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The meaning of policy term in the life insurance policy is the period for which your term insurance policy will remain active. This term is determined at the time of purchasing the insurance plan. It is used to refer to the period during which the life insured is provided guaranteed coverage by the insurer.
The minimum policy term for the HDFC Life Group CP Plus Insurance Plan is One Month to 30 years. The plan is a non-linked non-participating group term insurance plan that provides life insurance coverage to members of a group, such as employees of an organization or members of an association. The policy offers flexible coverage options, such as level cover or reducing cover, and provides a lump sum benefit to the beneficiary named in the policy in the event of the insured member's death during the policy term.
There are 4 types of term policies in general; Increasing term insurance policy, decreasing term insurance policy, Pure term insurance policy, Money back term insurance policy. The type of term insurance policy required varies from one person to another. The term policy should be selected on the basis of your requirements. Most people consider the pure term policy which pays the claim in case of death of the policyholder and few of them consider increasing sum insured term insurance policy. Different term insurance policies have different conditions under which they can be purchase. If you are unable to decide on which type of term insurance policy to purchase, please talk to our expert who can guide you in your term insurance purchase.
Yes, you can withdraw money after completion of the premium term but this is allowed when all due premiums have been paid on time
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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