The last stage of a life insurance plan is related to filing for a claim to get the expected insurance benefits. In case of your unfortunate demise, the nominee will receive the sum assured as defined in the contract. To receive it, the nominee has to submit a claim form along with various documents. Upon verification of claim, the insurance company releases the benefit to the nominee. For life insurance plans with a return of premium option, the insured gets the total of all premiums paid back if insured person survives the policy term, which can be used to achieve several life goals. It is the simplest type of life insurance that provides financial safety to the life insureds family in case of the untimely demise. Depending on your income and liabilities, you can select an adequate sum assured under this type of life insurance plan to safeguard the financial interest of your loved ones. ULIPĪ Unit Linked Insurance Plan or ULIP is a unique form of life insurance. It provides life cover while also allowing you to invest money in market-linked instruments. ![]() ![]() By investing in ULIPs, you get the benefits of market linked returns over the long term, life cover, income tax savings, and flexibility to switch between funds.
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