What is Life Insurance?

Life insurance is a contract between an individual (policyholder) and an insurance company, where the insurer promises to pay a designated beneficiary a sum of money upon the death of the insured or after a set period, in exchange for regular premium payments.

    Key Features of Life Insurance

  • Coverage Amount: Guaranteed payout to the beneficiary.
  • Policy Duration: Specifies the start and end dates of coverage.
  • Premium: Regular payment by the policyholder.
  • Nominee/Beneficiary: Person(s) receiving the benefit.
  • Types of Policies: Term Life, Whole Life, Endowment Plans, ULIPs, Pension Plans.

Benefits of Life Insurance

  • Provides financial security for loved ones.
  • Tax benefits under applicable laws.
  • Offers savings and investment opportunities.
  • Loan facilities available against surrender value.
  • Peace of mind for the policyholder.

Eligibility Criteria

  • Minimum age: 18 years (varies by policy type).
  • Maximum age: 65 years (varies by insurer).
  • Proof of identity and income required.

Common Policy Terms

  • Sum Assured: The agreed payout amount.
  • Rider: Add-ons like accidental death coverage.
  • Surrender Value: Amount payable if the policy is terminated early.
  • Maturity Benefit: Payout at the end of the policy term.

Policyholder's Responsibilities

  • Pay premiums on time.
  • Inform nominees about the policy details.
  • Review and update the policy regularly.

Frequently Asked Questions

Most insurers offer a grace period for late payments. Policies may lapse if payments are not made within this timeframe.

Yes, you can have multiple policies as long as you can afford the premiums.

Yes, most policies allow updating the nominee.

Contact Information

Customer Care Number:+91 7835009173

Email: support@crediant.in

Website: https://www.crediant.in/