 Broadly insurance can be classified in two categories: First - Life Insurance which matures in event of death of the insured/policyholder. On occurrence of such an event the insurance company pays a sum of money assured to the nominee/beneficiary (person nominated by the policyholder). Life Insurances are of two types: Traditional Plans - which contain Endowment Plan , Cash Back Plan, Term Plan , (Term Life Insurance) and Whole life policy. And Unit-linked Insurance Plans - are of 4 types - Endowment cum Ulips, Children Plan , Retirement Plan or Pension plan and investment/saving plans. Second - General insurance. All insurance policies other than life insurance policies come under general insurance segmentation. (Also known as non-life insurance policies). These policies include Home Insurance, Auto Insurance, Travel Insurance, Marine Insurance, Theft Insurance, Office insurance and Health insurance Health insurance is most acquired policy in general insurance segment. Health insurances are of 3 types - Comprehensive Plan - which include Mediclaim and Fixed benefits plan, Accidental Insurance and Critical Care plan . |
Term Plan is a type of life insurance which provides coverage at a fixed rate of payments for a limited period of time i.e. relevant tenure. It's a pure death benefit plan. Its primary aim is to provide coverage of financial responsibilities of the insured. There are various term insurance available in the market some have return on premium and some have other benefits. Even now there are riders like accidental death rider, terminal illness, and waiver of premium in critical Illness etc are available with these plans.
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Nowadays buying goods and services over the internet are more secure than ever before. Insurance policies are now widely available on internets rather than following an agent or dealing on phones consumer can consider their options and buy the appropriate plan for themselves. Internet has become more secure and safe in recent years giving consumers faith they can share their details online safely. Most popular and cheap among the online plans are Term Insurance plan to be purchased today. Facts about Term plan:
Process of Claiming the Sum Assured:As per the Regulation 8 of the IRDA (Policy holder's Interest) Regulations, 2002, the insurer is required to settle a claim within 30 days of receipt of all documents including clarification sought by the insurer. However, the insurance company can set a practice of settling the claim even earlier. If the claim requires further investigation, the insurer has to complete its procedures within six months from receiving the written intimation of claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.Term plan available in market:
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