What is the maximum training hours per day?

Maximum Training for a day is 8 Hrs.

What is the maximum duration of training?

For Life 50 Hrs and General 50 Hrs : Min. 7 Days Max 14 days. For Renewal Life and Renewal General : Min 4 days Max 7 days For Life 25 Hrs and General 25 Hrs : Min 4 days Max 7 days

Does term insurance provide protection for temporary needs?

Yes. Term insurance is ordinarily purchased to provide temporary coverage for a known period of time. Term insurance generally provides a lower initial cost.

Are there advantages to buying life insurance at a early age rather that waiting until after marriage or children?

Yes. The premiums are lower when you are younger.

Is permanent insurance initially more expensive than term insurance?

Yes. While it is true that the initial premium can be higher than that of term insurance,there are additional features and benefits built into permanent life insurance that make it a greater value for the money spent.

What is an annuity?

Annuities are tax-deferred investments that guarantee you regular payments at some future time, usually retirement.

Why Do People Typically Choose Annuities?

1.to accumulate long term savings. 2.to provide guaranteed life-long income .3.to supplement other retirement savings .4.to increase income in retirement.5.to take advantage of tax deferral options.

If I decide to take out life cover will I need to go for a medical?

Once your application has been submitted to the insurer it will be assessed by a medical underwriter. The life insurance provider will either accept your application immediately, or they could request a medical report from your General Practitioner. You may also be asked to attend a medical examination, which will be paid for by the insurer.

What are my different options for paying premiums?

Depending on which Prudential product you own, you may be able to pay your premiums on a monthly, quarterly, semi-annual or annual basis. You may also be able to have your premiums deducted directly from your paycheck.

What do I need in order to file a death claim?

In order to file a death claim on a Prudential policy, you will need the following information: 1. Policy number and, if available, the policy itself or Certificate of Insurance 2. Date of insured's death 3. Certified copy of the insured's death certificate 4. Date of insured's birth 5. Insured's mailing address 6. Beneficiary's name 7. Beneficiary's relationship to the insured 8. Beneficiary's date of birth 9. If the beneficiary is also deceased, you will need: 10. Certified copy of the beneficiary's death certificate

How may I reinstate a lapsed policy?

Determine how long it has been since your policy has lapsed. The lapse notice will indicate the amount of premiums missed and the date(s) on which they were due. It will indicate the amount of premium you will need to pay in order to have your policy reinstated.

What do I do if I've lost my policy?

If you have lost your policy, you can request your policy number from the insurance Compnay.

What is the utility of a proposal form ?

A proposal form contains information for the preparation of policy which is a contract document between the insured and the insurer .

What role does an insurance agent play ?

The contract of insurance is between insurer and the insured . The role of an agent who is an intermediary is only for facilitating the process.

What is Guaranteed additions ?

The LIC provides its policy holders with the bonus declared as a certain amount per thousand of the assured sum. This bonus is declared irrespective of the performance of LIC and that is why its called guaranteed bonus.

What are Loyalty Additions ?

For certain policies in addtion to the guarenteed additions the LIC declares further addtions depending on its performance which is called loyalty additions.

What is surrender value ?

This is the entitled amount which a policy holder receive back after he returns back the policy to the insurer.

When does a policy lapse ?

If a policy holder fails to pay off his premium within grace period after the due date of payment , the policy lapses.

How do I revive my lapsed policy ?

The policy holder can revive a policy during his lifetime only but within a period of 5 years from the due date of first unpaid premium and before the date of maturity .

What are the tax benefits I get by taking an insurance policy ?

Other than the risk cover, you receive an Income Tax Relief under Section 88 of the Income Tax Act.

What are the policies that qualify for the bonus ?

Bonus is paid on all the policies of LIC. The newer entrants have yet to declare their bonuses.

What is double accident benefit ?

You get double accident benefits just by paying an additonal premium of Rs. 1 / - PA against a sum assured of Rs. 1000 / - The benefit provides for the payment of an additional amount equal to the sum assured in the case of death of a policyholder owing to any accident. The death claim under Double Accident Benefit becomes double of the normal claim.

What is nominee ?

A nominee is a rightful heir to your policy appointed by you.After your death, the nominee who did not have any right under the policy while you were alive becomes the rightful recipient who will receive the sum assured by the policy.

What is a paid up policy ?

According to LIC’s regulations, if you pay up your premiums for continuosly for 3 years , the policy does not become void and null even if no subsequent policies are paid.Such policies are called paid-up policies.

How is the paid-up value calculated ?

Paid-up Value=(No of premiums paid/Total no of premiums payable) x Sum Assured

Should one allow his policy to become paid-up?

No, you should never because the sum assured is reduced to a very low figure that it cannot provide any cover to the policyholder or his dependants. You also end up losing certain benefits like double accident benefits, survival benefits installment if the policy is a money back policy and also the bonus declared by LIC.

How Much Life Insurance is Needed?

"Life Insurance Needs," means the amount of life insurance death benefits (pure life insurance protection) that is needs upon a person's death. There are a range of life insurance products to choose from, such as term life insurance, whole life insurance, variable life insurance, universal life insurance, and variable universal life insurance. Choosing amongst different products is not the main concern here. The main concern is the amount of life insurance death benefits you needs, regardless of the type of product you choose.

Is it the rule of thumb that you need life insurance coverage equaling 4 to 6 times your income?

Yes. However, needs vary based on family status, savings and lifestyle. You should review your coverage on those terms.

What about buying life insurance for a spouse or children?

Generally, that should not be done in lieu of buying appropriate amounts of life insurance on the family breadwinner(s). It is extremely important that you protect the earning capacity of the primary breadwinner, if possible, with the right amount of life insurance before considering life insurance on children or spouse. In a dual-income household, it is important to protect the earning capacity of both spouses. Life insurance for a non-wage earning spouse is often recommended for help in paying for household services lost if that spouse dies.

Should I buy term insurance or cash value life insurance?

Term life insurance pays out in the event of death. Cash value, which is more costly, has a cash amount you can withdraw before death. Which one is for you will depend on your circumstances. First answer an insurance question - how much life insurance should you buy? Then look at the financial aspect - what type of policy should you buy? The amount of life insurance you need may be so large that the only way you can afford it is by buying term insurance, which carries a lower premium than cash value policies. If your ability (and willingness) to pay life insurance premiums is such that you can afford the desired amount of life insurance under either type of policy, you can consider the financial decision - which type of policy to buy. If you view life insurance as an investment, you'll want to study rates of returns. If it's protection, then your purchase is a matter of what you can afford and want to spend.