How long does Mr Kumar’s life insurance last?

Mr. Kumar (Life Assured) pays ICICI Prudential Life Insurance (Insurer) an annual amount (Premium) over 5 years (Premium Payment Term) to make sure that his wife (Nominee) gets a certain assured sum of money (Life Cover) in case of an unfortunate event during the 10 years or Lumpsum amount at maturity on survival at the end of policy term.

What is life insurance?

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term …

What is life cover?

Life Cover: It is the amount that the Insurer will pay to your Nominee in case of an unfortunate event. Maturity Benefit: For Protection + Savings policies, the Insurer pays a certain lump sum of money on completion of the policy term. This amount is known as the Maturity Amount. Premium: A premium is the amount you pay to …

What is the term for the maturity benefit?

Maturity Benefit: For Protection + Savings policies, the Insurer pays a certain lump sum of money on completion of the policy term. This amount is known as the Maturity Amount. Premium: A premium is the amount you pay to the insurer for receiving the benefits of the insurance policy. These payments can be made on a regular basis throughout …

What is a protection and savings plan?

A Protection and Savings plan is a financial tool that helps you plan for your long-term goals like purchasing a home, funding your children’s education, and more, while offering the benefits of a Life Cover. Click here to know more about different types of Life Insurance Plans.

What documents are needed for a credit life loan?

Physical documents will be required to be sent to the nearest branch to start the process. The documents needed are: Claimant’s statement form - Download Form. For Lender Borrower Group (only for Credit Life policies) – claimant’s statement / claim intimation form – Download Form.

Who is the proposer of a policy?

Proposer: It is the person who pays the premiums of the policy. For example: If you have bought the policy for yourself, then you are both the Life Assured as well as the Proposer. Similarly, if you purchase an insurance policy for a family member, then you are the proposer and the family member is the Life Assured.

This is an article about what is mortgage insurance. Let’s watch it together. If you have any questions, please remember to reply.

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