You gotta take care of yourself, an' get your life insured
, an' take out an accident policy, an' join a buildin' an' loan society, an' a buryin' association--"
This term insurance plan will be offering a 'Premium Back Option' on a term product till the age of 85 for the consumers who are looking for some return upon survival of the life insured
throughout the policy term.
Looking at insurance as a utility, where it is a necessity, paying a nominal base rate just to get your life insured
, then the decision-making is in the user's hands as they go through life.
To get your life insured
, you generally pay a large sum of money in the form of premiums over a period of time which can be several years.
Figure 9 shows the 1-year VaR for annuitants with initial age x = 65 and life insured
with initial age y = 35, along with results for 10 and 20 years later in time.
Life insurance companies are using the data from wearable devices like FitBit and Nike+ FuelBand to better assess the health of the life insured
. And, sensors are being implanted into animals to track and identify livestock, helping insurers rate and price agricultural insurance more accurately.
The current gap equals about 6.6 times the current amount of life insured
in the markets in the report, Citigroup said.
Exemption for specified micro insurance schemes has been expanded to cover all life micro-insurance schemes where the sum assured does not exceed Rs 50,000 per life insured
Cases of mismatch in the name of the life insured
in the application form and the linked bank account can also lead to delay in disbursal of the maturity benefit.
The life insured
is the parent or grandparent and the beneficiary is the child/grandchild.
Under these policies, the sum insured plus bonuses are payable at the end of the specified number of years or at death of the life insured