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Overview Life Insurance in Lucknow

Lucknow is the capital city of the largest state of Uttar Pradesh in India. The city is home to a rich culture and is also known as the Land of Nawabs. It is also a popular tourist attraction along with neighbouring cities of Agra and Varanasi attracting tourists from across the globe. Apart from being a tourist attraction, the city is also home to the best educational institutions like IIM Lucknow, IIIT Lucknow, and many other major universities of different faculties.

The population of Lucknow is also quite diverse and has the benefit of good health care facilities but there is still a long way to go. Among these scenarios, life insurance is the best bet to secure the future of the family from any uncertainty. Given below are a few pointers related to life insurance in Lucknow.

What is Life Insurance?

Life Insurance is the coverage provided by designated insurers, (private insurers or public insurers) to the insured person. The coverage can be for their lifetime or till the maturity of the policy. These policies also provide death benefits to the nominee or the legal heir upon the death of the insured person.

There are multiple options of life insurance that can be opted for by residents of Lucknow. These policies can help them meet their specific needs like insurance and corpus building, securing the future of their child, securing their retirement and getting regular income at such time, etc. Some of the common types of life insurance available for the residents of Hyderabad are mentioned below.

  • Term plans – basic term plans for a fixed tenure of 5 years to 50 years
  • Term plan with a premium return – term plans that provide the benefit of the return of premium if no claim is made.
  • Whole life insurance plans – similar to term plans providing coverage for life
  • Child plans – insurance plans for children which can be bought from the time of their birth
  • Group life insurance – the policy taken by the employer for their entire staff providing standard cover and can also be used to cover family members.
  • Endowment plans – These plans provide insurance and investment helping in building a corpus fund
  • ULIPs – Unit Linked Insurance Plans that provide the benefit of insurance and mutual fund investment.
  • Money-Back plans – these plans are similar to term plans with premium return options and money is received at regular intervals.
  • Retirement plans – providing retirement benefits in old age in the form of pension or regular monthly income.

What are the documents needed for buying a life insurance policy and making 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,

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 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

What are the benefits of life insurance?

Life insurance can be taken by any resident of Lucknow for themselves or their family members. There are multiple benefits of life insurance that make it an attractive investment option even for the younger generation. Some of the benefits of life insurance are mentioned below.

  • Coverage for fixed period or life 
  • Coverage for self and family
  • Tax deduction under section 80C up to Rs. 1,50,000
  • Option to earn mutual fund returns under ULIPs
  • Additional riders on an existing plan
  • Option to get a loan between 70% to 90% of the policy amount 

Life Insurance in Lucknow FAQs

1. What are the important factors considered while selecting a plan?

A. The important factors considered while selecting a plan are,

  • Coverage provided
  • Number of family members that can be included in the plan
  • Claim settlement ratio of the insurer
  • The reputation of the insurer
  • Claim settlement process
  • Availability of riders
  • Policy tenure
  • Premium amount and premium payment options

2. What are some of the riders available on life insurance plans?

A. Some of the riders available on life insurance plans are,

  • Accidental death accidental rider
  • Hospital cash rider
  • Accidental Total and Permanent disability rider
  • Waiver of premium rider
  • Critical illness rider

3. How can I buy a life insurance policy in Lucknow?

A. A person can easily buy life insurance through online or offline modes for themselves or their family members.

4. What is the maximum deduction on life insurance premiums?

A. Policyholders can claim a maximum tax deduction of up to Rs. 1,50,000 under section 80C of the Income Tax Act, 1961.

5. What is the lock-in period for ULIPS?

A. ULIPS come with a minimum lock-in period of 3 to 5 years.

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