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Overview Life Insurance in Varanasi

Known as the spiritual capital of India, ‘Varanasi’ is a famous holy pilgrimage centre in India. The city has been in existence since ancient times and is located in the modern-day state of Uttar Pradesh. The holy Ganga flows in the city. Tourists from India and worldwide flock to Varanasi to be part of this great city.

This has led to huge congestion levels in the city resulting in increased pollution. The residents of Varanasi have thus to deal with increased health issues on account of this. Also, the Covid-19 pandemic has put enough stress on its already burdened healthcare infrastructure. This has made the residents realize the importance of a good life insurance plan.

To help the people of the city meet their growing need for a good life insurance cover, various insurance providers like, LIC of India, Exide Insurance, SBI Life, AVIVA Life Insurance offer comprehensive life plans in Varanasi. They have come forth with attractive life insurance plans at affordable premiums to Varanasi residents to lead a stress-free life.

Additional Reading:  Types of Life Insurance Plans

Varanasi is a historic city in India known for its temples and is a holy place for Hindus. As such, the city is always bustling with tourist activity. This has increased congestion levels in the city leading to a rise in pollution levels impacting the health of its residents.

The ongoing Covid-19 pandemic has also led to huge life of loss and livelihood for the residents of Varanasi. These life uncertainties have made the residents lookout for a good life insurance plan to help them and their family members to face uncertain life events in a sound manner.

A good life insurance cover not only provides financial security to the policy holder’s nominated beneficiary in the event of their untimely death but also helps them realize their long terms dreams.  The insured has to ensure that they are regular in paying the premium either as a lump sum amount or as regular instalments, otherwise, there is a high chance of their policy getting cancelled and they not received any benefit from such a policy.

Additional Reading: What are the key benefits of a Life Insurance Policy?

How can a policyholder file a death claim in Varanasi?

Losing a loved one makes a family go through emotional and financial turmoil. Under such circumstances, if the family is not aware of the procedure to file a death claim, then they face a lot of hardships apart from the trauma of losing their loved one. It is therefore very important that the primary policyholder has kept their family members (nominated beneficiary) informed of the procedure for filing death claims.

Even if they have not informed their family members, they can get the details easily as now most insurance providers make it easy to file death claims online. The below procedure has to be followed for filing a death claim in Varanasi.

Step 1 – Notify the Insurance Provider

When the death of the primary policyholder has occurred within the tenure of the life insurance policy, then their family members need to notify the insurance company about the death and their raising subsequent claim. They can notify the company by calling on their customer care helpline number, or forwarding an email to their registered email ID for raising such claims.

Step 2 – Processing of Claim

After informing the insurance provider about the death of the insured, then the nominated beneficiary needs to provide the supporting documents for raising a claim. In case further documents are required by the insurer with respect to the claim, then these also should be provided, especially where death has been due to natural or accidental circumstances. Once these documents are received by the Claim Assistance department, then they will start processing the claim.  They will assess the claim documents provided, the nominee’s declaration and authenticate it for further processing.

Step 3 – Pay-out

Once the Claims Assistance department has finished with verification of the relevant claim documents provided by the nominated beneficiary, the claim would be either approved or denied.   On approval of the claim, the insurance provider will initiate the further process for claim pay-out. The claim pay-out to the nominated beneficiary will be through the mode applied for by the insured in the original policy. Normally, such pay-outs are done via ECS.  For getting the claim, the nominated beneficiary should provide their bank account details, bank passbook copy, and a cancelled cheque leaf to the concerned department.

Consider Additional Reading: How Does Life Insurance Work

Conclusion

Varanasi is one of the holy cities of India. The residents of the city are used to seeing huge tourist inflow resulting in rising pollution levels, impacting their overall health. As such, they have realized the importance of a good life insurance plan to safeguard themselves and their family from uncertain events of life.

Life Insurance in Varanasi FAQs

1. How can I change the personal details on my life insurance policy?

The policyholder will have to fill up the policy request service form and hand over the supporting documents to the concerned insurance provider. After verification of the same, the new personal details will be updated in your life insurance policy records.

2. Do I get benefit if the insured survives the term insurance plan tenure?

The term insurance plan provides pure risk cover wherein the family of the insured receive benefit only on the death of the insured during the tenure of the policy. In case the insured lives beyond the tenure of the policy, then there is no pay-out on such term policy.

3. What is life insurance?

Life insurance is a contract between the policyholder and the insurance provider to pay a lump sum to the nominated beneficiary in the event of death of the policyholder, in return for the premium to be paid. There are various types of life insurance plans based on whose terms, the insured can make claims for payment of the sum assured.

4. Can sum assured be changed during the tenure of the life insurance policy?

Sum assured can be changed during the life insurance policy tenure. To undertake this change, the insured should submit a letter requesting a change and give a copy of the application form, the premium being paid, medical and other related documents.

5. Can I hold various types of life insurance policies?

Yes, an insured can apply for various types of life insurance policies at the same time. The only consideration is that you should have the financial capability to pay premiums on time for each policy, so as to avoid cancellation of any policy.

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