Why Life Insurance Matters ?
Life insurance is a crucial financial safety net that protects your loved ones in the event of your untimely death. It ensures that your family remains financially secure, even in your absence—helping them cover daily living expenses, outstanding loans, education costs, or long-term goals.
More than just a policy, life insurance is a promise of support, stability, and peace of mind for those who matter most.
What Does Life Insurance Cover?
Coverage can vary based on the type of life insurance you choose (term, whole life, endowment, etc.), but most plans typically include:
Death Benefit: A lump-sum payout to your nominee in case of your death during the policy term.
Terminal Illness Cover: Advance payout if diagnosed with a life-threatening illness (optional).
Accidental Death Benefit: Additional coverage in case of death due to accident (optional rider).
Critical Illness Rider: Lump-sum benefit on diagnosis of specific critical illnesses like cancer, heart attack, etc.
Maturity Benefit: For certain plans, a return of premium or savings benefit at policy maturity.
Loan Against Policy: Some plans allow you to borrow against your policy’s value.
Key Life Insurance Terms You Should Know
Premium: The amount you pay (monthly/annually) to keep your policy active.
Sum Assured: The guaranteed amount paid to the nominee in case of the policyholder’s death.
Policy Term: Duration of coverage (e.g., 10, 20, or 30 years).
Nominee: The person who will receive the insurance benefit.
Riders: Optional add-ons to enhance coverage (e.g., critical illness, accidental cover).
Claim: Formal request by the nominee to receive the policy benefits.
Free-look Period: Timeframe to cancel the policy after purchase (usually 15–30 days).
Grace Period: Extra days to pay a missed premium before the policy lapses.
