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.
Yes, a change in premium payment mode is allowed on the policy anniversary for active policies. You can avail this option by sending us a signed form.
All you need to do is to log on to our customer service section on MLI website and download the premium receipt. You can also call us on our customer helpline number 1860 120 5577, or send us an email at firstname.lastname@example.org and we will send across the required document to you within 2 working days (receipt or statement).
We will send you reminders before debiting your account to ensure that you have sufficient balance.
Yes, we will send the official receipt, after the realization of the regular premium payment made to the insurance company to keep the policy in force.
If your policy has a cash surrender value, you can avail a policy loan of up to 90% of the cash surrender value subject to a minimum availability of ₹10,000. The policy loan can be taken for active policies (other than the ones in grace period), any time after completion of three policy years.
Please note that policy loan is not available for Term Plans and Life Maker Unit Link Plan.
The policy can be revived within the revival period as prescribed in the policy contract, if you send us a filled out health declaration form, and provide evidence of insurability acceptable to us as per our underwriting practices. All your overdue premiums and unpaid charges should be paid, if any
Yes, you can add riders by sending us a filled policy amendment request form, and submitting the required documents, subject to prevailing underwriting rules. Deletion of rider is also allowed. You may send us a filled policy amendment request form for deleting a rider. For details, please contact your insurance advisor, or email us at email@example.com.
OPPB is the option to participate in progressive bonuses. Through OPPB, the insurance coverage can be enhanced from time to time by paying a one-time premium. This option can be added anytime in a Whole Life Par Plan, subject to underwriting guidelines. The OPPB option lapses in case the same is not exercised once in two years.
A convenient time-saving and hassle-free service that enables automatic payment of premium regularly, made to the insurance company to keep the policy in force. Payments can be made directly from any of your bank account. A filled NACH/ECS/Direct Debit mandate instruction form can be sent to the nearest Max Life Insurance branch with an original cancelled cheque.
No more signing of cheques, preparation of demand drafts, visits to branches for payments, etc. Upon registration, premiums will automatically be debited in time from the customer’s account. This helps in reduced instances of lapsed policies.