Life Insurance Terms:
This policy offers you protection for a limited period. This is the most economical and simple type of life insurance because it offers life coverage without investment. The insurance company will pay the total amount insured if the policyholder dies during the insurance period. If the insured survives and the policy expires, no benefits are paid.
So a personnel policy combines protection and investment. Insurance The company will pay the insured amount if the policyholder dies during the period during which he is insured. If the policyholder survives and the policy expires, the insurance company pays the benefits at maturity, including the premiums earned according to the policy. which are the common types of life insurance?
Life Insurance Lifetime:
So a life insurance policy protects the insured for life and the premiums are paid throughout life, in the form of a single premium or up to a certain age, for example. 60 years.
Life Insurance Investment Policies:
So in a policy related to the unit, part of the premium is used to purchase life insurance and the rest is used to buy shares of an investment fund managed by the insurance company. The price of the units is based on the net value of the fund at the time of purchase. The performance of the policy depends on the performance of the investment fund.
So this policy is intended to cover the funeral expenses of the insured or members of his family. Benefits are paid within forty-eight (48) hours of notification to the insurance company.
What is a life insurance policy?
Document and what does it contain?
• So a life insurance policy document is an official document that the insurance company has made to the insured. This is the legal proof of the insurance contract and indicates the exact conditions under which the life insurance coverage was provided.
• The policy document contains contract details such as:
- Type of policy
- Name and address of the insured and the insurance company
- The event that would cause the insurance company to pay the profits if this happens
- Duration of coverage
- Amount of premium and frequency with which it must be paid
- Sum insured and other benefits
• It is very important to read your policy document and communicate with the insurance company if something is not clear.
• Contact the company if you have not received your policy document after a reasonable period of time, such as one month.