Our range of life insurance solutions is designed to be simple, hassle-free and easy to understand. Get quoted and covered online in under 10 minutes with Sanlam Indie, or speak to a Sanlam financial adviser about a personalised insurance solution. Sanlam's range of Life Insurance solutions offers maximum choice and flexibility.
After you pass away, the payout can help your family cover expenses like funeral costs, estate administration, debt and day-to-day living expenses.
The amount of insurance you require will depend on your personal needs. Sanlam Indie allows you to buy life and disability cover online in minutes. If you would like to structure your life insurance to suit your current life stage, you can speak to a financial adviser about Matrix Express Cover and Matrix Premier Cover. Even better, every Sanlam Indie policy comes with a free built-in Wealth Bonus. Sanlam Indie Life Cover pays out to cover your debts so the people you care about don't have to, and ensures your family can keep living their best life.
At the same time, the quick payout ensures you have a proper send-off. If you're diagnosed with a terminal illness and your life expectancy is less than one year, you will receive an immediate tax-free payout. When you die, your beneficiaries receive a tax-free payout. Your quick payout portion will be paid upfront to help with immediate expenses. The rest of your cover will be paid out as normal. Speak to a financial planner to create a tailor-made solution that suits your lifestyle and your pocket.
Your premium is determined by your age and risk profile when you take out the cover. To get a guaranteed quote in just 10 minutes, use the Sanlam Indie calculator.
Sanlam Indie lets you proactively skip premiums without losing all your cover or reducing your Wealth Bonus. Read more here. You make monthly payments until your death. When you die, your nominated beneficiaries receive a tax-free, one-off pay-out. The amount will depend on your specific plan. For more information on how to join, visit the Sanlam Reality website.
Life happens, and it pays to be prepared. You may be trying to access this site from a secured browser on the server.
Please enable scripts and reload this page. Turn on more accessible mode. Turn off more accessible mode. Skip Ribbon Commands. Skip to main content. Turn off Animations. Turn on Animations. Sign In. It looks like your browser does not have JavaScript enabled. Please turn on JavaScript and try again. Nevertheless, if the life assured lives longer than years, the insurance provider gives the life insured with a maturity benefit equal to the endowment corpus.
Child life insurance plans aim at building a corpus for the future development of a child. Typically, such life insurance types helps in funding the education and marriage of a child.
In case the insured parent meets with an untimely death during the policy term — future premiums are waived off, and the policy benefits continue without disruption. The purpose and meaning of life insurance for retirement is to help one become financially independent and live without any worry.
Most retirement life insurance definitions fall under life insurance types that offer annual pay-out by means of annuities or a one-time lump sum pay-out by means of commutation of the accumulated amount, up to the prescribed limits on the completion of 60 years of age.
In case of an eventuality, within the policy term, the insurer pays the insurance benefit to your family. Now that you know what is life insurance meaning, you can proceed to buy life insurance online by following a simple and easy process.
You can buy a life insurance plan online from Max Life Insurance following the below mentioned steps:. Step 1: Log on to www. When you get an understanding of what is life insurance meaning and have recognised the need for life insurance, you should be aware of these simple steps to pick the best life insurance policy. Select the best available life insurance plans with these steps:. Although this may sound insignificant, at the initial level, it is essential to involve a credible and knowledgeable insurance advisor or provider when seeking life insurance.
Consumers of the insurance industry are more inclined towards digital media but still expect human interaction and recommendation [2] for such critical activities. A life insurance provider can help you calculate the life cover amount sum assured. They also evaluate your source of income, the number of dependents, any liabilities and your expenditure to arrive at a preferred life cover. Life insurance providers also help you choose the best insurance from amongst the different types of life insurance policies that are available in the market.
This makes sure that you understand the meaning of life insurance for your family and receive an optimum life cover. Also, you can check your life insurance requirements with our online calculator. Learning about what is life insurance meaning, you must come across many insurance providers in the market who offer varied types of life insurance policies. One needs to make sure that they carefully choose the most suitable life insurance available. Before you make any decision, it is critical that you know the meaning of life insurance and also compare different types of life insurance policies to avail the best one available as per financial needs.
Now that you are aware of what is life insurance policy, it is essential for you to know some of the most basic terms related to life insurance plans. Another essential aspect that you must know about is what is life insurance premium. Life insurance definition refers to premium as the amount that you pay to the insurance company. In return, life insurance company provides your family with financial protection in case of your untimely demise during the policy term.
Besides understanding the meaning of life insurance plans, you should also evaluate how much life insurance cover do you actually need. It is common to have questions such as what is life insurance cover, what is life insurance add ons, and know what is life insurance features. While it is impossible to put a definitive rupee value on human life, it is still necessary for you to measure how much you are worth to get the right life insurance plans. You can measure your human life value HLV by assuming what it would take for your family to be financially stable in your absence.
In life insurance jargon, Human Life Value or HLV is the sum assured and the monetary estimation of the policyholder's life worth. The basic method of calculating the human life value includes two steps:. The addition of the figures mentioned above gives an estimation of human life value that in meaning is your life insurance policy's sum assured.
Just knowing what is life insurance meaning and life insurance definition may not be enough to understand your unique requirements. Life Insurance plans help complete numerous financial objectives of an individual and his family. Some goals of an individual that the best life insurance policy helps fulfil:. These are only a handful of financial goals that you can achieve with the help of life insurance plans. Life insurance plans are pretty versatile.
You can plan for your stated life goals and align your insurance to help you achieve those, e. Purchasing a life insurance policy is a necessity in our times.
While many buy in different types of life insurance policies, not all know about the many benefits, it offers. In your absence, the meaning of life insurance is to support your family in times of difficulty and gives them financial assistance. Moreover, investing in the life insurance policy encourages a disciplined habit of savings. Thus, it enables one to create a significant corpus. Life insurance policies from Max Life Insurance help safeguard your financial future and lets you earn multiple other benefits.
So, choose to buy life insurance policy now and stay secured! If you know what is life insurance meaning, you must know that life insurance plan may not seem like necessary, but it sure is a smart choice in this uncertain time.
It provides your family members with financial protection at the time of your untimely demise. Not only this, but life insurance definition also includes various other benefits, including tax exemptions on premium paid. As per life insurance definition, you pay a certain amount as a premium regularly to the insurer.
You can avail of tax deduction up to Rs. Tax benefit are subject to change as per are prevailing tax laws. Nominee is the family member or relative who will receive or who will be entitled to the insurance plan benefit i.
As a policyholder, you have an option to nominate more than one induvial for your policy. However, on doing so, the pay-out amount gets divided evenly between the nominees, and each gets their respective share in a legal manner.
Yes, when you have more than one nominee, the pay-out they receive gets equally divided amongst them. However, different types of life insurance policies have different terms and conditions, so it is better to check such things with your insurance provider to assess life insurance meaning for your loved ones.
Depending on many factors such as your chosen option of premium payment, add on riders, age, and medical conditions, the premium amount you need to pay towards your insurance differs. Typically, most insurance plans can be bought by anyone over the age of 18, however, depending on the policy terms and conditions as well as the insurer, the maximum age limit may vary.
Some mandatory documents required are:. Rule of thumb for life insurance policies suggests that one must invest in life insurance plans with a sum assured that is 10 to 12 times their annual income. However, the life insurance meaning can differ from person to person as every individual has uniquely distinctive financial conditions.
Yes, it is possible to cash out your life insurance by leveraging cash value withdrawals, or opting for a loan against your policy, or surrendering your insurance plan.
The meaning of life insurance paid-up value is a lowered proportionate of the sum assured of the insurance, which includes the number of premiums paid as well as the total number of premiums. In case the premium payment for any specific types of life insurance policy is not made on time, and the policy lapses, then the specific policy obtains a Paid Up Value.
Typically, to revive or reinstate a lapsed life insurance policy, the policyholder must send forward an application to the concerned insurance company. After the application, the insurance provider may propose submitting a standard revival form. In case the nominee passes away before the policyholder, a request for change of nominee should be filed by the policyholder. For all kinds of insurance, it is the responsibility of the policyholder to ensure that the particulars about their nominee is updated on their insurance.
Note that this depends on the terms and conditions of the insurance plan and internal policies of the insurance company. Close Search. Term Insurance Plans. Investment Plans. Life Insurance Plans. Customer Login. About Us. Pay Online. Secure your family against unexpected situations. Get Free Quote. Life-Insurance Views 83 Shares.
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