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The Jeevan Umang Program of LIC provides your family with a mix of income and insurance. This arrangement allows for annual payments from the end of the premium period up to maturity as well as a lump sum at the time the policyholder matures or dies. Features of the LIC Jeevan Umang It is a combination of both regular income and Lumpsum payment. Offers an option to choose a premium paying term of 15 years, 20 years, 25 years or 30 years. It is a non-linked life insurance plan with profits. Offers life cover till the policyholder turns 100 years. Offers a loan facility up to 90% of the surrender value if the policy holder has paid the premiums for 3 years regularly and if the plan has reached a Surrender Value. The LIC Jeevan Umang Plan offers a simple reversionary bonus as well as final addition bonus if any. Benefits of LIC Jeevan Umang Plan Death benefit LIC will refund all premiums charged without interest to the applicant in the c...

What Is Insurance Coverage? Insurance coverage is the amount of risk or liability that is protected by insurance companies for an individual or entity. Insurance coverage, such as auto insurance, life insurance, or more unusual types, such as hole-in – one insurance, is provided by an insurer in case of unforeseen events. Understanding Insurance Coverage Insurance coverage helps people recover economically from unexpected events like car accidents or the loss of a family-supporting income-producing individual. Multiple factors also dictate the scope of insurance. For example, most insurers charge higher rates for young male drivers, as insurers find young men to be more likely to be involved in an accident than, say, a middle-aged married man with years of driving experience. It can be difficult to distinguish between contracts and insurance policies, and it can be hard to assess the difference between loan amounts and insured amounts. Nevertheless, in receiving the c...

You have to pay premiums when you buy a life insurance policy for yourself in order to keep it in force. Knowing the reasons that may affect your premium costs is important for you to pay the insurance company higher premiums. Life Insurance is a great way to help and protect your loved ones, which can also be a huge investment. A lower premium paid over a period of a few years can yield a good amount of savings.Life insurance premiums are based on a number of factors, and some people may find it quite tedious to understand why and what the charges are, and why they are paying a rate that may not be the same as others.Many factors are considered by insurance companies while pricing their plans, which may not be a variable under your power. Yet your life choices can also contribute to factors that can affect your premium for life insurance. The factors that affect your premium towards Life Insurance are: AGE This is an obvious and not surprising factor that affects the policyholde...

Aditya Birla Health Insurance (ABHI) is one of the newly launched health; insurance companies on the market. Through its financial services wing, Aditya Birla provides insurance services in various domains. However, Aditya Birla provides health insurance as a stand-alone service. Aditya Birla Health Insurance characteristics & benefits Aditya Birla Health Insurance also operates on the Indian market, offering multiple services to individuals, households, and groups at present. Some of ABHI’s key characteristics and advantages can be described as follows. Flexible plan options: Aditya Birla offers a range of plans based on customer requirements. Plans for individuals, families and groups are available. Specific benefits plans are available, including personal accident, critical disease, cancer, etc. Besides this, there are policies that provide community benefits. Multiple sum insured options: Depending on their requirement and affordability, consumers may pick ...

What is health insurance and why you need it? With drastic lifestyle changes and rising rate of pollution, falling sick has become a daily thing. Under these circumstances, nothing can beat being prepared for healthcare requirements. A health insurance plan acts as a protector to ensure that in times of your most urgent need you and your family receive adequate health benefits. What is a family floater plan? Increasing healthcare costs have been noticed, more and more people are choosing health insurance plans. The individual and medical insurance may be suitable for individuals.Nonetheless, family health coverage or family floater policy is a far better option for people with families. The most significant advantage of this health insurance policy is that the whole or partial restriction of the family plan can be used by each family member or single individual in the family. In a family floater policy, insurance coverage of 5 lakhs has the advantage of providing treatment to one fam...

Life insurance companies have meticulous procedures in place to guarantee timely and smooth payment of the multiple advantages. However, did you think what happens when the policyholder does not claim an advantage when it is due? Or a situation in which the insurance company is not in a position to pay the advantages as the policyholder is reachable / untraceable, or rather a case in which the insurance company has not been notified of the life insured’s death. These may look like isolated incidents; however, you would be surprised to know that Rs 15,166.47 crore was unclaimed with 23 life insurers as of March 31, 2018, according to official data. Of this, Rs 10,509 crore was with India’s Life Insurance Corporation (LIC), and Rs 4,657.45 crore was with private insurance firms. Compared to this, the unclaimed quantity for the whole sector was Rs 4,865.81 crore for the year 2012-13. This is an annual 25 percent rise in unclaimed money from policyholders over the previous five years...

One has to prepare for unplanned activities such as medical emergencies, hospitalizations in a world complete of uncertainties. People have become more conscious of the encouraging sign of health insurance and mediclaim insurance policies.  Recent trend in health insurance policy shows that high-value health insurance plans are being offered by health insurers. The Sum Assured is what distinguishes these plans from the periodic plans. In these health insurance plans sum assured goes up from Rs 1 crore to Rs 6 Crores which is well above Rs 2 lakh to Rs 5 lakh. Let's have a comparison of these policies ' merits and demerits. Deciding on the policyholder's health insurance coverage is a significant variable. Advantages of High-Value Health Insurance:  They Provide Comprehensive Coverage: Healthcare has advanced by leaps and boundaries with rapid advances in the field of science and medicine, but so have the medical cost of treatment.Some medical in...

Insurance companies also extend health insurance to senior citizens. Although there are many such insurance plans, it is of paramount importance to examine finer information before taking up a plan. Insurance businesses consider Senior Citizen health insurance plans to be available for individuals between the age group of 60 – 80 years. If you are an existing insurance policyholder, you can renew your policy until 65 years of age.According to a recent updated guideline issued by IRDA, health insurance providers have to provide coverage to individuals up until the age of 65 years. Anyone looking to continue their health insurance policy with this updated guideline can do so until the age of 65. Also, with fewer constraints, those who try to change insurance providers for better service quality can do so. While there are several variables to consider before determining whether or not to buy a Senior Citizens' Health Insurance, this paper outlines some of the following significa...