Best Life Insurance Policy | Life Insurance Plans -PCS Insurance Broking

Insurance in India can be traced back to the Vedas. For instance, yogakshema, the name of Life Insurance Corporation of India’s corporate headquarters, is derived from the Rig Veda.
Bombay Mutual Assurance Society, the first Indian life assurance society, was formed in 1870.
Other companies like Oriental, Bharat and Empire of India were also set up in the 1870-90s.

Sum assured is payable only in the event of death during the term.
In case of survival, the contract comes to an end at the end of term.
Term Life Insurance can be for period as long as 40 years and as short as 1 year.
No refund of premium
Non-participating policies
Low premium as only death risk is covered.

Whole life plans are another type of endowment plan, which cover death for an indefinite period.
When the policy holder dies, the face value of the policy, known as a death benefit, is paid to the person or persons named in the life insurance policy
It can be with or without profits.
If you cancel the policy after a certain amount of time has passed, the insurance company will surrender the cash value to you.

It has emerged as one of the fastest growing insurance products.
It is a combination of an investment fund
The premium amount is invested in the stock market.
Better for long-term investment option.
ULIPs generally provide higher returns as large portion of the funds are invested in equities.
There is also flexibility and the assured can choose levels and extent of cover needed.
There is also option of switching over from one fund to another if it does not seem to be profitable

Policy Claim

Life insurance claim can arise either

- In case of Endowment type of Policies, amount is payable at the end of the policy period.
- Discharge Form & Policy Document
- On receipt of these two documents post dated cheque is sent by post so as to reach the policyholder before the due date
- The gross amount consists of Basic sum assured and bonus if any.

2 Types

Intimation of death is to be given by a proper person in writing.

In case of Accidental Death

- Same as maturity claims, sum assured becomes payable on expiry of full term but on survival of the insured.
- In policies like, money back plan for 15 years term, 1/4th of the sum assured becomes payable on the life assured on surviving 5 year, further 1/4th becomes payable after additional 5 years and rest balance at the end of 15 years.