In order to buy a life insurance policy, you need an identity, age, address, and income proof.
It helps to pick a brand that is trustworthy and enjoys a good reputation in the market. The claim settlement ratio is one of the best indicators of a company’s performance. The higher the ratio, the better are the chances of your claim getting approved.
Death as a result of personal habits like drinking, smoking, or consuming tobacco is not covered under life insurance. In addition to this, self-abuse, psychological issues, death while enjoying an adventure sport like sky-diving, involvement in criminal activities, or overdose of drugs are also not covered.
The cost of life insurance can differ based on the plan you pick. It will also depend on your age and the duration of your policy. Term plans are generally considered the most cost-effective. However, the final cost of the life insurance premium can be determined using an online calculator.
Yes, riders like critical illness protection, accident or permanent disability protection, etc. can be added to life insurance policies at an extra charge.