agents whose clients keep their policies in force for many years
agent
An increased in the sum assured by a percentage of every claim free year is called Cumulative Bonus in health insurance policy. It is important to renew the policy without a break to avail cumulative bonus benefits.
You pay annual premium on your policy. So, In case of an accident or damage you don't have to pay the huge cost of repair. So what happens when you don't make any claim on your car insurance, Insurance companies reward you for your good driving skills, for not making any claims by giving you a bonus. This bonus is in the form of discount on your premium when you renew your policy. You can avail your no claim bonus even if you change your insurance company or your car! There are two cases in your no claim bonus goes away! 1. When you make a claim 2. When you don't renew your policy within 90 days of it expiring
When the policy holder dies, his nominated person gets the proceeds in the form of sum assured plus accumulated bonus, loyalty addition if any from the insurance company where from the policy was bought by the policy holder.
When you obtain Status Report of your insurance policy, it will show how long premia has been paid, Fup if any, accrued bonus amount along with policy details.
If the driver of the vehicle who crashed into you has insurance, you would file a claim with his or her insurance company, not your own, and this should not jeopardize your no claims bonus. However, if the driver is uninsured, and you elect to seek redress from your own company, this may jeopardize the bonus. Check with your agent to be sure: policies vary from company to company and sometimes from policy to policy.
If we are talking a life insurance policy:The first 2 years of premiums goes toward the administration of the policy, the policy's premiums are invested by an asset group within the insurance company, dependant on market conditions the terminal (final bonus added on claim) and reversionary bonus (yearly added bonus) rates vary.The premiums paid into the policy do not accrue like it would in a bank account and therefore you are not guaranteed to receive back what you have paid in.
Windscreen is an optional car insurance coverage for your insurance policy. It means your damaged windscreen can be repaired without recurring costs and no effect on your no claims bonus.
It's normally 2 years in the UK.
Max life insurance offers child and adult life insurance in India. The bonus rates vary depending on the amount of the policy, and can also change from year to year.
I never suggest life insurance policies for investments. We should hire a life insurance provider only for insuring our lives. None of the life insurance schemes would be the best investment options. I always suggest for a term insurance for life risks and blend of other various investment options for the best returns. Keeping my opinions apart, to answer your question in a straight way, Flexi Smart is a good policy (or an ordinary life insurance policy) from SBI life. It would be very difficult to answer without knowing your age, requirement, other investments and purpose of investment, whether this is the best for you. Flexi Smart is a variable (a blend of ULIP and traditional) participatory policy. That means you will get regular bonus credited to your policy from the insurance company. This policy qualifies for three kinds of bonus- interim (announced at the beginning of financial year), regular (at the end of financial year and always more than the interim bonus) and a terminal bonus (at the time of maturity). There is 1% p.a. guaranteed bonus on this policy. You can expect anywhere between 4β8% (or may be less) return on the investment at the time of maturity. This policy is flexible because you can increase your term and increase or decrease your sum insured. This is a good option available with the policy. Even if the life insurance policy is good, it canβt be a good βinvestmentβ option. whats ap on-9702497211 if you are interested in HDFC ergo life insurance.
It's not interest but Bonus and now technically called Guaranteed Addition is added to the paid up value of a life insurance policy.But Loyalty Addition, Financial Additional Bonus (FAB) are paid at the time of maturity.
it is in practice of the insurance companies ,if a policy is renewed with same company , it grants a reduction in premium at the prescribed rate if the insured has not made any claim during the previous year . such reduction of premium in bonus