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To Pay Off Debts and Other Expenses. In addition to providing income to cover everyday living expenses, your family needs insuranceto cover any outstanding debts, like the mortgage, credit cards and car loans. Other expenses include funeral and burial costs that can easily run into the tens of thousands of dollars.
Insurance provides payment for covered losses when they occur. ... The fifth benefit of insurance is the efficient use of an insured's resources. Insurance makes it unnecessary to set aside a large amount of money to pay for the financial consequences of the risk exposures that can be insured.
Insurance is a contract in which an insurer promises to pay the insured party a sum of money if one or more specified events occur in the future, in return for regular small payments - known as premiums. The purpose of insurance is to reduce your business' exposure to the effects of particular risks.
Plan :Jeevan Arogya (904) Product Summary : This is non-linked health plan which provides fixed benefits for hospitalization and almostall types of surgical procedures irrespective of actual cost incurred and the benefit is in additionto any other health insurance cover that insured lives may have, subject to certain terms and conditions. The Benefits offered under the plan are: i) Hospital Cash Benefit (HCB) ii) Major Surgical Benefit (MSB) iii) Day Care Procedure Benefit (DCPB)iv) Other Surgical Benefit (OSB) These are in addition to any other health insurance cover. Two riders: Term Assurance and Accident Benefit Rider available for PI & Insured Spouse only. The Principle Insured (PI) can take the policy covering himself/herself. The Spouse, Children, Parents and Parents-in-law can also be covered under the same policy. Premium Payment Mode: Yearly, Halfly Minimum Entry Age : • For Prencipal Insure/Spouse: 18 Years � For Child: 3 Month � For Parents/Parents-In-Law: 18 Years Maximum Entry Age : • For Prencipal Insure/Spouse: 65 Years � For Child: 17 Years � For Parents/Parents-In-Law: 75 Years Minimum Sum Assured : • Rs.1, 00, 000 Maximum Sum Assured : • Rs.4, 00, 000 Basic S.A. shall be in multiple of Rs.1, 00, 000 Policy Benefits : On Death : No death benefits payable. However, following action will take place. i. On death of the Principal Insured (PI); Option for Spouse to take over policy. ii. Insured Spouse had predeceased the Principal Insured: Option to take new policy. iii. In the event of death of an Insured continue with change in premium. Surrendered Value : No surrender value will be available under the policy. Loan : No loan will be available under the policy.