Life Cover in Term Insurance is the primary benefit offered by a term insurance policy. It is also known as the death benefit, which is the sum of money that is paid out to the nominee or beneficiary of the policy in the event of the death of the policyholder during the term of the policy. The life cover amount is chosen by the policyholder at the time of purchasing the policy, and it represents the amount of financial protection that the policyholder wants to provide for their family in case of their untimely death.
In a term insurance policy, the life cover is the only benefit that is payable to the nominee or beneficiary. If the policyholder survives the term of the policy, no benefit is payable under the policy. The purpose of the life cover in term insurance is to provide financial security to the policyholder's family in case of their unfortunate demise. The life cover amount should be chosen based on the policyholder's income, expenses, and financial goals, to ensure that their family's financial needs are met even in their absence.
What is Life Cover Insurance?
Life cover is an insurance policy that provides a lump sum payment to the beneficiary when the policyholder dies. This can be used for a variety of purposes, such as paying off debts or providing for dependents.
The main benefit of life cover is that it assures the family members and dependents that they will be provided for in case of death. It also helps with financial planning and debt repayment.
How Much Life Cover Do I Need?
Life insurance companies usually offer life insurance coverage 15-25 times your annual income. This is a standard followed by most of the life insurance companies in India. The life cover is based on your income, higher the income higher would be the life cover. If you require life cover above the set limit, then there should be a valid justification for the required coverage to be given to the underwriting team of the life insurance company.
How to Download Max Life Insurance Premium Receipt Online?
- Step 1: Open Google and Search for the “Max Life Insurance Customer Services” portal.
- Step 2: Click on Download Premium Receipt and then Log in to your account by using your policy number or client ID and date of birth.
- Step 3: Then click on the “Submit” button to request OTP. Enter the OTP received to your registered mobile number and email.
- Step 4: Once logged in to your account, select premium receipts and year and then click on generate.
- Step 5: You can download your Max Life Insurance Premium Payment Receipt by selecting your policy or you can send it to your registered mobile number.
Also read to know more about Max Life Insurance: Premium Receipts, Surrender Value, Auto Pay
How to Check LIC Claim Status Online?
To check your LIC Life Insurance policy claim status online, follow these steps:
- Visit the official LIC life insurance official website.
- Log in to your LIC account using your username and password. If you don't have an account, you may need to register first.
- Once logged in, click on “Claim Status” on the life side menu.
- Then you will be able to check the status of your claim displayed on the screen. It will indicate whether your claim is under process, approved, or rejected.
How Can I Surrender My LIC Policy Online?
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.
How to Check Fund Value of LIC Life Insurance Policy Online?
To check the fund value of your LIC (Life Insurance Corporation of India) life insurance policy online, follow these steps:
- Go to the official website of LIC.
- If you have already registered on LIC’s portal, log in using your username and password. If you haven't registered yet, you may need to create an account.
- Once you are logged in, navigate to the section that provides your policy details.
- After accessing your policy details, there should be an option to view the fund value of your policy.
- Additionally, you might be able to see the allocation of funds across different investment options if your policy offers multiple investment choices.
How to Download Edelweiss Tokio Life Insurance Statement?
To download an Edelweiss Tokio life insurance policy statement, you typically need to follow the below steps.
- Visit the official website of Edelweiss Tokio Life Insurance Company.
- Log into your account by providing your policy number and date of birth.
- If you haven't registered for an online account, you may need to create an account.
- Once logged in, find the option to download or view your policy statement.
- Verify that the document includes details such as policy coverage, beneficiaries, premiums, and any other relevant information.
- Then click on the relevant button to download the policy statement.
- If you encounter any issues, consider reaching out to your insurance company's customer support. They may be able to assist you in obtaining the necessary statements.