Insurance regulatory body IRDAI has asked all insurance companies to launch simple life insurance from January 1 next year.
In the era of corona virus epidemic, the importance of insurance has increased. Good news for those who are thinking of taking life insurance. Now buying a term life insurance policy is going to be very easy soon. Insurance regulatory body IRDAI has asked all insurance companies to launch simple life insurance from January 1 next year. This will be a standard term insurance. This will help customers to take decisions based on the information already provided by the companies. There are many term products available at this time with different terms and conditions, which makes it difficult for customers to decide based on the information already given.
Simple life insurance for people between 18 and 65 years
Simple life insurance will be a full term life insurance product. Which people between 18 and 65 years will be able to buy. According to the guidelines issued by the Insurance Regulatory and Development Authority of India (IRDAI), the duration of these policies will be from four years to forty years. According to the guidelines, in simple life insurance, you can buy a policy of 5 lakh to 25 lakh (in multiples of 50 thousand).
There will be no maturity benefit and there will be a 45-day waiting period. No claim will be received under this policy in case of suicide. After the death of the policy holder during the policy term, his nominee will get a claim equal to the sum assured. Under this, gender, accommodation, travel, occupation or educational qualification has no meaning and anyone can buy it.
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Ease of decision making by standard product customers
IRDAI says that due to the standard product, customers will be able to take decisions based on the information already given and this will increase the trust between the insurer and the insurer. This will reduce disputes during the sale of the policy and claim settlement by giving false information.
Source: www.financialexpress.com