What is life insurance?
Life Insurance is an agreement that guarantees payment of a stated amount of monetary
benefits at the end of a specified term or on the death of the life insured.
Why do I need life insurance?
Life Insurance provides for financial security in the event of death or on the inability
to earn due to physical disabilities. Besides providing for financial security in
the case of one's untimely death, it can be used to accumulate a kitty for your
old age, systematically build assets, for funding your child's education and also
for saving on taxes.
I know I need life insurance, but cannot afford the coverage I need. Can I do anything
to lower the cost?
The cost of life insurance depends on three factors: your age, health and your income.
We suggest that you not compromise on the level of protection you require. You could
purchase a basic protection policy that gives you the opportunity to pay only the
minimum premium. You can choose this affordable policy, without any riders.
Where can I find more information on life insurance?
We, at Prime Life, understand your requirements and propose the suitable life insurance
policy for you. Contact us for any information on life insurance.
What is nomination? And who is a nominee?
Nomination is a right conferred on the life insurance policyholder to appoint a
person or persons to receive the policy monies in the event of the policy becoming
a claim by death. Any policyholder, who is a major and the life insured under a
policy, can make a nomination.
A nominee is the person designated by the policyholder to receive the proceeds of
an insurance policy, upon the death of the insured.
Can I change my nomination?
Yes. You can change your nomination at any time till the maturity date. All you
need to do is to inform us about the change through the specified form.
What details am I to provide about the nominee/s?
The following details are necessary when filling in the proposal form: full name
of the nominee, address, age, and the relationship between you and the nominee.
What is the difference between nomination and assignment?
While nomination is an authorization to receive the policy monies in the event of
death of the life assured, 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.
What is a Claim?
A claim is the payment made by the insurer to the insured or claimant on the occurrence
of the event specified in the contract, in return for the premiums paid for the
insured.
What parameters are considered by the company while asking the claimant to submit
particular document?
The Company considers the Sum at risk, cause, circumstances of claim and duration
of the policy while asking for certain requirements. Eg. For accidental death, specific
proofs such as Post Mortem and Police Report are required whereas for death due
to illness, the Company calls for records from hospital, test reports, etc.
Who is entitled to receive the Claim benefit?
- The nominee or appointee (in case of minor nominee) last recorded under the Policy
in case of Policy on own life.
- The proposer in case the Policy is not on own life.
- Assignee in case the Policy was assigned.
- Life Assured himself in case of policy on own life for living benefit claims (Eg
Critical Illness rider)
How do I make a Maturity Claim?
You must send us the:
- Completed Claim form
- Policy of life assurance
- Proof of age, if not submitted earlier
What is the benefit of opting for riders / add-ons?
Riders / add-ons are the additional benefits that can be added to the basic policies
by paying a marginal additional premium. Riders offered by us (depending on Beema)
are:
- ADBR: Accident & Disability Benefit Rider
- ABR: Accident Benefit Rider
- WOPR: Waiver of Premium Rider
- IBR: Income Benefit Rider
What do I need to do when the life assured becomes a major?
When the life assured becomes a major, you need to submit the proof of his/her age
with his/her correct date of birth. You also need to write a covering letter.
When does a policy lapse?
A policy lapses when the policy holder fails to pay the premium even within the
grace period. In this case, the policy loses all its benefits.