Q1. What is Life Insurance?
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
Q2. How will Policy Master help me with selection of the right policy?
Policy Master would present you quotes from different life insurance companies and give a detailed perspective on all quotes. In case you do not understand the tenets of policy then there are experts who can help you with whole process of finalizing life insurance policy.
Q3. Importance of Life Insurance.
Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses.
Q4. Benefits of Life Insurance.
Benefits of Life Insurance are as listed below :-
- Secure your family's financial future:-
Life insurance is all about securing you and your family financially. All parents want their children to be taken care of even when they are not around. Life insurance makes sure your loved ones won't suffer financially in your absence.
- Accomplish your financial goals:-
We all have some goals in life, for which money needs to be saved. Life insurance plans help you achieve those goals by helping you build a financial corpus with the protection of a life cover. Life insurance plans inculcate a habit of disciplined saving.
- Brings peace of mind:-
Having life insurance will give you peace of mind. Life is uncertain, and life insurance can offer financial assistance to your family when you are no longer around.
- Save Tax:-
Generally, you can claim an income tax deduction on your life insurance premiums under Section 80Cof the Income Tax Act, 1961. Pay-outs for death claims are tax-free under Section 10(10D) of the Income Tax Act, 1961.
Q5. Important Key points of Life Insurance.
The primary benefit offered by a life insurance policy is known as the death benefit, or the amount paid to the nominee upon the death of the policyholder. This amount is also known as the sum assured and could also include bonuses.
Q6. What are the functions of Life Insurance?
There are several functions of life insurance. Here, we are listing some of the functions of life insurance plans for policy holders.
Check them out:
- They provide certainty to the insured.
- They ensure the protection of the family.
- They are risk-sharing policies.
- They prevent the damages that can come from loss.
- It provides capital.
- It's known for improving efficiency.
- It helps in boosting the economy.
Q7. What is the use of Life Insurance Policy?
Life insurance benefits can help replace your income if you pass away. This means your beneficiaries could use the money to help cover essential expenses, such as paying a mortgage or college tuition for your children. It can also be used to pay off debt, such as credit card bills or an outstanding car loan.
Q8. Will you be able to claim NCB on expired policy?
Yes, you will be able to claim No Claim Bonus (NCB) on expired policy if the policy is renewed within 90 days.
Q9. What are the inclusions & exclusions in life insurance policy?
include (not an exhaustive list):
- Sum Assured as Death Benefit.
- Modes And Options of Premium Payments.
- Rider Benefits
- Tax Savings
include (not an exhaustive list):
- Void Policy
- Waiting Period
- Maturity Benefit
Q10. How do you compare life insurance plans before finalizing one?
Following factors needs to be considered before finalizing life insurance:
- Use the internal rate of return of the death benefit as an evaluation tool.
- Choose the premium paying term - this could be one-time, equal to the policy term or lower than the policy term.
Q11. What are the Add-On Cover in Life Insurance?
There is a list of add on plans available in the market which enhances your coverage for better protection.
You can choose add-on covers according to your need, in addition to your standard life insurance policy.
- Waiver of Premium Add-on: There may be cases where a family's financial condition could be adversely affected due to a given disability.
In such situations, the policyholder often fails to continue paying the premium amount. It commonly results in the expiry of the policy without any advantages.
- Accidental Death Add-on: The sole intent of every breadwinner in every home is to be able to provide for their families. Now, if something happens to this breadwinner, the financial stability of the household gets disrupted.
Hence it is vital to ensure that your family is free of any financial risks even in your absence.
- Critical Illness Add-on: This add-on supplements a basic term life policy and compensates with the lump sum amount in case the insured is diagnosed with a pre-specified illness like heart issues, kidney problems, cancer, etc.
Q12. Why Taking Life Insurance from Us?
We as an insurance broker are someone who advises people on their insurance needs and negotiates
insurance contracts on their behalf with insurers in return for a fee or commission.
Insurance brokers act as middlemen between firms that want to insure their property and casualty risks and the insurers that underwrite policies.
We are a specialist in insurance and risk management. We act on behalf of our clients and provide advice in the interests of our customers. We help
you arrange and place the cover with the chosen insurer and can often provide advice on how to make the most of your insurance budget.
Q13. What is the difference between an insurance agent and a broker?
Both insurance brokers and insurance agents act as intermediaries between insurance buyers and insurers.
The primary difference between an insurance broker and an insurance agent is who each represents. While a broker represents the insurance buyer, an agent
represents one or more insurance companies.
Looking to buy a policy with us?
Process to acquire Life Insurance Policy:
- Step 1: Login into the website www.policymaster.com
Opting for this cover means that the policyholder is eligible to receive full claim amount on the value of replaced parts.
- Step 2: Before you start the comparison, keep some details handy.
- Step 3: To get insurance quotes, key in all the above mentioned details in the form and click on next.
- Step 4:Once done, you will get the insurance quotes from all our associated companies with their IDV’s, premium value and available add ons.
- Step 5:Once you have selected the desired insurance quote, please complete the proposal form with all the necessary details.
- Step 6:Once done, you will be then redirected to the payment gateway , where, you can make the payment through debit/ credit commerciald/ Net banking.