|Document||Identity Proof||Address Proof|
|Voter’s Identity Card issued by Election Commission of India||√||√|
|Permanent Driving License||√||√|
|Identity card with applicant’s photograph issued by Central/State Departments, Statutory/Regulatory Authorities, Public Sector Undertakings, Scheduled Commercial Banks, Public Finance Institutions||√|
|Letter issued by a gazette officer, not more than 6 months old, mentioning the address along with a duly attested photograph of the person||√||√|
|Bank account statement / Passbook not older than six months as on date of acceptance (If it contains photograph)||√||√|
|Documents (not more than 3 months old) issued by Government departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India (If it contains photograph)||√||√|
|Central KYC identifier (can be accepted, if there is no change in current address of client)||√||√|
|Turn Around Time as mandated by Insurance Regulation and Development Authority of India (IRDAI)||Death Claims||Health Claims|
|Raising Claim Requirements||Within 15 days of receipt of claim.||Within 15 days of receipt of claim.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is not required||Within 30 days from the date of receipt of last necessary document.||Within 30 days from the date of receipt of last necessary document.|
|Settlement or Rejection or Repudiation of claims wherein Investigation is required||Investigation should be completed not later than 90 days from the date of receipt of claim intimation and the claim shall be settled within 30 days thereafter.||Investigation should be completed not later than 30 days from the date of receipt of last necessary document and the claim shall be settled within 45 days from the date of receipt of last necessary document.|
In such circumstances, we would require the proof of title/succession certificate issued by a competent court. The claim would then be paid to the person specified in the said proof. Such a condition is called 'Open Title' situation.
If we have accepted the claim but are waiting for the issued certificate of proof, we hold the money till the proof is submitted and pay interest as directed by the Insurance Regulatory and Development Authority of India.
Yes, the premiums paid for the term plan as well as the pay-out received offer tax benefits. The premium that you pay for any life cover policy is eligible for deduction under section 80C of the Income Tax Act, 1961 up to a maximum of Rs 1,50,000. Moreover, the claim amount received from the life insurance policy (in the event of death) is exempted from the income tax under section 10(10D) of the Income Tax Act, 1961.
Death benefits are tax-free.
Tax benefits are subjected to changes in tax laws. You are advised to consult your tax advisor for the same.
Premium for a term plan depends on multiple factors including your age, gender, occupation and lifestyle habits, among others. Note that premium increases with age, and therefore it’s advisable to buy a term policy when you are young and healthy. Online term insurance calculators are available which help you compute the applicable premium.
Our process of medical examination is very simple. Immediately after the making payment, basis your pin code you will be eligible either for home visit or for centre visit.
Your family will receive the claim amount in the event of both natural and accidental death. Life insurance is designed to provide your family with a certain amount of money, irrespective of the reason of death. However, there are some exclusions like suicide in 1-year, non-disclosure of rightful facts that can lead to a decline of your claim amount. To know more about such exclusions, please refer to the terms & conditions section in the policy document.
It is usually suggested that a life insurance cover should be at least 10 times of your annual income and 15 to 20 times is an even better option. If you have loans such as home loans, car loans, etc. then you should factor that in too.
For instance, if your annual income is ₹ 10 Lakhs, it is ideal to buy term life insurance cover of at least ₹1.0 crore, if you do not have other liabilities. In case you have a home loan of ₹50 lakhs, include this amount in your life cover. It is best to use the term calculator provided by insurance companies before deciding on your life cover.
Online transactions are completely secure and are done directly on the insurance company’s or it’s official distributors’s website. Today almost all financial transactions including banking, stocks, etc have moved completely online and lacs of people are making online payments every day. You can evaluate Aditya Birla Sun Sun Life’s plans on https://www.eindiainsurance.com/ .
Beneficiary is the sole person entitled to the benefits under the policy. Yes, the beneficiary of the policy can be changed in case of the unfortunate demise of the existing beneficiary. You have to submit the Policy Servicing Request Form at any Aditya Birla Sun Sun Life branch. Forms are available under the Forms & Downloads section under Policy Servicing.
You may also refer to your Policy documents to know more about the beneficiary change process.
If your policy has attained a surrender value, you can avail a policy loan which is a % of the surrender value. The policy loan can be taken for regular as well as single premium, Unit Linked & Conventional policies. Kindly refer to your policy document for details on the terms & conditions for availing a policy loan.
The coverage that you get from the company may not be enough to meet the financial needs of the entire family in your absence. Also, one loses the life coverage in case of a job change or job loss. Calculate the ideal cover and then take additional cover to financially secure your loved ones.
For example, if the cover provided by your employer is Rs 10 Lakh, that may not be enough to keep your family secure for even a year. Hence, you may need to buy 75-80 % of your life insurance coverage personally through a term plan and ensure you & your family are covered under all conditions.
Talk to your parents and partner about the term insurance plan you have taken and how it benefits them. More importantly, describe the claim settlement process and how they must file the term plan claim when the time comes. One of your family members would have to intimate the insurance company about your death through a sales officer by providing them with a written intimation & a copy of the death certificate issued by the concerned government organisation. Keep the insurance documents in a safe place that these family members can access when needed.
The death benefits received by the nominee under a life insurance policy are exempt from tax as per section 10(10D) of the Income Tax Act, 1961.