What is Sabse Pehle 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

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.

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