Compare & Secure Life Insurance with HRCSIndia
Protect your family’s future with the right coverage. HRCSIndia helps you compare trusted life insurance plans and choose the one that fits your needs—quick, simple, and reliable.
What is Life Insurance?
Life insurance is a vital financial protection plan that provides a safety net for your loved ones by offering financial support in the event of your untimely death. It ensures that your dependents can maintain their standard of living, cover essential expenses, and meet long-term goals such as education, mortgage payments, and debt settlement. Life insurance policies come in various types, including term and permanent plans, allowing you to choose coverage tailored to your needs. Beyond protection, many policies also offer savings and investment components, providing financial growth and benefits over time. By securing life insurance, you invest in peace of mind and the financial well-being of your family’s future.
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Life Insurance Claim Process
When the policy holder dies
• A claim intimation should be sent to the Insurance company as early as possible. The assignee or nominee under the policy, any close relative or the agent who handles the policy can do this.
• The claim intimation should contain information like the date, place and cause of death.
• The insurance company will respond to this intimation and will ask for the following documents:
a. Filled-up claim form (provided by the insurance company)
b. Certificate of death
c. Policy document
d. Deeds of assignments/ re- assignments if any
e. Legal evidence of title, if the policy is not assigned or nominated
f. Form of discharge executed and witnessed
• Claim Settlement: the insurer is required to settle a claim within 15 days (without Investigation), 45 days (with investigation) of receipt of all documents including clarification sought by the insurer.
Frequently Asked Questions {FAQ'S}
What is life insurance?
A life insurance policy is a contract between the insurer and the policyholder where the insurer pays a financial benefit to nominated beneficiaries in case of the insured’s death during the policy term. Some plans also offer maturity or survival benefits if the insured survives the term.
Why is life insurance necessary?
Life insurance provides financial security to dependents in case of an untimely death and can also support savings, investment goals, or retirement planning.
How much life insurance coverage do I need?
A common recommendation is coverage of at least 10x your annual income, adjusted for factors like debts, future expenses, dependents, and other financial goals.
How are life insurance premiums calculated?
Premiums depend on age, sum assured, policy type, health, lifestyle habits (e.g., smoking), occupation, and medical history.
What is the free-look period?
It’s the period (usually 15–30 days from receiving policy documents) when you can review the policy, and if unsatisfied, cancel it for a refund (minus minimal charges).
What happens if I miss paying my premium?
A grace period is provided (30 days for annual payments, 15 days for monthly). If payment isn’t made even in this period, the policy lapses but can typically be revived by paying overdue premiums and complying with required processes.
