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frequently asked questions
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Why should you have life insurance?
There are several compelling reasons to consider having life insurance. It provides essential financial protection for your family, ensuring their security and stability in the event of your passing. Term insurance offers pure life cover, while savings plans or money-back plans allow you to save for future financial goals. Additionally, a Unit-Linked Insurance Plan combines wealth generation with life cover, offering market-linked returns. Ultimately, life insurance offers peace of mind and financial reassurance for you and your loved ones.
When can you purchase a life insurance policy?
Life insurance policies can be purchased at any life stage to provide coverage for your family and meet your financial obligations. It is generally beneficial to purchase life insurance at a younger age as it often entails lower premiums. Conversely, obtaining coverage at an older age may result in higher premium costs. It's important to note that the maximum age limit for purchasing life insurance typically extends up to 65 years.
Can I choose the policy term and premium payment term when buying life insurance?
Before purchasing life insurance, you have the flexibility to select a policy term and premium paying term according to your preference. This allows you to manage your policy premiums conveniently and in a manner that suits your financial situation.
What are savings plans?
Savings plans serve as a type of life insurance that offers dual benefits of long-term savings and financial security for your family. By participating in a savings plan, you have the opportunity to accumulate a corpus over the policy term. If you survive the policy term, you can access this savings corpus as a maturity benefit to fulfill your future financial commitments and goals. In the unfortunate event of your demise during the policy term, your family will receive the death benefit, providing them with financial stability and security in your absence.
Are there different types of savings plans?
There are various types of savings plans available to cater to different needs:
1) Money-back plans: These plans provide periodic payouts during the policy term, ensuring liquidity for your financial requirements. Additionally, they offer a lump sum maturity benefit if you survive the policy term.
2) Endowment plans: These plans combine savings and life cover, offering both a maturity benefit and a death benefit. They provide a lump sum amount on maturity or in the event of your demise, providing financial security for your family.
3) Guaranteed returns plans: These plans offer assured returns on your savings, ensuring a predetermined amount upon maturity. They provide a reliable option for long-term financial planning and stability.
1) Money-back plans: These plans provide periodic payouts during the policy term, ensuring liquidity for your financial requirements. Additionally, they offer a lump sum maturity benefit if you survive the policy term.
2) Endowment plans: These plans combine savings and life cover, offering both a maturity benefit and a death benefit. They provide a lump sum amount on maturity or in the event of your demise, providing financial security for your family.
3) Guaranteed returns plans: These plans offer assured returns on your savings, ensuring a predetermined amount upon maturity. They provide a reliable option for long-term financial planning and stability.
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