Q. What is Life Insurance?
A. Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.

Q. Why do I need life insurance?
A. Life Insurance provides for financial security in the event of death or on the inability to earn due to physical disabilities. Besides providing for financial security in the case of one's untimely death, it can be used to accumulate a kitty for your old age, systematically build assets, for funding your child's education and also for saving on taxes.

Q. I know I need life insurance, but cannot afford the coverage I need. Can I do anything to lower the cost?
A. The cost of life insurance depends on three factors: your age, health and your income. We suggest that you not compromise on the level of protection you require. You could purchase a basic protection policy that gives you the opportunity to pay only the minimum premium. You can choose this affordable policy, without any riders.

Q. Who can buy a life insurance policy?
A. Any person who has attained majority and is eligible to enter into a valid contract can insure himself/herself and those in whom he/she has insurable interest.

Policies can also be taken, subject to certain conditions, on the life of one's spouse or children. While underwriting proposals, certain factors such as the policyholder’s state of health, the proponent's income and other relevant factors are considered by the Corporation.

Q. What are Survival Benefits?
A. In some policies, a part of the sum assured is paid to the policyholder in the form of Survival Benefits, at fixed intervals before the maturity date. The risk cover for life continues for the full sum assured even after payment of survival benefits and bonus is also calculated on the full sum assured. If the policyholder survives till the end of the term, the survival benefits will be deducted from maturity value.

Q. What is nomination? And who is a nominee?
A. Nomination is a right conferred on the life insurance policyholder to appoint a person or persons to receive the policy monies in the event of the policy becoming a claim by death. Any policyholder, who is a major and the life insured under a policy, can make a nomination.
A nominee is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.

Q. Can I change my nomination?
A. Yes. You can change your nomination at any time till the maturity date. All you need to do is to inform us about the change through the specified form.

Q. What details am I to provide about the nominee's?
A. The following details are necessary when filling in the proposal form: full name of the nominee, address, age, and the relationship between you and the nominee.

Q. What is the difference between nomination and assignment?
A. While nomination is an authorization to receive the policy monies in the event of death of the life assured, it does not give the nominee an absolute right over the money received to the exclusion of other legal heirs. Further, the nomination can be revoked or cancelled at any time during the lifetime of the policyholder at his will and pleasure or by a subsequent assignment.

On the other hand, assignment of an insurance policy is a transfer or assignment of all rights and liabilities of the insurance policy in favor of the assignee.

Q. What is a Claim?
A. Trading can be done via the phone or by coming in person to the office of SKP or through any other facility provided by SKP like Internet trading. The dealer (employee of SKP who is supposed to input the investors order into the stock exchange order system) after checking the authenticity of the person calling and after checking the margin available in the account would put/enter the order into the stock exchange system.

Q. What is meant by bullish and bearish trend?
A. A claim is the payment made by the insurer to the insured or claimant on the occurrence of the event specified in the contract, in return for the premiums paid for the insured.

Q. What parameters are considered by the company while asking the claimant to submit particular records / document?
A. The Company considers the Sum at risk, cause, circumstances of claim and duration of the policy while asking for certain requirements. Eg. For accidental death, specific proofs such as Post Mortem and Police Report are required whereas for death due to illness, the Company calls for records from hospital, test reports, etc.

Q. Once all the requirements are submitted, how much time does the Company take to settle the Claim?
A. The Company settles the Claim within 8 working days after all the records, documents and necessary forms are submitted and documentation is completed.

In case, the Claim warrants further verification, the Company keeps the Claimant informed of the same. Subsequently, when the decision is taken, it is communicated to the Claimant by a letter.

Q. What is IRDA?
A. IRDA is Insurance Regulatory Development Authority, that has been set up to protect the interests of the policy holders, to regulate, promote and ensure orderly growth of the insurance industry and for matters connected therewith or incidental thereto. [This definition has been taken from the IRDA website].

Q. What are IRDA guidelines pertaining to Claim processing?
A. As per IRDA (Insurance Regulatory Development Authority), the Insurance.Company is required to settle a claim within 30 days of receipt of all requirements.

However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If the Company settles the claim beyond 6 months period, the interest is payable by the Company on the claim amount. The interest is payable only where the Claimant has submitted all the requirements. Further, rate and period of interest are decided as per IRDA guidelines.

Q. Who is entitled to receive the Claim benefit?
A. The nominee or appointee (in case of minor nominee) last recorded under the Policy in case of Policy on own life.

• The proposer in case the Policy is not on own life.
• Assignee in case the Policy was assigned.
• Life Assured himself in case of policy on own life for living benefit claims (Eg Critical Illness rider)

Q. How do I make a Maturity Claim?
A. You must send us the:
- Completed Claim form
- Policy of life assurance
- Proof of age, if not submitted earlier.

Q. What is the benefit of opting for riders / add-ons?
A. Riders / add-ons are the additional benefits that can be added to the basic old policies prior to July 1, 2006, by paying a marginal additional premium. Riders offered are:

Q. In case I lose my policy document how do I obtain a duplicate policy?
A. You will need to pay the charges towards the issue of a duplicate policy, which will also include the charges for stamp fee. We will send a ‘Duplicate Policy Request’ form that you will need to fill and send us. You will also need to send us additional requirements like FIR copy/advertisement in the newspaper.

Q. How will the Net Asset Value (NAV) be calculated for my servicing requests?
A. The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It is calculated as the value on the day you make a transaction request (provided it is a working day).

Q. How do I notify a change in address? OR How can I change my policy details?
A. You have the following options:
1. Download the ‘Change Request’ form from the Download Centre section of our website, fill and send it to us.
2. Call our Customer Service Helpline numbers mentioned in the Contact Us section of the website.
3. Or write to us at the corporate address mentioned in the Contact Us section of the website.

Q. How do I effect a Top- up/Fund Switch/Premium Redirection?
A. You have the following options:
1. Download the appropriate form from the Download Centre section of our website, fill in and send it to us.
2. Alternatively, you can Contact Us at any of our touch points.

Q. Can I change the frequency of payment for my policy?
A. Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.

Q. What do I need to do when the life assured becomes a major?
A. When the life assured becomes a major, you need to submit the proof of his/her age with his/her correct date of birth. You also need to write a covering letter.

Q. Can I change the date of birth after the free look period? If yes, what are the documents required?
A. Yes, you can change the date of birth after the free look period. All you need to do is submit the proof of age with the correct date of birth, along with a covering letter.

Q. When does a policy lapse?
A. When the premium is not paid within the days of grace provided after the due date, the policy lapses. The grace period in case of yearly, half-yearly and quarterly modes of payment is one month and in case of the monthly mode of payment, it is 15 days.

Q. How can a lapsed policy be revived?
A. A lapsed policy may be revived during the lifetime of the assured, but within a period of 5 years from the due date of the first unpaid premium and before the date of maturity. Revival of a lapsed policy is considered either on non-medical or medical basis depending upon the age of the life assured at the time of revival and the sum to be revived. If the revival of the policy is completed by payment of over-due premium within 14 days from the expiry of the grace period, only the late fee for one month has to be paid.

Q. What are the documents to be executed at the time of taking insurance?
A. A Proposal form should be filled in by the person taking insurance without concealing any material facts.The values for which insurance is to be taken is also decide by the party taking insurance.No bills,documentary proofs are taken by the insurance companies at the time of taking insurance, as the insurance is a contract of utmost good faith.Premium is to be given alongwith the proposal form for completing the insurance transaction after which the insurance company issues the covernote or policy

Q. Can I surrender my policy?
A. After you pay premiums for at least three consecutive years, your policy acquires a surrender value and you can surrender the policy.