You can surrender the policy for cash only after the premiums have been paid for at least three years. The minimum surrender value allowed is equivalent to an assured percentage of the total amount of premiums paid by the holder excluding the premiums for the first year and all extra premiums for riders.

There are multiple benefits in holding insurance policies in electronic form under a single eInsurance Account (e IA). These benefits include:

a. Safety: There is no risk of loss or damage of a policy as may happen with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed when needed.
b. Convenience: All insurance policies, be it life, pension, health or general, can be electronically held under a single e IA. This means all details of all policies are available in a single account (place). The details of any of the policies can be accessed at any time by logging on to the online portal of Insurance Repository. Premium for all the policies can be paid online and many service requests or complaints can be logged at this website.
c. Single Point of Service: All service requests in respect of e IA or any of the electronic policies held under the e IA can be submitted at any of the Insurance Repository service points – there is no need to go to the offices of individual insurance companies for service.
d. Less Paper work: When you want to buy a new electronic insurance policy under an existing e IA, you don’t need to go through KYC verification all over again, if there are no changes to your KYC details already recorded in your e IA. Further, if you want to make any changes to your personal details like address or contact no, it is enough to change the details in your e IA with the Insurance Repository by submitting a single request – the Insurance Repository, in turn, will inform all the insurance companies with whom you hold electronic policies, about the changes.

Nomination is an act by which the policy holder authorizes or gives consent to another person to receive the money from the policy. The person authorized by the policy holder is called Nominee.

Assignment means legal transfer of right from one person to another. It can be transferred for various reasons. The original policy holder is called the assignor and the person to whom it will be transferred is called the assignee. Assignment can be of two types Conditional & Absolute.

Policy holders can choose the form in which they want their policies issued – paper or electronic. A policy can be bought or maintained in one form only – either in electronic form or paper but not in both. However, a policy holder can choose to keep some policies in electronic form and others in paper form – only the electronic policies will be reflected in his e IA account and he can use repository services only for the e policies (and not the paper policies)

Life insurance policy gives you the protection against financial losses resulting from the insured individual’s death. It provides you and your family the financial security and certainty to deal with the aftermath of any unfortunate events.

Money back life insurance plan provides for periodic payments during its tenure, it gives back money to policyholder at different points in time usually 4-5 years. The investments done are similar to endowment plans. Money back policy will give you a fixed percentage of the sum assured after 4 or 5years. For example, if the policy is of 20 years, then company will pay 15% after every 4 years and the remaining 40% on maturity with accumulated bonus. The policy terms and payback schemes will vary from company to company.

An individual buying insurance for a sum of Rs 600,000 and above has to undergo a medical examination. This is done by the insurance company since it needs to ensure that the prospective client is healthy. Also the company wants to verify that the objective of buying a policy is to insure against a risk and not to deceive the company

Yes, the e IA can be operated by the account holder only during his life time, unless, of course, he has been unfortunately rendered incapable to operate it (incapacity due to mentally unsound means or terminally ill as certified by a medical practitioner). In such circumstances, the e IA may be operated by the Authorized Representative (AR) appointed by the account holder (pl see below for details).

The account holder is strongly advised to keep the log In ID and password for online access of his e IA confidential and not share it with anyone else.

The value of policy is the fund value. In simple terms, it is the total value of units that you hold in funds.
Fund Value = (Number of equity fund units x NAV of equity fund) + (Number of bond fund units x NAV of bond fund) + (Number of money market fund units x NAV of money market fund)

Health insurance plan of general insurance company works on the principle of reimbursement. In which hospitalization expenses (provided that of min of 24 hrs hospitalization) is paid upto sum assured.

Health insurance plan of life insurance companies works on the principle of compensation. In which hospital daily cash benefit (provided that of min 48 hrs hospitalization) and major surgical benefits are paid as per the fixed amount under plan opted irrespective of actual expenses. In this type of plan premium are allocated in two parts one is investments and another is for providing benefits. Generally, premium and expenses are on higher side in such type of plan.