; Surety Insured - Full Coverage Auto Insurance Policy

Full Coverage Auto Insurance Policy

Policy Type

Auto Insurance

Policy Sub Type

Personal Auto Insurance

Policy For

Individual

Coverage Type

Individual

Total Insured Person

1

Liability Risk

Auto

Sum Assured

$200000

Policy Required Document

Bank Statement
Proof of Income

Claim Required Document

Medical History
National ID Card

Tax Detail

CGST (5%)
SGST (5%)

Policy Pricing

Terms Duration Price
1.5 Year $1000
2 Year $2500
Half Yearly $3000
Monthly $4000
Quartly $5000
Yearly $6000

Policy Description

Life Insurance - Meaning

Life Insurance can be defined as a contract between an insurance policy holder and an insurance company, where the insurer promises to pay a sum of money in exchange for a premium, upon the death of an insured person or after a set period. Here, at ICICI Prudential Life Insurance, you pay premiums for a specific term and in return, we provide you with a Life Cover. This Life Cover secures your loved ones’ future by paying a lump sum amount in case of an unfortunate event. In some policies, you are paid an amount called Maturity Benefit at the end of the policy term.

 

There are two basic types of Life Insurance plans -

  1. 1. Pure Protection
  2. 2. Protection and Savings
 
What is Pure Protection Plan?

A Pure Protection plan is designed to secure your family’s future by providing a lump sum amount, in your absence.

 

What is Protection and Savings Plan?

A Protection and Savings plan is a financial tool that helps you plan for your long-term goals like purchasing a home, funding your children’s education, and more, while offering the benefits of a Life Cover.

 

Click here to know more about different types of Life Insurance Plans.

Factors that affect life insurance premium

Now that you know what is life insurance and why you need it, find out the factors that can affect the life insurance premium:

 

Age:
  • One of the prime factors that affect the premium for a life insurance plan is your age. The life insurance premium is lower for younger people and gradually increases with age
  •  
Gender:
  • Studies have shown women live longer than men1. Therefore, the life insurance premium is lower for women as compared to men
  •  
Health conditions:
  • Your present and past health conditions can determine the premium for your life insurance plan. If you have any pre-existing illnesses or have suffered from an illness in the past that may resurface or affect your present health, you would be charged a higher premium

 

Policy Terms & Condition

Coverage Term:
  • The policy provides coverage for a specified term, typically 10, 20, or 30 years.
  • If the policyholder survives the term, no death benefit is paid out, and the policy terminates unless renewed.
  •  
Premiums:
  • Premiums are fixed and must be paid regularly (monthly, quarterly, or annually) to keep the policy active.
  • Failure to pay premiums may result in the policy lapsing and loss of coverage.
  •  
Death Benefit:
  • The death benefit amount is chosen at the time of policy purchase and is paid to beneficiaries upon the policyholder's death within the term.
  • The death benefit is generally income tax-free for the beneficiaries.
  •  
Renewal and Conversion Options:
  • Policyholders may renew the policy at the end of the term, typically at higher premium rates.
  • Some policies offer the option to convert to a permanent life insurance policy without a medical exam, but this must be done within a specified period.
  •  
Exclusions and Limitations:
  • Suicide Exclusion: If the policyholder dies by suicide within the first two years of the policy, no death benefit is paid, but premiums paid may be refunded.
  •  
  • Misstatement of Age or Health: Incorrect information provided at the time of application may result in reduced benefits or policy cancellation.
  •  
  • Hazardous Activities: Death resulting from engaging in hazardous activities (e.g., skydiving, scuba diving) may not be covered unless additional riders are purchased.
  •  
Policy Lapse and Reinstatement:
  • If premiums are not paid, the policy may lapse after a grace period (typically 30 days).
  • Lapsed policies may be reinstated within a specified period (e.g., 5 years) by paying back premiums with interest and providing proof of insurability.
  •  
Free Look Period:
  • Most policies come with a free look period (usually 10-30 days) during which the policyholder can review the policy and cancel for a full refund if not satisfied.
  •  
Beneficiary Designation:
  • The policyholder must designate one or more beneficiaries to receive the death benefit.
  • Beneficiaries can be changed by the policyholder at any time through a formal process.
  •  
Contestability Period:
  • The insurer has a contestability period (typically the first two years of the policy) during which it can investigate and deny claims based on misrepresentations made in the application.
  •  
Claims Process:
  • Beneficiaries must file a claim with the insurance company and provide a death certificate and any other required documentation.
  •  
  • The insurance company will review the claim and pay the death benefit if all conditions are met.