Apply Best Life Insurance in Meerut | Policy Plan & Benefits

Overview Life Insurance in Meerut

Meerut is in the western region of Uttar Pradesh and is a prominent city in the state. This city is part of the National Capital Region (NCR) due to its close proximity to the national capital of the country. Apart from the cultural and historical importance, the city is also home to good educational institutions and is known to be the educational centre in the state as well as the ‘Sports City of the Country’ and largest producer of musical instruments in the country. Meerut was also the starting point of the 1857 uprising in the pre-independence era and thus has great historical importance in the Independence struggle of the country.

The life insurance sector in the city is still not at its peak. This is on account of many factors like lack of awareness of life insurance, financial limitations to get a life insurance plan, limited access to get a good life insurance plan, lack of necessary KYC documents, etc. Given below are a few details of life insurance in Meerut and the related provisions for the same.

What is life insurance?

Life insurance is a safety net that can be used to safeguard the financial future of one’s family as well as themselves. This insurance is received at a cost known as premium which is to be paid regularly at flexible intervals in monthly, quarterly, semi-annually and annually. Some plans provide the benefit of cover self only, some of the entire family while others provide financial security to the insured person and their family members. On the other hand, there are also policies that provide good investment opportunities too and help in generating returns in the policy.

Some of the basic types of insurances that can be opted by the customers for themselves or their family members are mentioned below.

  • Term plans – These are basic term plans for a fixed tenure of 5 years to 50 years with no maturity benefits
  • Term plan with a premium return – These are modified term plans providing a benefit of the return of premium amount if no claim is made.
  • ULIPs – These are among the oldest form of insurance and investment option. Unit Linked Insurance Plans provide the benefit of insurance and mutual fund investment which generate high returns for policyholders.
  • Group life insurance – This type of insurance is taken by the owner or the employer of the company for their entire staff. The cover provided is a standard cover (usually Rs. 5,00,000 and can also be used to cover eligible family members.
  • Child plans – These plans focus on child care benefits. Such insurance plans can be bought for newborns and can be withdrawn at maturity of the policy or after attaining adulthood.
  • Whole life insurance plans – This is also in the lines of a term plan providing coverage for life (usually up to 99 years). Eligible family members can be included under this plan.
  • Endowment plans – These are insurance cum savings or investment plans that provide the dual benefit of insurance and investment. This helps in helping in building a corpus fund along with securing the financial future.
  • Money-Back plans – These plans also provide a portion of the sum assured to the policyholders at regular intervals. Balance of sum assured is received at maturity or as death benefits.
  • Retirement plans – These plans focus on providing retirement benefits to the policyholders in their old age. Some of these benefits include pension or regular monthly income as the case may be according to the agreement between the policyholder and the insurer.

What are riders?

Riders are the additional benefits that can be attached to the existing plan by the insurer. insurers offer multiple riders and there is usually no limit to attach riders. Riders help to make the policies more effective to meet the particular needs of the policyholder. Some of the important riders available for the policyholder are mentioned below.

Accidental death accidental rider

This rider provides benefits in case of the accidental death of the policyholder. The cost of treatment, if death is not immediate, is also covered under the plan. This makes it quite essential to check the clauses for such benefits with utmost diligence.

Accidental total and permanent disability rider

Any disability, whether permanent or total, are covered under this rider. The policyholder can get the benefits in the form of a monthly income in the event of a temporary or permanent disability due to an accident. Policyholders can opt for varying benefits under this rider for a set period.

Waiver of premium rider

If the policyholder is not able to make timely premium payments, this rider will help in keeping the policy active. The benefits under the policy will not lapse due to non-payment of the premium due to any financial loss.

Critical illness rider

This rider helps in covering for some major illnesses like cancer, heart ailments, kidney failure, paralysis, etc. E. The list of critical care illnesses is very different for every insurer as per their guidelines and policies in this regard. Therefore, it is important to get information about the critical illness offered by the insurer and the coverage for the same before opting for the policy.

Hospital cash rider

Under this rider, policyholders get a specific sum of cash in a lump sum or during the tenure of hospitalization as per the insurer guidelines and agreement with the policyholder. The amount under this rider is used to provide for emergency hospitalization.

Additional Reading: Beginners Guide To Term Insurance What Why How

Life Insurance in Meerut FAQs

1. What are the documents needed for raising a claim of insurance?

A. The documents needed for raising an insurance claim are, 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

2. Who is eligible for life insurance in India?

A. Life insurance in India can be bought by any resident for themselves or their family members.

3. What are the steps to buy a life insurance policy online?

A. The steps for buying a life insurance policy online are,

  • Visit the website of the insurer
  • Select the plan to be purchased
  • Provide details of basic KYC as required by the insurer
  • Select premium to be paid and frequency of payment
  • Select mode of payment
  • Make a payment of the initial amount to complete the process
  • Policyholders will get the details of the policy and other relevant details immediately
  • Original copy of the policy will be sent through registered post by the insurer

4. What is the maximum maturity age for most insurers?

A. For most insurers, the maximum maturity age is 99 years.

5. What are the factors determining the premium amount?

A. Some factors determining premium amount are,

  • Age of customer
  • Income of customer
  • Existing policies, if any
  • Location of customer
  • Presence of specified medical conditions, if any
  • Amount of coverage
  • Number of persons insured under a plan

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