoXqo/s1600/insurance+life.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiUJIfFBwo-NJfhSo2G3XgmoEu-95e9IJwEz38ek15Jt5VQEousT_KYkRy7B-y9BY4J2HIwAd6sv7J-oSaacDR0pdVomgYT5onVzCa9qxD3oxDL_2FqvTH1innZl0vkeDOCYONLAUIoXqo/s1600/insurance+life.png" width="400" /></a></div>
<span style="font-family: Calibri; font-size: 11pt;"><br /></span></div>
<div class="p0" style="margin-bottom: 0pt; margin-top: 0pt;">
<span style="font-family: 'Calibri'; font-size: 11.0000pt; font-weight: bold; mso-spacerun: 'yes';">7) Covers other risks: Life insurance covered  others risks which are connected with the  human life in addition  to the risk of death. For example, total and permanent disability  or temporary disability and medical expense compulsory retirement or the  economics death risks etc., have also  been covered  under the purview of Life insurance these days. 8) Relief  sword of damocles: Life insurance relieves  the insured  from the sword of damocles  i.e.., various risks and uncertainties  which may occur before and after  the death of the insured</span><br />
<span style="font-family: 'Calibri'; font-size: 11.0000pt; font-weight: bold; mso-spacerun: 'yes';"><br /></span>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<span style="font-family: 'Calibri'; font-size: 11.0000pt; font-weight: bold; mso-spacerun: 'yes';"><br /></span></div>
</div>

CHARACTERISTICS OF LIFE INSURANCE

The following characteristics of features in life insurance may be deduced from the aforesaid definitions : 1) Offer and acceptance: Li...

Insurance Loans24

LIFE INSURANCE TERM AND CONDITIONS

CHARACTERISTICS OF LIFE INSURANCE

Popular Posts

Labels

Blog Archive