|Death Claim||Critical Illness /Hospital Cash Claim||Disability Claim|
|Original policy document|
|Claimant photo identity & address proof|
|Claimant statement death|
|Copy of death certificate|
|Copy of cause of death certificate|
|Medical records on the life assured being hospitalized (indoor case papers, discharge/death summary, test reports etc)|
|Hospital certificate if the life assured was hospitalized|
|Employer certificate for salaried policyholder|
|Treating doctor certificate|
|Post mortem report (if conducted)|
|FIR/ Police report/ Panchnama / Inquest report ((if case filed with police)|
|Copy of driving license if life assured was driving the vehicle (applicable if "accidental death benefit or accidental and total permanent disability rider" is opted)|
|Term life plans|
|Unit Linked Plan (ULIP)|
|Critical Illness Plan|
|Entry Age||Maturity Age||Policy Term||Sum Insured ₹||Premium payment term|
|My life+||18 years to 60 years||80 years||10 /15 / 20 /25 / 30 / 35 / 40 years / 80 years minus entry age||₹25 lakhs - No Upper limit||Regular|
|Zindagi +||18 years to 65 years||80 years||10 / 15 / 62 years||₹25 lakhs - No Upper limit||Same as Policy Term|
|Simply Protect||18 years to 65 years||80 years||10 - 40 / 62 years||₹25 lakhs - No Upper limit||Single Pay/ Limited pay of 5,10,15,20 and Regular pay|
|Total Secure +||18 years to 65 years||75 / 80 years||Tenure Options are 10 / 40/ 62 years minus Entry Age||₹25 lakhs - No Upper limit||Single Pay / Limited Pay (5, 10, 15, 20, 25) / Regular Pay|
|Income Replacement||18 years to 60 years||28 – 70 years||10 to 30 years||₹1.80 lakhs and above||Single Pay/ Limited pay of 5,10,15 and Regular pay|
|Protection||18 years to 60 years||28 – 70 years||10 to 30 years||₹15 lakhs - No Upper limit||Single Pay/ Limited pay of 5,10,15 and Regular pay|
|Wealth Ultima||1 day – 60 years||18 to 100 years||10 year to 100 minus entry age||Refer Table||5 years onwards|
|Criti Care||18 years to 65 years||70 years||5 years to 30 years||₹5 lakhs to ₹100 lakhs||Regular|
Life Insurance is a financial cover for a contingency linked with human life which include death, disability, accident, retirement etc against all possible risks and this results in loss of income to the household, if the insured was an income earning member of the family.Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hencethe Sum Assured payable as a benefit in case of any eventuality. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.
IRDAI stands for Insurance Regulatory and Development Authority of India and they are the apex body that regulates the Insurance industry in India, both for Life and Non Life Insurance and are based in Hyderabad. They are similar to the Reserve Bank of India (RBI) who is the Banking regulator. Apart from protecting the interests of the policyholders, it regulates the overall industry and takes concrete steps towards development of the insurance sector in India.
According to IRDAI guidelines, the insurance company must mandatorily process a claim within 30 days after receiving all claim related information/documentation. If the claim needs further investigation based on the circumstances and supporting documents provides, the process should be completed within 6 months.
Anyone who is an income generator for a family, whether they are the primary earner or no, needs to ensure they have Life Insurance cover. Due to the value of their contribution to the family, it becomes essential to protect the family incase any unforeseen event happens to the income generator and this is what Life Insurance does. Sometimes even homemakers and children can also be covered for life insurance given their future income potential being at risk.
Currently in India, Life insurance is one of the most preferred tax planning financial instruments. Premiums paid for all life insurance policies are exempt from tax up to a maximum of ₹ 1.5 lacs under Section 80C of the Income Tax Act, 1961. Further under Section 10D, on settlement of a claim, the claim amount paid to the nominee is exempted from any tax.
The straightforward answer is the younger the individual, the lesser the premium. Hence it is advisable for young adults to invest in Life protection through Term Life covers at an early stage to ensure the most competitive premiums for their policy. This is on account of the individual being in better health at a younger age and free from pre existing health conditions.
Yes, all life insurance plans cover death due to natural disaster, like flood, earthquake, storm, etc.
Yes, all life insurance policies offer coverage for Death by all means, except suicide. This includes unfortunate demise of the life assured due to terrorist attack/war/natural calamities/epidemics/pandemics etc (unless specifically excluded by insurance company).
Yes, Non-Resident Indians (NRIs), People of Indian Origin (PIOs) can buy a life insurance plan in India. Foreign Exchange Management Act (FEMA) allows NRIs to buy any plan that meets their requirements of protecting themselves and their family whether he is currently residing in India or not.
As uncertainties are on the rise during the Coronavirus pandemic, the need for adequate life insurance which ensures a family's financial safety has become more pressing. Life insurance plans are designed to alleviate financial distress caused to the family after the sudden loss of the bread earner. Edelweiss Tokio Life’s Term plans comes with four life cover variants to choose from: Basic life cover, Life cover with inbuilt Accidental Death Benefit, Life cover with inbuilt Waiver of Future Premiums on accidental total and permanent disability, and Life cover with inbuilt Waiver of Future Premiums on critical illness. These inbuilt benefit options make this plan all-inclusive. The plan offers a discount for a large sum assured. This discount is calculated based on the sum assured, policy term and premium paying term.
The minimum entry age to purchase term insurance is 18 years, while the maximum entry age while purchasing can be up to 60 years. Term Insurance Plans provide longer protection for you and your family. One can choose a life cover up to the age of 80.
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 Edelweiss Tokio’s plans on eindiainsurance.
They serve different purposes and cater to different needs. Term insurance is a pure risk cover and a product which is an absolute must for every individual who has any financial dependent relying on their income. An endowment plan is for savings purpose, it has a nominal death benefit and provides maturity benefit as well.
An insurer would be willing to provide you with a life cover based on your health condition, even if you suffer from heart related or diabetic related ailments. Remember that an insurer decides on the premium to be charged based on your health condition, age at the time of entry, tenure of the coverage requested and your medical history. In case you are a heart/diabetic patient, you would be considered at a high risk and therefore attract a high premium. Some of the factors that an insurer would consider are your age, family history related to heart ailments, obesity, use of tobacco, diabetes, blood pressure, nutrition being taken and exercising habits.
The underwriters would consider your health condition, and the risk associated with heart/diabetes disease when deciding upon the cover to be provided. Typically, the premium would be higher side for a patient with the disease than for someone without a the same- all things being equal. Though, remember that both the severity of your condition and steps you have taken to manage your health will be the deciding factor.
Every insurance company has a centralized customer service team which attends to all the customer query/complaints. The IRDAI regulations are the same for both online and offline customers and hence there is no differentiation between customers who have purchased online or offline.
There is no specific age to buy a life insurance policy as there is nothing precious than life. However, it is more important to secure your loved ones' financial future if they were to live without you. The early you buy the life insurance policy, the more corpuses you can accrue. Usually, term insurance is the best if you are looking for life insurance for youngsters, as it comes at affordable premiums and offers considerably high sum assured. Life insurance for parents can also be chosen as soon as possible, as old age premiums are higher. If you are the sole breadwinner in the family, life insurance for working professionals is necessary to have. This not only secures your spouse’s financial future but also of your child and parents.
It is also advised to have more than one policy, especially if you have any liabilities to pay off. Buying term insurance as pure life insurance and any other cash-value policy will surely help you achieve your future financial goals along with adequate coverage.
There are usually a few cases that are not covered under the base life policy. Here, life insurance riders help you get additional coverage against certain events. What are the riders? It is nothing but a provision that helps people meeting specific or additional insurance needs at some extra premium. Usually, critical illnesses, permanent or partial disability etc. are not covered under the base plan. In such cases, riders help you get total coverage including a list of critical illnesses and partial disability occurring due to multiple accidents. The accidental death benefit or waiver of the premium rider also helps a lot in case of the unfortunate demise of the insured person or if he/she meets any severe accident, resulting in disability. In such cases, regular income needs to be processed to sustain the lifestyle of the insured’s family.
You will receive the proceeds to your Bank account from the insurance company post approval of the claim, based on the submitted documents.