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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.
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.
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.
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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