![]() 2On enrolling into the wellness Program, you get an upfront discount of 5% on first year premium for Accidental Death, Accidental Total & Permanent Disability, Accidental Disability Care Benefits and of 10% on first year premiums of the other benefit options.Before purchasing a life insurance policy, it is advisable to understand these exclusions so that you can get the most out of your life insurance policy. There are also some exceptions and exclusions under life insurance. The riders come at an additional but nominal cost and cannot be purchased unless you have a valid life insurance policy. These riders cover a range of unforeseen risks like hospitalisation costs, critical illnesses, accidental death and disability, and more. ![]() Life insurance does not always cover deaths caused due to specific illnesses, injuries, and accidents. You can also pay a one-time lump sum as the premium if you want to avoid paying monthly/yearly premiums. The premium paying term can be chosen for the number of years you want to pay your premiums. The policy term determines how many years your life insurance plan will offer coverage to your family. During the policy term, you invest in the funds under the policy, and on maturity, you can earn market-linked returns 5 from your investment.Ī life insurance plan allows you to choose from flexible policy terms, premium paying terms, and a mode, as per your needs and convenience. You can choose a ULIP as per your risk appetite and investment goals. Similarly, Unit-Linked Insurance Plans combine life insurance with investment. However, this is subject to your survival until then. With a money-back plan, endowment plan, or guaranteed returns plan, a maturity benefit is payable when the policy matures. Life insurance policies like savings plans comprise long-term savings as well as life insurance. After the benefits are paid out, the life cover will be terminated. Under a term plan, your family will be protected by a pure life cover and will receive death benefits in case of your death. Term insurance is the simplest form of life insurance. However, there are different types of life insurance policies, and they all serve different purposes. To keep the life insurance coverage active, you need to make the premium payments towards the policy as per the selected. Life insurance secures the financial needs of your family and ensures their well-being in case of your untimely demise.
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