Life Insurance is a binding contract between the Life Insurance company and the party to which the policy has been issued by the company – in which the company agrees to pay a fixed amount (known as Sum Assured) to the party in case of his death. In return the party would have to pay a fixed amount per annum or per month (depending upon the mode of payment) as a Premium amount.

The Process of Issuance of a Life Insurance Policy

A user would get to know about purchasing a life insurance plan either from offline or online channels. Below mentioned is a generic process how finally the policy gets issued:

  1. User identifies the need of buying a life insurance policy
  2. User compares the shortlisted plans as per his requirement and starts paying the premium amount.
  3. Once the payment is done, the questions asked from the company to the user – related to health, hobbies and general life style of the user are evaluated by the “Under writing” team in any company.
  4. If the Underwriting team feels all the information provided by the user is correct, then only the policy gets issued.

The process may take 3-30 days depending upon the time but yes – one should definitely have a life insurance policy

Rating: 5

Comments:

  • February 28, 2020 at 9:36 am
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    What’s Happening i am new to this, I stumbled upon this I’ve found It absolutely helpful and it has helped me out loads. I hope to contribute & help other users like its helped me. Good job.

    Reply
  • February 26, 2020 at 2:07 pm
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    I believe you have remarked some very interesting points, thanks for the post.

    Reply
  • October 19, 2017 at 2:00 am
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    Buy Reliance Policy. Contact at 9878756489

    Rating: 5
    Reply
  • October 3, 2017 at 11:46 am
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    Is lic plan good ?

    Rating: 5
    Reply
    • October 8, 2017 at 3:41 am
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      LIC plans are good Aniruddh. But before you invest your hard earned money in a policy try to look at other company’s plans.
      Icici Prudential and HDFC Life also have good plans.

      Rating: 5
      Reply
    • October 12, 2017 at 12:41 am
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      LIC is still going the traditional way.. why not go with private players..

      Rating: 5
      Reply

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