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Mysore is a very famous and the second-largest city in the state of Karnataka. It is also home to the royal family of Mysore that has its roots in the early 13th century and has a significant impact on the modern Mysore city as well as Karnataka. The city has a great historical and cultural mark on the state of Karnataka right from food to tourism to many industries. It is a very important tourist destination in the state attracting many tourists from across the globe round the year.
The life insurance industry in Mysore has a long way to go. The city is home to a huge population but not all have access to good life insurance in the city. This can be attributed to many factors like lack of awareness, financial constraints, etc. Given below are a few points related to life insurance and the need for the same in Mysore.
Life insurance is a financial security that can be provided by the insurers to the policyholders and their families to safeguard the financial future. This insurance is received at a nominal cost known as the premium that has to be paid regularly and at flexible intervals. These intervals can be monthly, quarterly, semi-annually and annually. There are policies that provide good investment opportunities too and help in generating good returns for the policyholder thereby providing dual benefits.
Some of the basic types of insurances that can be opted by the customers for themselves or their family members are mentioned below.
There are two stages that require documentation in life insurances namely while buying a policy and while making a claim. The process of buying and making a claim for life insurance has been made quite simple over the years through online or offline modes. However, it is essential to submit 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,
Proof of address
The documents that can be provided as proof of address are,
Proof of income
The documents that can be provided as proof of income are,
Making a claim
The documents needed for making a claim of life insurance are the important details of the policyholder
The basic details of the policyholders that need to be provided are,
Riders are the additional or supplementary benefits that can be attached to the existing plan. Most insurers offer multiple riders without any limit to the number of riders that can be attached. The cost of these riders is relatively lower than getting a new policy. Some of the important riders available for the policyholder are mentioned below.
Accidental death accidental rider
This rider provides the benefit of an additional sum assured in case of the accidental death of the policyholder. Most insurers also include the cost of treatment, if death is not immediate, under this plan. Policyholders need to check the causes in fine print to understand this rider better.
Hospital cash rider
Under this rider, policyholders can get a specific sum of cash either in lumpsum or on daily basis during the tenure of hospitalization as per the insurer guidelines and agreement with the policyholder.
Accidental total and permanent disability rider
This rider covers any disability, whether permanent or total. The policyholder can get the benefits in the form of a fixed monthly income when the rider is activated due to any temporary or permanent disability due to an accident. Policyholders can opt for varying benefits under this rider for a set period.
Critical illness rider
This rider is used to provide cover in case of some major illnesses like cancer, heart ailments, kidney failure, paralysis, etc. Every insurer has its own list of critical care illnesses which may differ from other insurers. Therefore, it is important to get correct and updated information about the critical illnesses covered by the insurer and the coverage for the same before opting for the policy.
Waiver of premium rider
If the policyholder is not able to make timely premium payments due to any financial constraint, this rider will help in keeping the policy active. It ensures that the benefits under the policy do not lapse due to non-payment of premium under specified conditions.
1. What are the benefits of Life Insurance?
A. There are multiple benefits of life insurance that make it an attractive investment option for every generation. Some of the benefits of life insurance are mentioned below.
2. How to buy a life insurance policy?
A. A person can easily buy life insurance through online or offline modes for themselves or their family members. Online mode includes visiting the website of the insurer and offline mode includes visiting the nearest branch office of the insurer.
3. What is the minimum age to get life insurance for most insurers?
A. For most insurers, the minimum age to get life insurance is 18 years.
4. Does term plans provide maturity benefits?
A. No. Term plans only provide death benefits.
5. Does life insurance need medical tests?
A. Yes. Life insurance needs medical tests to determine the premium amount and policy amount.
CreditMantri will never ask you to make a payment anywhere outside the secure CreditMantri website. DO NOT make payment to any other bank account or wallet or divulge your bank/card details to fraudsters and imposters claiming to be operating on our behalf. We do not sell any loans on our own and do not charge any fee from our customers/viewers for the purpose of loan application