FAQs On Life Insurance :

What is nomination? And who is a nominee?

Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy monies in the event of the policy becoming a claim by death. Any policyholder, who is a major and the life insured under a policy, can make a nomination.
A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.


Can I change the frequency of payment for my policy?

Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.

When does a policy lapse?

A policy lapses when the policy holder fails to pay the premium even within the grace period. In this case, the policy loses all its benefits.

Can I surrender my policy?

After you pay premiums for at least three consecutive years, your policy acquires a surrender value and you can surrender the policy

Why should you enter the correct date of birth?

• Your date of birth determines the exact premium that you will pay.
• The same date of birth is also used to verify details at the claims stage (if any).
• So it is important to enter your accurate date of birth.

When can you submit the age proof?

• It is always recommended to submit the age proof at the time of applying for the policy.
• You can also submit it at a later stage during the policy term and have the age admitted.
• In the event of a claim situation it is normally an unpleasant experience for the dependents or family members of the life insured to provide such details to the insurance company