बारम्बार सोधिने प्रश्नहरु

बारम्बार सोधिने प्रश्नहरु

1.  What is life insurance?

 A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured's death. The purpose of life insurance is to provide you and your family with financial security if you were to pass away. Depending on your policy, life insurance can pay a benefit in events such as your death, disability or upon being diagnosed with a Critical illness.


2.  Who needs life insurance?

a). If you have family who relies on you for financial support, you need life insurance. Life insurance will pay your loved ones a death benefit after you die.

b). Married people need life insurance even if they don’t have any kids. Do you co-sign your mortgage with your spouse? What about your home or auto loan? If you die, your spouse will be on the hook for those loan payments and could lose the asset if he or she becomes overdue.

c). If you do have children, they can’t be named as a beneficiary without using a complicated loophole in financial law. But your spouse can use the money to pay for the kids’ education costs.

d). Say you’re not married, have no kids, and don’t plan on starting a business with anyone any time soon. You may not need life insurance yet but what if those plans change? You could need life insurance later in life, but you may be ineligible due to a medical condition or find that the premiums have become unaffordable. Life insurance rates increase with age.

3.  Types of life insurance

There are various types of insurance coverage as per need basis.


a). Endowment
b). Whole life
c). Anticipated/Money Back
d). Term/Group Term life 

 4.  How much does life insurance cost?

Your age, health, occupation and pre-existing medical conditions are the key factors which will determine how much your life insurance premium payments will be.


5.  What does life insurance cover?
 Life insurance will cover most any causes of death, whether it’s due to illness, accident, or natural causes. In certain cases, such as suicide within the first two years of holding the policy, a beneficiary murdering the policyholder, or where application fraud was found, the insurer may not cover it and will not pay out the death benefit.


6.  Why Buy Life Insurance?

a). Life insurance policy will help your family protection for income after you are gone
b). In the event of death, life insurance policies may be used to pay off outstanding balances on mortgages.
c). In the event of your death, your life insurance policy can help to pay for your children’s education, marriage etc.
d). On the survival/ Maturity of policy, the lump sum amount helps to cover the financial needs and Supports, retirement fund etc. 

 7.  When Should I Purchase Life Insurance?

Life is uncertain so, death can come at any time. Purchasing life insurance as soon as you are able is the best time to do so. Many people find reasons to put off purchasing life insurance, believing that there is always more time to pick up a policy. That time is not always there.


8.  Can I Change My Insurance Policy Once I Purchase It?

Specially, Sum Assured and term cannot change after the policy issued. But as per demand of Assured nominee can change any time before the policy ends, other things like, address, phone number, mode of payment etc. can also be  changed.


 9.  What happens if I miss a premium payment?

On the basis of pay mode, monthly pay mode has 15 days grace time and quarterly, half yearly and yearly pay mode have 30 days of grace period wherein you can pay the premium with no penalty or interest. 


10. What Is the Underwriting Process?

The underwriting process is a method through which carriers assess your risk based on the medical exam (if needed), answers on the proposal form and relating to income source for payout premium  to conclude whether or not to approve, deny, postpone  or rate up a life insurance policy.


11. Can I Buy More Than One Policy?

Yes you can, on the basis of financial source including physical fitness.


 12.  What is bonus?

 The additional sum that the policyholder will get during the term of the insurance plan or at maturity of the plan, provided he/she has paid all premium amounts due for a specified minimum number of years. Bonus is the amount added to the basic sum assured under a with-profit life insurance policy.


13.  Lost Your Original Policy Documents?

As a policyholder it’s your right to get a duplicate copy of your policy bond in case you lose the original one. You need to inform company at the earliest regarding the loss of original policy documents. After fulfillment some company rules and requirements, duplicate policy should be issued by company.


14. How to calculate premiums of the plans offered by the company?

Premium Calculator is available in our website on below link:


Also, Union Life Insurance has mobile apps for Iphones as well as Android phones where we have premium calculation feature.

Android App download link:


Iphone App download link:



15. What are the online services provided by the company?

We have

in our website as well as in our mobile apps. Any confusion on their usage will be solved by any of our nearest branch.


16. Can I contact the company online?

Yes. We have,

features in our website. Interested ones can fill those forms online and submit. Also, we have instant messaging system in our website. Someone from the company will contact them shortly after contacting the company online.


17. Can I download forms, brochures of the company online?

Yes. Downloading those documents is possible from our website as well as mobile apps.

Link to download:



18. How can I contact the branches of Union Life Insurance Company Ltd.?

We have enlisted all of our branches as well as their contact information in our website.