Savings Insurance

Savings insurance is both a protection and a financial instrument, which can be used for your long-term capital growth. These plans offer a reliable safety net that ensures financial goals are met in the event of unforeseen circumstances.

Savings insurance can be categorised as follows:
1. Endowment Plans
2. Money Back Plans
3. Unit Linked Insurance Plans

FAQs

when is the full claim amount paid out in savings insurance policy?

A full amount of claim is gained by the completion of the policy contract, occurring in one of the two ways:

Upon maturity- if you survive the entire policy period you shall receive the full maturity benefit. This is a lump sum consisting of the sum assured plus all the reversionary bonuses accumulated over the years.

Death benefit fulfillment- in the event of the policyholders passing during the term, the insurance company pays the full death claim to the nominee. This includes the total sum assured and the bonuses earned up to that date, regardless of any Money back installments already paid to the policyholder.

Also to ensure a full payment the policy must remain in force with all premiums paid. Once the insurer processes the final settlement, the contract is considered discharged and the insurance cover ceases.

When is a savings insurance claim rejected?

Here are the primary reasons for rejection, categorized by their cause:

non disclosure of material facts- this is the most common reason for rejection. If any critical information is hidden or misrepresented at the time of purchase, the insurer can void the contract.

Eg-medical history, lifestyle habits, occupational risk.

policy lapse- insurance coverage is active only if the premiums are paid on time .

-if you miss a premium and the grace period also expires ,the policy lapses.

the policy exclusions-

Illegal activities, hazardous activities, intoxication etc.

delay in claim intimation

incorrect proposal form filing(e.g.- incorrect nominee information)

what is the difference between a normal savings policy and an insurance savings policy?

The normal savings are purely investment schemes, the nominee receives the accumulated balance. In insurance savings policies like ULIP,endowement and money back policies ,if the policy holder passes away during the term, the insurance company pasys the full sum assured to the family, regardless of how much has been saved up to that point, the insurance savings policies offer tax advantage also.

will I get any benefits if I stop paying my premiums?

If you stop paying premiums the outcome depends entirely on when you stop and the type of policy you have. Generally insurance policies are designed for long term commitment, so breaking the payment schedule has specific consequences.

Get in touch with our support team to learn more.

At Aegis, we are committed to excellence and delivering the best to our clients. We have made sure that our clients received outstanding service ever since we opened our doors in 2019, and we continue to do so.