What is a life insurance policy number PL?
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 01,2022What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life?
Dear Family Floaters are available in Health Insurance and not in Life Insurance . Neither LIC nor SBI Life offers family ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 01,2022Shouldn't we consider inflation while calculating the insurance cover? Because considering a life cover of 30 years or any no of years, inflation will play major role in evaluating the value of insurance cover one has.
Dear Sum assured is taken on the basis of your income generating capacity today. In future you may earn less ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on May 05,2022What if my private company has provided me health and term insurance of good amounts? Shall I still buy the personal insurance now or wait for some years until I quit the company and then buy the personal health and term insurance?
Your group insurance is a rented property . You have it till you are part of group . You ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 07,2021Do a person get claims of life insurance upon his/her death in extraordinary conditions like earthquake pandemics or terrorist attacks. Or there are any technicalities to it ?
Yes Earthquake , Pandemic and Terrorist attack are covered unless force majeure is approved by regulator IRDA . If Force ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 23,2021What are underwriters in a life insurance policy?
Dear Underwriters assesses the risk on the basis of Proposal . Each Proposal form has material facts and underwriters can ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 28,2021What is meant by ‘riders’ in a life insurance plan?
Dear Riders are add ons which you can add to your base products like Personal accident benefit and Critical illness. To ...
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Shailesh Kumar
Co-founder, Insurance Samadhan .How do I claim a life insurance policy if the family members are not living together and both the policy holder and the nominee have died?
You will have to get a succession certificate from court. Please contact a local lawyer along with NOC from legal ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on October 18,2021If we are taking a life insurance cover of 1 Cr, what should be the average amount for the riders? (Critical Illness and Disability Addon)?
Dear As per IRDA directive , maximum amount amount on rider can not exceed more than 30% of the premium ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on January 05,2022In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 17,2021If I die after just 2 years of life term insurance, am I guaranteed to get the full amount?
No , as per Section 45 a claim can not be repudiated after payment of 3 annual premium and ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on November 03,2021Is it advisable to take a life insurance for a senior citizen at the age of 62 years?
Dear It is not advisable as mortality cost becomes very high . Moreover, by age 62 all financial liabilities are ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 17,2021If i bought a term life insurance and I end up paying till maturity age. What's my benefit then ? will I get any premium ?
Dear Pure Term Insurance offer sum assured on death only and nothing is payable on survival . However , there are ...
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Shailesh Kumar
Co-founder, Insurance Samadhan . Answered on December 12,2021I am single and intend to stay that way for the rest of my life. Who can be dependents in my insurance plan, if there is no spouse, parents, children etc.?
Dear Unless you have made a will , it would go as per law of succession i.t to next of ...
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