Life insurance is a legal-contract between an insurance company and an insured in which the insurance company accepts to pay a lump sum amount to a designated beneficiary upon the insured’s death, i.e., the policyholder, in exchange for a premium payment. The premium can be paid monthly, quarterly, half-yearly, or annually.

Query Related to Life Insurance:-

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Query Related to Life Insurance:-

The beneficiary is the person who is nominated to get the advantages of the policy in the event of the policyholder’s death. 

A grace period of 15-days for monthly premium payment and 30-days for the yearly premium payment will be provided if the premiums are not paid on time. Moreover, if the premium amount isn’t paid within the grace period, the policy will be terminated. 

You must check for details of premiums to be paid, revival policy, lock-in period, charges to be paid, premium default implications, guaranteed benefits, and terms of the policy before buying an insurance policy. 

A free-look period is a time in which you can step back if you are not satisfied with the policy’s terms and conditions. Generally, the period is 15 to 30 days from the date of purchase. The expenses incurred for the stamp duty and the medical checkup will be deducted on returning the policy. Moreover, the balance premium will be refunded in the specified account.