Life insurance is an essential part of financial planning that provides financial protection for loved ones in the event of an individual’s death. However, not all life insurance policies are created equally. In India, there are several types of life… Continue Reading
In life insurance, if something happens to you then your beneficiary or nominee will get a death benefit, but what if nothing happens? Will you get anything in return for the premium paid during the policy term? Yes, if the… Continue Reading
We buy life insurance to provide financial security to us (at the time of maturity) and to our family in case something happens to us (as a death benefit). It is worth being extra careful while buying one so as… Continue Reading
The principle of insurable interest is one of the essential elements of insurance. It can be defined as the substantial emotional, financial, or pecuniary interest in the subject matter of the insurance contract. It means the party stands to gain… Continue Reading
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), first mentioned in the 2015 Budget Speech of then-Finance Minister Arun Jaitley, was launched by our Hon’ble Prime Minister Narendra Modi on May 9, 2015. It is a life insurance scheme that aims… Continue Reading
Do you know a life insurance company cannot reject your claim for non-disclosure in the proposal form after three years? Yes, you read it right. As per Section 45 of The Insurance Laws (Amendment) Act 2015, no insurance company can… Continue Reading
Insurance is a subject matter of solicitation, this means that the seller needs to explain to you the merits of the insurance product and convince you to buy the product. Insurance sales will be called unsolicited if you have been… Continue Reading
Lapsed Policy Insurance Policy gets a lapsed status when the premiums are not paid even after grace period. Either the purpose of insurance stops or gets reduced depending on type of Insurance plan. In participating plans, benefits are reduced on… Continue Reading
You get a call from an insurance company telling you of a new scheme where you will get free health insurance if you buy a life insurance policy from them. What’s more, you only pay the premium of your life… Continue Reading