Insurance
Life Insurance
Life cover that also builds a maturity value: endowment, money-back and whole life plans. These are long-horizon contracts where the premium buys both protection and a savings return, so the conversation is about how long the customer can commit rather than about the sum assured alone.
What you get
- Endowment, money-back, whole life and ULIP options across insurers
- Premium payable annually, half-yearly, quarterly or monthly
- Illustration of maturity value at the regulator prescribed assumption rates
- Rider options quoted separately: accidental death, critical illness, waiver of premium
- Medical requirement flagged at quote stage rather than after the customer pays
- Nomination captured at proposal, which is what avoids a claim dispute later
FAQ
About life insurance
How is this different from term insurance?
Life insurance of this kind pays out on death and also returns a maturity value if the policyholder survives the term. Term insurance pays out only on death and returns nothing otherwise, which is why the same cover costs a fraction as much. One is a savings product with cover attached; the other is pure protection.
What happens if the customer stops paying premiums?
After the minimum number of years set in the policy, it acquires a paid-up value and continues at a reduced sum assured. Before that point, a lapse can forfeit what has been paid. The exact threshold is in the policy document and is worth reading out at the point of sale.