This special insurance policy Launching on January 1 : Understand its benefits and features in 5 points

There is good news for those who are considering getting life insurance. It will be easier to buy a term life insurance policy from the new year. Insurance regulator IRDAI has asked all insurers to launch simple life insurance from January 1 next year. This will be a standard term insurance. This will help the customer to make a decision based on the information already provided by the companies. So let us tell you all the details

What is Simple Life Insurance would be a purely term life insurance product. Which can be purchased by people between the ages of 18 and 65. According to the guidelines issued by the Insurance Regulatory and Development Authority of India, the term of this policy will be from 4 years to 40 years. According to the guidelines, a simple life insurance policy can be purchased from Rs 5 lakh to Rs 25 lakh.

The rule conditions of all companies will be the same

The terms and conditions of all insurance companies will be the same. The sum assured and premium will also be the same. The advantage of this is that the risk of dispute at the time of claim will be much less. When choosing a consumer plan, compare the prices of this plan and the claim settlement ratio of different insurance companies.

Full cover will also be available on 3.45 day old policy

If the policyholder dies within 45 days after the policy is issued, no payment will be made in any case other than death in an accident. Customers do not get any maturity benefit and surrender value under simple life insurance.

No claim in suicide case

If the policyholder dies during the policy period, his nominee will get a claim equal to the sum assured. No claim will be made in case of suicide under this policy.

Payment can be made in three ways

There are three ways you can pay for insurance. There is an option to pay single premium, limited premium payment or regular life long monthly premium for a period of 5-10 years. Anyone can purchase this policy and there is no limit for it regarding gender, place of residence, educational qualification and occupation etc.