Life Insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person. Depending on the contract, other events such as terminal illness or critical illness can also trigger payment. The policy holder typically pays a premium, either regularly or as one lump sum. Other expenses, such as funeral expenses, can also be included in the benefits. The purpose of life insurance is to provide financial protection to surviving dependents after the death of an insured.
Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific exclusions are often written into the contract to limit the liability of the insurer. Common examples are claims relating to fraud, war, riot, and civil commotion.
Citymine Business offer policyholders the option to customize their policies to accommodate their personal needs. Riders are the most common way a policyholder may modify their plan.
Benefits of Life Insurance:
- Debt-Proof Future
- The Accomplishment of Retirement Goals
- Tax Benefits
- Mental Peace
- Children’s Future Expenses
- Business Security
Documents required for Life Insurance:
- Age Proof: Pan Card, Voter’s ID, Passport, Driving License, School/ College Certificate, Birth Certificate.
- Address Proof: Utility Bill, Passport, Voter’s ID, Telephone bill, Ration Card, Electricity Bill, Bank A/C Statement, Letter from Recognized Public Authority.
- Photo Identity proof: Driving License, Voter’s ID Card, Passport, Pan Card, Letter from Recognised Public Authority or Public Servant with Photograph verifying the identity and residence, Aadhar Card.
- Recent passport size photograph
- Income Proof: Salary Slip, Form 16, ITR/ Assessment Order/ Employers Certificate.
- Medical Reports – In case required from the insurance companies end.