Q1. My 45-year-old NRI brother desires to acquire a term strategy. Will it be doable for him to get a strategy in India?
Yes, it is doable. All insurance coverage organizations in India refer to a normal list of nations when catering to Non-Resident Indians (NRIs). If your brother is at present residing in any of the listed nations, he can opt to get term policies in India, topic to the suggestions of the certain solution. Most Indian insurance coverage providers solicit the identical policies to NRIs as they do to resident Indians. The easiest way to go about this will be to attain out to the preferred insurance coverage provider and have an understanding of your brother’s eligibility, regarding his present nation and occupation. Once the eligibility is determined, your brother can fill up the extra NRI questionnaire along with the policy proposal and go ahead with suitable coverage possibilities.
Q2. I have a Money-back policy which is 9 years old. Is it doable to adjust the due date of the premiums?
Life insurance coverage is a contract wherein the terms and circumstances stay fixed, like the premium due date and policy renewal dates. Therefore, it will not be doable for you to adjust the premium-paying or policy due dates after the policy is processed and active. However, one has the solution of altering the frequency of paying premiums for the policy. For instance, rather of paying premiums on a month-to-month basis, one can opt for annual, semi-annual or quarterly, premium paying terms.
Q3. My friend’s father passed away a year back. My pal has just found that his father had a life insurance coverage policy for which he is a nominee. What is the approach of claiming such an unclaimed quantity?
Your pal can attain out to a physical branch or the on the net helpline of the insurance coverage provider and intimate them of the predicament as quickly as doable. He will ideally be requested to submit the copy of the Death Certificate, Claimant Statement Form declaring his father as the life assured and your pal as the nominee, the normal KYC documents which will assist establish his identity and relationship with the life assured. He also wants to submit a cancelled cheque or bank statement to the insurer to make the NEFT payout of the claims. Most importantly, he will have to submit the original policy documents. In case he does not have the identical, he can submit an indemnity bond for the loss of the policy. These documents will be additional evaluated by the insurance coverage firm ahead of the claim payment is processed.
Q4. I have taken a life insurance coverage policy 10 years back. After 9 years, I have taken a loan against the policy and paid the loan premiums on a regular basis, but now the firm has closed the strategy. What need to I do?
There is no lead to to be concerned as your policy will stay active. You ought to continue paying the premiums and loan EMIs, as per your plan’s paying terms and dates. A life insurance coverage policy is a contract and its terms and circumstances are to be adhered to by all parties involved. Therefore, even if the strategy has been discontinued by the firm, you will acquire the designated maturity quantity as per the solution suggestions. Of course, one can usually attain out to the insurance coverage provider and get more clarity on the concern. I recommend maintaining all your concerns and policy specifics prepared pre-emptively ahead of reaching out.
Q5. Is it doable to assign a life insurance coverage policy to any person? Say, I want to take a loan from an acquaintance and in return want to assign my policy. Is this doable? If yes, what is the process?
Yes, this is doable as you are the proposer of the policy and have the correct to assign the policy by means of conditional or absolute reassignment. I advise acquiring in touch with your insurer to have an understanding of and confirm eligibility as nicely as procure the assignment kind. Once filled, submitted, and processed, the policy will be assigned to the designated particular person.
The spokesperson is the MD and CEO, Aditya Birla Sun Life Insurance.