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What is Sabse Pehle Life Insurance?

Sabse Pehle Life Insurance is India’s first nation-wide life insurance awareness campaign. Insurance sector in India is governed by IRDAI, The Life Insurance Council, along with 24 other life insurance companies has started this campaign. The primary aim of this campaign is to educate the people of India about the importance of having a life insurance policy in every household. The campaign further states that life insurance should be considered as a fundamental requirement.

In short, the ‘Sabse Pehle Life Insurance’ campaign is thus a simple initiative to stress on the importance of purchasing a Life Insurance policy.

Why do you Need Life Insurance?

A life insurance policy ensures that your family is financially protected in case of your unfortunate demise. A life insurance policy commits to pay a lump sum amount to your family in case something happens to you in the near future. Purchasing a life insurance plan provides the following benefits:

  • Provides financial protection to your family/dependents/nominee
  • Takes care of long term goals - higher education, marriage
  • Premiums paid towards a life insurance policy are eligible for tax deductions of up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act, 1961

Who is eligible for Life Insurance?

  • Working Professional - If you are in your 20s and have started your first job, this is the best time to think about saving your income. Even though you may not be earning a lot, it is advisable to dedicate a certain portion of your salary towards purchasing a life insurance plan.
  • Married/Family - When you are married or planning to get married, there will be a lot of financial responsibilities on you. Since you are earning more than when you were in your 20s, you should invest in a life insurance plan for your spouse and future children. Family expenses include home loan, car loan, children’s education, etc. Keeping the above points in mind, it’s advisable to have an equivalent life cover.
  • Midlife - When you are in your 40s, medical expenses are bound to be a part of your life. Your children have also grown older, so are their school fees have stopped. During this phase, it is advisable to diversify your investments and start thinking of a retirement/pension plan for you and your family.
  • Near Retirement - During your 50s, it is important to purchase a comprehensive retirement or pension plan. Now, everyone up to the age of 65 years is eligible to buy a life insurance policy.

Getting Started with Life Insurance

Here are the five important steps for purchasing a life insurance plan:

  • Where to Buy? - It is advisable to purchase a life insurance plan from a licensed Life Insurance company. You can also purchase a policy online from the official website of the insurer. Alternatively, you can visit the nearest branch personally and purchase a life insurance plan.
  • Policy Type - Depending on your financial strengths and weaknesses, select the right quote and compare different options across insurers. Don't look for the cheapest plan, go for a comprehensive life insurance plan.
  • Learn - Once you have selected the desired policy, learn all about it by reading the proposal documents and terms & conditions in the policy contract. Learn about the key features and benefits, the amount of premium involved, the date the policy gets active, the policy and payment term, the coverage amount, death and maturity payouts, policy inclusion and exclusions.
  • Application Form - Post selection, ensure you fill the form with all the relevant information. Keep the following documents in hand - KYC, proof of ID and Address proof, current and past medical reports, mode of payment, etc.
  • Accept your Policy - Once the policy has been purchased and you have received your policy documents in hand, ensure you verify the following information: Check for errors, omissions, exclusion, personal details, claims process, etc. Additionally, if you are not satisfied with the policy terms and conditions, you can return it within a period of 15 days.

How do Claims Work?

In case you meet with an unfortunate accident and require medical treatment, a life insurance policy will come to your rescue. A life insurance plan will provide financial compensation when you make a successful claim. There are two types of claims - maturity and death claims.

How do I initiate a claim?

You can intimate a claim by contacting the financial advisor or insurer directly or via email. You need to download the claim form and submit the same with all the relevant documents.

Steps to file Maturity Claim,

  1. The insurer generally sends a maturity claim intimation letter around 30 days before the maturity date
  2. Submit the required documents - original policy document, an age and identity proof, a cancelled cheque leaf or a copy of your bank passbook
  3. On maturity, you need to send the maturity claim discharge form with the original policy bond to the insurer

Steps to file Death Claim,

The nominee or family member can contact the insurer immediately to process the claim. The following documents are required to be submitted along with the claim form.

  1. The claimant's statement
  2. Policy number
  3. Date, cause and place of death
  4. Original policy document
  5. Original death certificate
  6. A police FIR and post mortem exam report (for accidental death)
  7. Certificate and records from the doctor/hospital (for death due to illness)
  8. Advance discharge form for claim processing

Here are the links to the claims page of all 24 Life Insurance companies:

Here are the links to the claims page of all 24 Life Insurance companies:

Aegon Life Insurance Company Limited http://www.aegonlife.com/customer-service/claims/claims-process Aviva Life Insurance Company India Private Limited http://www.avivaindia.com/en/CustomerService/ClaimsProcedure.aspx Bajaj Allianz Life Insurance Company Limited https://www.bajajallianzlife.com/life-insurance-claim-assistance.html Bharti AXA Life Insurance Private Limited https://www.bharti-axalife.com/claims/know-your-claims Birla Sun Life Insurance Company Limited http://insurance.birlasunlife.com/Pages/Individual/Forms-Downloads/OnlineClaim.aspx Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited http://www.canarahsbclife.com/lifeinsurance/portal/canh/home/claims/claims-process DHFL Pramerica Life Insurance Company Limited https://www.dhflpramerica.com/Claims/Claim Edelweiss Tokio Life Insurance Company Limited https://www.edelweisstokio.in/faq/claims Exide Life Insurance Company Limited http://www.exidelife.in/customer-service/claims/claims-process Future Generali India Life Insurance Company Limited https://life.futuregenerali.in/claims/claims-procedure HDFC Life Insurance Company Limited https://www.hdfclife.com/customer-service/claims ICICI Prudential Life Insurance Company Limited http://www.iciciprulife.com/public/Life-Claims/Claim-Introduction.htm IDBI Federal Life Insurance Company Limited http://www.idbifederal.com/Claims/Pages/default.aspx IndiaFirst Life Insurance Company Limited http://www.indiafirstlife.com/web/customer-care/know-about-claim Kotak Mahindra Life Insurance http://insurance.kotak.com/policy_holder/life-insurance-claims.php? Life Insurance Corporation of India http://www.licindia.com/download_forms.htm Max Life Insurance Company Limited https://www.maxlifeinsurance.com/claims-centre PNB MetLife India Insurance Company Limited https://www.pnbmetlife.com/claims/process.html Reliance Nippon Life Insurance Company Limited http://www.reliancelife.com/insurance-claims-documents.aspx Sahara India Life Insurance Company Limited www.saharalife.com SBI Life Insurance Company Limited http://www.sbilife.co.in/sbilife/content/17_1026 Shriram Life Insurance Company Limited http://www.shriramlife.com/dms/plan-brochures/traditional/Claims-Process-for-Website-SLIC.pdf Star Union Dai-ichi Life Insurance Company Limited www.sudlife.in Tata AIA Life Insurance Company Limited http://www.tataaia.com/claims/claims.html

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