Life Insurance Policy: Benefits, Types and Important Documents
What are the Benefits of Life Insurance?
Comes with an Economic Perspective
Life Insurance comes with the perspective of benefitting economically adhered with the personal intention and motives.
Associated with risk factors
The life insurance policy is covered with the risk factors which is then compensated with a large amount against the premium price paid on time.
Lists of policies and multiple features
There exists different types of plans and policies of life insurance with an objective of sufficing the need of every individual and group at par.
Covers other hospitalisations and medical expenses at par
The policy of life insurance also considers a portion of health related expenses with an intention to reimburse the claims that arise out of critical sickness.
Supports like a long Run Investment policy
Life insurance policy is folded with different plans that supports the earning by a way of saving it in the long run for profitable re-investment.
Taxation Benefits of life insurance policy
Every individual can receive the tax benefits of life insurance policy under the conditions of 80C.
Guaranteed Settlement of claim
It plays out an important role in providing guarantee to settle the claim if comes under the stated terms and conditions.
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Documents that are considered while claiming for life insurance plan:
The list of common documents to be kept aside in order to get the claim passed are as under:
- A death certification with dully stamped and signed by the respective authority
- Preserve and maintain the document of life insurance policy. Keep two or three copies in hand
- Any legal document that justify the address proof and nationality proof
- A legal document that supports the title of ownership
- A document that justify the identity as a beneficiary
- The agreement of deeds with its witnessed
Once all the documents are legally and timely submitted to the respective insurance company, it will reassess it, introspect it and if all goes perfect, it will accept the claim and will reimburse you with the insurance coverage. For deeper insights, you can contact iSelect using this link www.iselect.com.au/life/
What are the special types of Life Insurance Policies?
The endowment policy comes with an objective of benefitting the policy holder when he is alive in context to the period of maturity date. It provides a slight higher benefits than the term insurance policy at helm.
Money Back Policy
This policy of life insurance provides special benefits in case of survival in a proportionate manner during the period of maturity date.
Whole Life Policy
The name itself suggest, that it seeks the leverage in extending the benefits till the entire life of the policy. But, it also provides policy holder an alternative to encash the insurance coverage in case of necessity with some stated proportion.
Thus, Life Insurance is a basic supportive policy. Call iSelect now to get the policy quickly!