Life insurance is a contract between the policyholder and an insurer (RICB), where the insurer promises to pay a designated beneficiary a sum of money (the benefit) in exchange for a premium, upon the death of an insured person (often the policyholder).
The policy will no longer pay a death benefit for the insured person.
An insurance grace period is the specific additional time you get after the due date to pay the premium and avoid a policy lapse. We give 15 days grace period for SSS and monthly mode and 30 days for Quarterly, Half Yearly, and Yearly.
Revival gives such policyholders a second chance at getting the life cover restored and recouping investments made in the policies earlier.
Yes, you can update your life policy, life annuity and even repay the loan for yourself as well as others.
Life Insurance to the entire population of the country where the citizens pay Nu 87/member and the Government pay the subsidy amount of Nu 108/member. Families in return receive Nu 30,000 upon the death of every family member.
The Insurers share their profit with the insured by giving bonuses under the policies. The amount of bonus is given along with the final maturity amount.
This is a fixed sum added to your policy and is generally calculated as a percentage of the Sum Assured.
Surrendering a whole life insurance policy means you are cancelling the policy. Instead of your beneficiaries receiving, the death benefit, you as the policyholder will receive the cash value your whole life insurance policy has built up over time.
Paid-up life insurance pertains to a life insurance policy that is paid in full, remains in force, and you no longer have to pay any premiums
When an insured person stops making premium payments, the life insurance policy lapses and it’s considered forfeiture.