Author: Pravar Jain

As a breadwinner, you want to ensure your family’s future even when you are not around. A term insurance policy will cover your family’s financial requirements even after you have passed away. As a death benefit, the plan pays a predetermined sum to your family. But who is entitled to the death benefit? When applying for the term plan, the policyholder chooses who will get the death benefit. Nomination is the process of permitting someone to receive the money as a beneficiary of the insurance, and the beneficiary is known as the nominee. In other words, if the insured dies,…

There are several sorts of life insurance policies on the market; these products give financial protection as well as other advantages. A policyholder purchases life insurance to safeguard his family in his absence. It is the financial protection offered in the case of the policyholder’s death. Life Insurance Product Categories Term Life Insurance – It is the most basic and straightforward kind of life insurance, providing coverage until the policy’s expiration date. The nominee gets the death benefit if the insured dies during the tenure. These policies provide comprehensive coverage at a reasonable cost, but there are no maturity benefits.…

Two-wheeler insurance is one of the most popular forms of transportation in India. It enables you to go to destinations at a low cost and without encountering traffic. While riding a two-wheeler makes it easier to go about, it also puts one’s life at danger due to unintentional accidents and deaths. While purchasing a new car, we examine aspects such as design, mileage, price, and others; similarly, it is essential to consider a few things when purchasing insurance coverage. It is essential that you consider a few aspects while selecting the finest two wheeler insurance coverage. Here are some pointers…

Policy and premium payment lengths are two important but distinct features of term insurance. People often misunderstand these two words, which have the same meaning. Let us first define the two concepts. Policy Term The policy term, also known as policy tenure, is the length of time during which the policyholder is covered under the term plan. It is the term during which the insurance is in effect, assuming the premiums are paid on time. Every insurance firm provides a variety of policy terms ranging from minimal to maximum; the client chooses how long he wants the term insurance coverage…

Motor insurance firms may now charge you a premium depending on how you drive since the Insurance Regulator, IRDA, has allowed insurance businesses to implement tech-enabled ideas that consider the vehicle owner’s driving behaviour. Insurance firms may now charge you premiums based on the ‘pay as you drive’ and ‘pay how you drive’ concepts, according to the new law. Your driving abilities will now have a greater impact on the rate you must pay for your vehicle insurance coverage. IRDA said last week that the two new rules will take effect immediately. Furthermore, IRDA has allowed insurance firms to sell…

According to Economic Survey 21-22, life insurance penetration in India is barely 3.2 percent. IRDAI is currently exploring enabling life insurers to market indemnity health plans in order to increase life insurance penetration in India. IRDAI has received requests from life insurers requesting authorisation to sell indemnity health plans, often known as mediclaim policies, which provide coverage for unforeseen medical bills. Previously, life insurers were prohibited from marketing indemnity health insurance products in 2016. Life insurers now market solely fixed benefit health plans, while non-life insurers and stand-alone health insurers provide both indemnity and fixed benefit policies. IRDAI Health Insurance…

People are even more keen to get life insurance after the epidemic and tremendous loss of life, but if the payment is not paid, the term insurance policy expires and no claim can be made. The Indian life insurance sector has grown rapidly in recent years. People are increasingly choosing for different forms of life insurance, including term insurance. And today, in the aftermath of the epidemic and tremendous loss of life, individuals are even more keen to get life insurance. Life insurance ensures that your loved ones will be financially secure after your death. In exchange, you pay a…

How do you pick the greatest insurance coverage from the finest insurance provider? The solution is simple: examine the claim settlement ratio. The fundamental objective for purchasing term insurance is to offer financial stability for your loved ones in the event that you die. As the principal earner in your family, it is your responsibility to guarantee that your dependent family members have the financial resources to support themselves in your absence. Term insurance policies enable you to generate this assurance and keep them financially secure even if you are not there. This is why you should get the greatest…

According to one study, immediately initiating benefits at the onset of a recession would minimize uncertainty for employees. Many individuals rely on unemployment insurance when their jobs are lost. And when things become truly bad in the United States — during recessions and the Covid-19 outbreak — Congress has extended unemployment benefits for millions of employees. Is there, however, a better way to organize the time of unemployment benefits? For some employees, benefits arrive too late after an economic slump to avoid family financial problems; for others, insurance payments are required just as Congress debates what will finally become benefit…

Irdai expanded the “use & file” approach to most life insurance products, with the exception of individual savings, individual pensions, and annuities. Life insurance penetration is 3.2% while overall insurance penetration stands at 4.20% life insurance firms over a five-year The Insurance Regulatory and Development Authority of India (Irdai) has suggested premium growth objectives for life insurance firms over a five-year period in a first-of-its-kind recommendation, in an effort to double insurance penetration in the nation. The insurance regulator has recommended a gross written premium (GWP) growth objective for each insurer in e-mail correspondence to the MDs and CEOs of…