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Term insurance is a type of insurance wherein the insurance company agrees to pay the maturity benefit to the insured or the death benefit to the nominee of the insured in return for a nominal amount known as “Premium” which is to be paid by the insured customer to the insurance company on regular intervals. Life insurance policy includes life cover against any uncertainty tax exemption inclusion of riders and investment tool and retirement options.
Term life insurance provides coverage for a specific period, also known as the term, which is usually between 5 and 30 years. If the policyholder dies during the term, the death benefit, which is a tax-free lump sum, will be paid to the beneficiaries. If the policyholder does not die during the term, the policy will simply expire and there will be no payout.
Term life insurance is generally more affordable than whole life insurance because it provides coverage only for a limited period and does not build cash value. Overall, term life insurance is a straightforward and cost-effective way to provide financial protection for loved ones in the event of an unexpected death.
Term insurance is a type of life insurance policy that covers the risk of death, disability, or old age. It is a contract between an individual and an insurance company in which the company agrees to pay a set sum of money if the person dies during the term of the contract.
Term insurance is a type of insurance that provides a fixed amount of coverage for a particular period. The term life insurance policy will ensure financial security for your family and take care of the future liabilities even in your absence. Term Life Insurance provides coverage for a defined period in exchange for a specified premium amount.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
To check your LIC Life Insurance policy claim status online, follow these steps:
The process of surrendering an LIC life insurance policy online is easy. To surrender your LIC life insurance policy online, send an email to LIC life insurance customer service with the reason for surrendering the policy along with the required policy details and other documents. Once the surrendering form is submitted to the insurance provider, they will surrender the policy. The surrendering process may take some time to complete. Wait for confirmation from LIC Life Insurance that your policy has been successfully cancelled. Once the refund application is approved the refund amount is credited to your account.
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
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