Important Points for IC 26 - Life Insurance Finance Exam
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In the case of maturity and annuity claims Insurance Company will initiate the transaction by sending claim discharge forms.
Outstanding claims over five years or so are written back to revenue account. The Claims Written Back are treated as income and shown in the revenue account of Insurance Company
In case of death of the policyholder when the cover is in full force, the nominee / legal heir shall be eligible to get
In case of unit liked health policy no sum assured is payable to the nominee or legal heir by insurance company. However, fund value has been paid to nominee / legal heir by insurance company in case of death before maturity.
The purpose of pension plan is to provide long term benefit (annuity) after maturity (deferment period) of policy.
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