|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.|
A contract of insurance is a contract of utmost good faith technically known as uberrima fides. The doctrine of disclosing all material facts is embodied in this important principle, which applies to all forms of insurance. At the time of taking a policy, the policyholder should ensure that all questions in the proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud in any document leading to the acceptance of the risk would render the insurance contract null and void.
Savings through life insurance plans guarantee full protection against risk of death of the saver. Also, in case of demise, life insurance assures payment of the entire amount assured (with bonuses wherever applicable) whereas in other savings schemes/ saving plans, only the amount saved (with interest) is payable.
Aid To Thrift
In case of life insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.
In case of insurance, it is easy to acquire loans on the sole security of any policy that has acquired loan value. Besides, a life insurance policy is also generally accepted as security, even for a commercial loan.
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax. This is available for amounts paid by way of premium for life insurance subject to income tax rates in force. Assesses can also avail of provisions in the law for tax relief. In such cases the assured in effect pays a lower premium for insurance than otherwise.
Money When You Need It
An insurance policy that has a suitable insurance plan or a combination of different plans can be effectively used to meet certain monetary needs that may arise from time-to-time. Children’s education, start-in-life or marriage provision or even periodical needs for cash over a stretch of time can be less stressful with the help of these insurance policies. Alternatively, policy money can be made available at the time of ones retirement from service and used for any specific purpose, such as, purchase of a house or for other investments. Also, loans are granted to policyholders for house building or for purchase of flats (subject to certain conditions).
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.
While nomination is an authorization to receive the policy monies in the event of death of the life insured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment.
On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favour of the assignee.
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 Pramerica 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 Pramerica 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 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.
You can disclose additional information about yourself, after issuance of your policy, by sending us a letter. This information can be related to medical conditions, an occupational change which may have an impact on your health, insurance cover with other companies, changes in habits, change of residential status to NRI, etc.
You have a period of 15 days to review your original policy document from the date of receipt. If you are not satisfied with the terms and conditions of your policy, you can return it to us for cancellation and you will be eligible for a refund. If your policy is sourced through distance marketing, you have a period of 30 days. This will be mentioned in your policy certificate. To cancel your policy within the free look (review period), fill up the form and visit any of our branches with your Policy document. Once received, we will process your request and refund the premium amount after applicable deductions (if any) within 15 days.