Death claim is usually payable to the nominee/assignee or the legal successor, as the case may be. However, if the deceased policyholder has not nominated/assigned the policy, the claim is payable to the holder of a succession certificate or such evidence of title from a court of law.
State Life distributes its profits among it policyholders every year in the form of bonuses. Bonuses are credited to the account of the policyholders and are paid at the time of maturity or at the time of death (if earlier). A bonus is declared as a certain amount per thousand of sum assured
Life insurance is normally o ered after a medical examination of the life to be insured. However, to facilitate greater spread of insurance and also as a measure of relaxation, State Life has been extending insurance cover without any medical examination, subject to certain conditions. This facility is called non-medical scheme.
Underwriting of a risk involves consideration of material facts on the basis of which a decision will be taken whether to accept the risk and if so at what rate of premium.
The amount payable by State Life on termination of the policy contract at the desire of the policyholder before the expiry of policy term is known as the surrender value of the policy
It is not possible to raise money against your life insurance policy. However, there is a provision available by way of assignment or mortgaging the policy provided the policy has been in force for a minimum stipulated period.
The calculation of life insurance premiums is primarily based on the age of the person to be insured, sum insured and term of the policy
The policyholder has to apply for a loan in a prescribed form and submit the policy document with the form duly completed.
A policyholder can repay the loan amount either in part or in full anytime during the term of the policy
