What is the average premium that should be paid for a family floater policy from Life insurance Corporation (LIC) or State Bank of India (SBI) Life?

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  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on January 01,2022
  Shouldn't we consider inflation while calculating the insurance cover? Because considering a life cover of 30 years or any no of years, inflation will play major role in evaluating the value of insurance cover one has.
  Dear  Sum assured is taken on the basis of your income generating capacity today. In future you may earn less ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on February 14,2022
  What is difference between Term Insurance and Life Insurance?
  Dear  Term insurance is a type of life insurance where sum assured is paid on death only and there is ...
  
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  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on May 05,2022
  What if my private company has provided me health and term insurance of good amounts?  Shall I still buy the personal insurance now or wait for some years until I quit the company and then buy the personal health and term insurance?
  Your group insurance is a rented property . You have it till you are part of group . You ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on October 13,2021
  An LIC agent told me that if I invest 5 lakh per year for 5 years in SBI Life Retire Smart scheme, then from 10th year onwards I will get 40000 per month pension for rest of my life. And after our expiry (me and my spouse), nominee will get the Corpus amount. Is it true or Am I missing something? How to verify it?
  Dear  You have been given wrong information through mis-selling . Facts are stated below : SBI Retire Smart is a Unit Linked ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on December 07,2021
  Do a person get claims of life insurance upon his/her death in extraordinary conditions like earthquake pandemics or terrorist attacks. Or there are any technicalities to it ?
  Yes Earthquake , Pandemic and Terrorist attack are covered unless force majeure is approved by regulator IRDA . If Force ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on December 23,2021
  What are underwriters in a life insurance policy?
  Dear  Underwriters assesses the risk on the basis of Proposal . Each Proposal form has material facts and underwriters can ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on October 28,2021
  What is meant by ‘riders’ in a life insurance plan?
  Dear  Riders are add ons which you can add to your base products like Personal accident benefit and Critical illness. To ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan .
  How do I claim a life insurance policy if the family members are not living together and both the policy holder and the nominee have died?
  You will have to get a succession certificate from court. Please contact a local lawyer along with NOC from legal ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan .
  How does Return-of-Premium Life insurance work?
  It is a bait to catch those customers who feel term insurance is waste because there is no survival ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on October 18,2021
  If we are taking a life insurance cover of 1 Cr, what should be the average amount for the riders? (Critical Illness and Disability Addon)?
  Dear As per IRDA directive , maximum amount amount on rider can not exceed more than 30% of the premium ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on January 05,2022
  In a term plan we are paying premium every month for the coverage but what if a person face death early (say after one year only of taking life insurance) in the period so he has not paid the amount of the coverage so will his family be getting the full coverage amount?
  Yes , claim will be payable .That is the purpose of Insurance to cover the risk of uncertain event ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on November 03,2021
  Is it advisable to take a life insurance for a senior citizen at the age of 62 years?
  Dear  It is not advisable as mortality cost becomes very high . Moreover, by age 62 all financial liabilities are ...
  
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• 
  Shailesh Kumar
  

  Co-founder, Insurance Samadhan . Answered on December 17,2021
  If i bought a term life insurance and I end up paying till maturity age. What's my benefit then ? will I get any premium ?
  Dear  Pure Term Insurance offer sum assured on death only and nothing is payable on survival . However , there are ...
  
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