Risk Cover Plan

 

Blockchain : A Potential Game-Changer for Life Insurance

In a world in search of more open, trusted and secure IT systems, all eyes are on blockchain, which through its distributed ledger, smart contracts and non-repudiation capabilities acts as a shared infrastructure that can transform multiple processes across the insurance value chain. Here’s how.

Blockchain is a shared, distributed ledger with non-repudiation of transactions that can work in the absence of trust across a peer-to-peer network. In 2016 alone, over $1.4 billion2 was poured into blockchain technology globally across various domains, primarily through investments in numerous start-ups in the healthcare, finance and supply-chain sectors. Even insurers have left no stone unturned to explore blockchain’s potential for various solutions through technology start-ups (such as Teambrella,3 a highly disruptive person-toperson (P2P) model that enables groups of individuals to provide insurance coverage for themselves without the need of an intermediary, or a Helperbit,4,5 which specializes in microinsurance for humanitarian aid.

Why Buy Life Insurance

Life Insurance is a financial cover for a contingency linked with human life, like death, disability, accident, retirement etc. Human life is subject to risks of death and disability due to natural and accidental causes. When human life is lost or a person is disabled permanently or temporarily, there is loss of income to the household.

Though human life cannot be valued, a monetary sum could be determined based on the loss of income in future years. Hence, in life insurance, the Sum Assured ( or the amount guaranteed to be paid in the event of a loss) is by way of a ‘benefit’. Life Insurance products provide a definite amount of money in case the life insured dies during the term of the policy or becomes disabled on account of an accident.

Who needs Life Insurance :

Primarily, anyone who has a family to support and is an income earner needs Life Insurance. In view of the economic value of their contribution to the family, housewives too need life insurance cover. Even children can be considered for life insurance in view of their future income potential being at risk.

Accepted Coin: ETHFI , Premium Calculate as per Market Rate ETFI/ USD Current Price ETHFI: $ 0.23USD
Sr. No.Plan TypeDuration TimePremiumTotal Sum InsuredTotal Premium (USDT)Total Premium (ETHFI)TOTAL ETHFI COIN
1Life Risk Cover60 Years25 Yearly$2,00,000 USD$1,00,000 USD434782.6017391.30 x 25 = 4,34,782.60 ETHFI

Entry Age Limit: Policy Apply Minimum Age: 15 Years and Maximum Age: 45 Years.

How To Make a Claim - Life Insurance Formalities for a death claim

The claim intimation should contain information like the date, place and cause of death. The insurance agent has the duty to help the life assured’s family/ assignee to deal with the insurance company to fulfil the formalities for a claim.

The insurance company will respond to this intimation and will ask for the following documents:

  • Filled-up claim form
  • Certificate of death
  • Policy Unique No.
  • Policy Pin Code
  • Form of discharge executed and witnessed

Other documents such as medical attendant's certificate, hospital certificate, employer's certificate, police inquest report, post mortem report etc could be called for, as applicable.

Formalities for a maturity claim

Where a life insurance policy is maturing, the insurance company will usually send intimation to the policyholder along with a discharge voucher at least two to three months in advance of the date of maturity giving details like the maturity amount payable.

The policyholder has to sign the discharge voucher – which is like a receipt – have his signature witnessed and send it back to the insurance company along with the original policy bond to enable it to make the payment.

If the policy has been assigned in favour of any other person or entity – like a housing loan company – the claim amount will be paid only to the assignee who will give the discharge.

We are working on General Policy Rules Guidelines by IRDA
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