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.
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 if earlier.