Maturity claim :
It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim amount is settled towards the life assured.
What is Death claim : Death claim is a type of claim made by the nominee of the insured to the insurance company due to death of the insured, abiding to the policy terms and conditions.
Following four steps are to be followed to file a claim:
1. Claim intimation/notification
2. Documents required for claim processing
3. Submission of required documents for claim processing
4. Settlement of claim
What is valid claim & fraudulent claim :
An insurance company validates the authenticity and amount claimed by the insured in-order to prevent the insurer from exaggerating the claim amount & the claim fraudulently.If it is a valid reason it is classified as valid claim or else it is classified as fraudulent claim, thereby if insurance suspects of fraudulence in the claim.
There are 2 types of insurance fraud-
1.Hard fraud : Hard fraud occurs when a person intentionally fakes an accident, theft, or injury to collect money from an insurance company.
2.Soft fraud – Soft fraud occurs when a person has a valid insurance claim, but falsifies part of the claim, or exaggerates damages in order to obtain the maximum benefits.
What is Gratuity :
Gratuity is a part of salary that is received by an employee from his/her employer in gratitude for the services offered by the employee in the company.According to Payments of Gratuity Act, 1972 with minimum of 5 years service during exit is eligible to minimum of 15 days from the last drawn salary for each completed service year.
Gratuity is paid when an employee:
1. Is eligible for superannuation
2. Retires
3. Resigns
4. Passes away or is rendered disabled due to accident or illness (if an employee passes away, gratuity will be paid to the employee's nominee).
What is Paid up value :
The right to change the normal policy into paid up value is given to the insured by the insurance company, if the insured have paid premiums for minimum of three years. The paid policy means, after the period if the insured cannot pay premium then the policy is not cancelled but the sum assured is reduced in proportion to the number of premiums paid by the insured.
Terminal bonus :
Terminal bonus is the loyalty bonus paid by the insurance company to the insured for maintaining the policy till the maturity date. It is the bonus paid during the time of maturity and the value is not guaranteed by disclosed during the time of policy maturity only. Terminal Bonus is also known as persistency bonus.
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