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It is difficult to pin a number on the approximate amount a life insurance policy pays out because the payout depends on several factors like policy type, sum assured, terms and conditions, cost of premiums, etc. But what you can always find out is how the payout option works at the end of the tenure period.
Generally, there are two types of payout options available for life insurance policies in India. These payouts are offered:
If the insured person dies during the term period then the death benefits will be received by the beneficiary specified in the policy. The amount payable to the beneficiary as death benefits is specified upfront initially, as they know the minimum amount they are eligible for payout during that period. On the other hand, if the policyholder outlives the tenure period the insurer pays out the maturity benefits and bonuses, as mentioned in the terms and conditions, if applicable.
Here’s an example of how life insurance payouts work. Mr. X, a 28-year-old healthy non-smoker, bought a term insurance plan with a return of premium option for a Sum Assured of Rs 1 crore at a premium of Rs 13,900 p.a. (excluding GST) payable for the policy term of 30 years. In case of his demise within 30 years of buying the policy (i.e. the policy tenure), his nominee would receive the Sum Assured of Rs 1 crore. However, if Mr. X survives the policy term of 30 years, he will receive Rs. 4,17,000 (13,900 x 30).
To know the payout your plan offers, you can always contact the customer care team of your insurance company to get the actual figures.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
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You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,