FINO Payments Bank Life Insurance 2023. FINO Payments Bank is a licensed payments bank in India that provides a range of banking and financial services to its customers, including life insurance. The life insurance product offered by FINO Payments Bank is a term life insurance plan that provides financial protection to the policyholder’s family in case of the policyholder’s untimely demise. The term life insurance plan offered by FINO Payments Bank provides a fixed sum assured to the nominee in case of the policyholder’s death during the policy term. The policyholder can choose the policy term and the sum assured as per their requirement.
The premiums for the term life insurance plan offered by FINO Payments Bank are affordable, making it accessible to a wide range of customers. The policy can be purchased online or at any of the FINO Payments Bank branches.
It is important to note that FINO Payments Bank is not an insurance company but a payments bank that partners with insurance companies to offer life insurance products to its customers. Therefore, the terms and conditions of the life insurance product offered by FINO Payments Bank will depend on the insurance company they have partnered with.
FINO Payments Bank
FINO Payments Bank Life Insurance Benefits
The term life insurance plan offered by FINO Payments Bank provides several benefits to the policyholder and their family, including:
Financial protection: The primary benefit of the life insurance plan is that it provides financial protection to the policyholder’s family in case of the policyholder’s untimely demise. The sum assured is paid out to the nominee, helping them to meet their financial needs and maintain their standard of living.
Affordable premiums: The premiums for the term life insurance plan offered by FINO Payments Bank are affordable, making it accessible to a wide range of customers.
Flexible policy terms: The policyholder can choose the policy term as per their requirement, ranging from a minimum of 5 years to a maximum of 30 years.
Customizable sum assured: The policyholder can choose the sum assured as per their requirement, depending on their financial needs and liabilities.
Tax benefits: The premiums paid towards the life insurance plan are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The sum assured received by the nominee is also tax-free under Section 10(10D) of the Income Tax Act, 1961.
It is important to note that the benefits of the life insurance plan offered by FINO Payments Bank will depend on the insurance company they have partnered with, and the policy terms and conditions. Therefore, it is advisable to read the policy documents carefully before purchasing the life insurance plan.
How does the FINO Payments Bank Life Insurance policy work?
FINO Payments Bank offers a variety of life insurance policies to its customers. The specifics of how a policy works will depend on the specific policy chosen, but here is a general overview of how life insurance policies typically work:
You choose a policy: You will typically be offered several options for life insurance policies based on your needs, budget, and other factors.
You pay premiums: You will be required to pay premiums regularly for the duration of the policy. Premiums can be paid monthly, quarterly, or annually, depending on the policy.
You are covered: Once your policy is active and you have paid your first premium, you are covered by the policy. If you were to pass away while the policy is active, your beneficiaries will receive a lump sum payout, known as the death benefit.
Policy term: Most life insurance policies have a fixed term, typically ranging from 5 to 30 years. If you pass away during this term, your beneficiaries will receive the death benefit. If you outlive the term of the policy, the coverage ends and you do not receive any payouts.
Riders: Some policies may offer riders, which are additional benefits that can be added to the policy for an additional fee. Riders can provide additional coverage in the event of accidental death or disability, for example.
FINO Payments Bank Life Insurance Terms and Conditions
Here are some general terms and conditions that may apply to life insurance policies:
Age limit: There may be a minimum and maximum age limit for policyholders, as well as for the age of the beneficiaries.
Premiums: Policyholders are required to pay regular premiums, typically monthly, quarterly, or annually. The premium amount may depend on the policyholder’s age, health, and lifestyle factors.
Coverage: The policy will specify the amount of coverage or death benefit that will be paid to the beneficiaries in the event of the policyholder’s death.
Policy term: The policy will specify the term or duration of the policy, which could be a fixed term or for the lifetime of the policyholder.
Exclusions: The policy may have certain exclusions or situations where the death benefit will not be paid, such as death due to suicide, war, or participating in hazardous activities.
Riders: The policy may offer additional benefits, called riders, which can be added to the policy for an additional fee.
Surrender value: Some policies may have a surrender value, which means that if the policyholder decides to cancel the policy before the end of the term, they may be entitled to receive a portion of the premiums paid.
It is important to carefully read and understand the terms and conditions of any life insurance policy before purchasing it. If you have any questions or concerns, it is recommended that you speak with a financial advisor or insurance agent.
1)FINO Payments Bank provides what types of life insurance policies? Ans Life insurance policies from FINO Payments Bank include term insurance, whole life insurance, and endowment insurance.
2)How much coverage does a FINO Payments Bank life insurance policy provide? Ans The amount of coverage or death benefit provided by a policy is determined by the policy chosen as well as the premium paid.
3)Can I purchase life insurance on behalf of someone else? Ans Yes, you can buy life insurance for someone else as long as you have their permission and insurable interest.
4)What exactly is a rider? Ans A rider is a supplemental benefit that can be added to a life insurance policy for a fee. Riders, for example, can provide additional coverage in the event of accidental death or disability.
5)Can I cancel my insurance policy? Ans Yes, you can usually cancel your insurance policy at any time. However, depending on the policy, you may not be entitled to a full refund of your premiums.
6)How do I submit a claim? Ans To file a claim, contact FINO Payments Bank and provide the necessary documentation, such as a death certificate and proof of relationship to the policyholder.
