What is life insurance in one word?
Life Insurance is defined as a contract between the policy holder and the insurance company, where the life insurance company pays a specific sum to the insured individual’s family upon his death. The life insurance sum is paid in exchange for a specific amount of premium. Life is beautiful, but also uncertain.
What is life insurance easy words?
Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period.
What are the different types of life insurance policy?
Following are the different types of life insurance policies that are available in India:
- Term Insurance.
- Term insurance with return of premium.
- Unit Linked Insurance Plans.
- Endowment plans.
- Moneyback policy.
- Whole life insurance.
- Group life insurance.
- Child Insurance Plans.
What is insurance term plan?
Term insurance is the simplest and purest form of life insurance. It provides financial protection to your family at the most affordable rates. The benefit amount is paid out to the nominee in case of death of the person insured during the term of the policy.
What is surrender value?
The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value of a policy. These costs and the policy’s surrender value can fluctuate over the life of a policy. After a certain time period the surrender costs will no longer be in effect.
What is life insurance one sentence?
Life insurance is insurance that pays a sum of money to you after a period of time, or to your family when you die. With many life insurance policies, the only benefit received is a lump sum payout on death.
What is difference between life insurance and term insurance?
Term Insurance provides coverage for the premature death of the policyholder within the fixed term. Life Insurance provides coverage on the maturity of the policy. It is only payable if the policy holder dies till the maturity of policy.
What is fund value?
What is fund value? The total monetary worth of the units owned by the policyholder is termed as fund value. You can calculate the fund value on a particular day by multiplying the net asset value (NAV) of each unit on that particular day by the number of units held.
What are the features of Kotak Life Insurance?
Kotak Life Insurance POS Bachat Bima Plan provides different life cover options to choose from. Let’s take a look at the features of the policy. The policyholder can choose from two different coverage options i.e. Life and life Plus. The plan provides a double protection cover on accidental death with life plus option.
How many lives does Kotak Mahindra Insurance cover?
Kotak Life has covered over 27 million lives as of 30th June 2019. Kotak Mahindra Group is a reputed banking and financial services organization in India. It offers an extensive range of financial products to meet both corporate and individual investment needs.
What’s the minimum age for Kotak smart life plan?
The minimum entry age to buy this plan is 3 years, while the maximum entry age is 50 years for 6-pay and 15-pay modes; 55 years for 8-pay and 10-pay modes; and 54 years for the 12-pay mode.
Which is the joint venture between Kotak Mahindra and Old Mutual?
Kotak Mahindra Old Mutual Life Insurance is a joint venture between Kotak Mahindra Bank, its affiliates and Old Mutual plc, an international group offering solutions for long-term savings, protection and investment.