Life Insurance in Kanpur

Overview Life Insurance in Kanpur

The city of Kanpur is one of the many prominent cities in the state of Uttar Pradesh. It is a metro city that has a huge cultural, historical and industrial importance in the country. The city was founded by Raja Kanh Deo in the 12th century. It had played an important part in the first independence movement i.e., the 1857 uprising.

Kanpur is the eleventh most populous city in the country and is also ranked to have the world’s worst air pollution. The residents of Kanpur have the benefits of a metro city but also have them to face its perils. The worst air quality and other bad effects of industrialization have had a negative impact on the health of its residents. This has made it important for the citizens to have good health insurance plans as well as life insurance plans for the safety of themselves along with their family members.

The need for a good life insurance plan is quite high in a country like India where most families have a single breadwinner who has huge responsibilities on their shoulders. This makes it important for them to secure their families’ financial future in their absence.

Given below are a few details of the top life insurance plans in the city of Kanpur.

What is life insurance?

Life insurance also commonly known as term insurance is among the most common and widely popular insurances available to the Indian market. This insurance is used to provide financial security to the future of an individual and/or their family members. There are multiple types of life insurance available to the residents of Kanpur that can give them the much-needed financial stability as well as fulfil other goals like investment, building a corpus fund, etc.

The various types of life insurance plans that can be available to the residents of Kanpur are highlighted below.

Term plans

These are the most common types of life insurance plans with a tenure of a minimum of 5 years to a maximum of 50 years. Policyholders do noy get maturity benefits under this plan but only death benefits are provided to the legal heir of the policyholder.

Term Plan with return of premium

This plan is a modification to the basic term plan. Under such plan, the policyholders can get back a portion of the premium paid if no claim is made for a specified period. This will help the policyholders get their premium amount back at the same time maintain the benefits under the plan

Retirement plans

These plans focus on providing retirement benefits to the policyholders. Under this plan, policyholders or their legal heir can get a fixed amount at regular intervals as per the agreement between the insurer and the insured person.

Endowment plans

These plans provide the benefits of savings as well as investment. Policyholders can build a corpus fund that can help in meeting their long-term requirements like a wedding in the family, child’s education, home repairs and renovation, travel, etc.

Group life insurance

This is blanket insurance taken by the employer of an entity for their employees. The cover is standard (usually Rs.5,00,000) and can be extended to eligible family members too.

Whole life insurance plans

Policyholders can get coverage for the entire family under these plans. The tenure is long term (usually 99 years) and the premium amount can be paid at flexible terms.

Child plans

These plans focus on securing the future of the child. These plans can be taken from the time of birth of the child till the time they attain adulthood. The fund can be used by them for higher education or wedding or other expenses like travel, business venture, etc.

ULIPs

These plans are the oldest form of mutual fund investments in the Indian market. Insurance under these plans is linked with the mutual funds selected by the investor which helps them in earning market returns along with securing their future. These funds have a minimum lock-in period of 3 to 5 years.

Money-Back plans

These plans provide the benefit of giving back a portion of the sum assured to the policyholder. This portion is provided at regular intervals as per the agreement between the policyholder and the insurer. Policyholders can get the balance amount of the sum assured at the time of maturity of the policy.

What are the documents needed for buying a life insurance policy and for filing a claim?

The process of buying and making a claim for life insurance has been made quite simple through online or offline modes. It is necessary to provide the required mandatory documents for each of these stages. Given below is the list of documents that are needed for buying life insurance and making a claim.

Buying a life insurance

The documents needed for buying life insurance are,

Proof of age

The documents that can be provided as proof of age are,

• PAN Card
• Voter ID Card
• Driving license
• Ration Card
• Passport
• Aadhar Card
• Marriage Certificate
• Birth Certificate

Proof of identity

The documents that can be provided as proof of identity are,

• Voter ID Card
• PAN Card
• Passport
• Aadhar Card

Proof of address

The documents that can be provided as proof of address are,

• Saving account bank statement
• PAN Card
• Latest 3 months credit card statement 
• Voter ID Card
• Driving license
• 3 months utility bills
• Ration Card
• Passport
• Aadhar Card

Proof of income

The documents that can be provided as proof of income are,

• Salary slips for the past 3 months or 6 months as per insurer’s guidelines
• ITR for the last 2 or 3 years
• Latest Form 16
• PAN Card
• Last 6 months bank statement with latest 3 month’s salary credit in the account
• Certificate issued by CA for a self-employed person
• Duly filled application form for life insurance policy 
• Mandatory declarations as per the guidelines of the insurer 

Making a claim

The documents needed for making a claim for life insurance are mentioned below.

Important details of the policyholder

The basic details of the policyholders that need to be provided are,

• Policy number
• Policyholder’s name
• Place of death
• Death certificate
• Name of legal heir (in case of death of policyholder)
• Duly filled application form
• Original copy of the policy
• Discharge form signed by witnesses
• Investigation report in case of police inquiries
• Employer’s certificates in case required by the insurer
• Mandatory declarations as per the insurer’s guidelines

Life Insurance in Kanpur FAQs