Frequently Asked Questions (FAQs)
Why should I get life insurance?
Life insurance helps protect your loved ones financially if something happens to you. It can cover expenses like daily living costs, loans, and even future plans like your child’s education.
What types of life insurance does Early Grow offer?
Term Life Insurance – Covers you for a fixed period (e.g., 10-30 years) at affordable rates.
Whole Life Insurance – Lifelong coverage with a savings component.
Endowment Plans – Insurance + guaranteed savings payout after a set period.
ULIPs (Unit-Linked Insurance Plans) – Insurance plus investment in market funds.
Child Plans – Secure your child’s future education and expenses.
Retirement Plans – Get a steady income after you retire.
How much life insurance do I need?
A good rule of thumb is 5 to 10 times your annual income. It depends on your debts, living costs, and future financial goals.
What affects my life insurance premium?
Age: Younger = Cheaper premiums.
Health: Good health = Lower premiums.
Lifestyle: Smoking or risky hobbies = Higher premiums.
Coverage Amount: More coverage = Higher cost.
Policy Type: Term plans are cheaper than investment-linked policies.
Can I change my policy later?
Yes! Many policies allow you to increase coverage, switch plans, or add extra benefits (riders) as your needs change.
What happens if I miss a payment?
Most policies have a grace period (usually 15-30 days) to make up for a missed payment. If you don’t pay within this period, your policy might lapse.
Will my family have to pay taxes on the payout?
No, the payout your family gets is usually tax-free. But if the money earns interest, that part may be taxed.
How do my family members file a claim?
It’s simple:
- Contact Early Grow’s customer support.
- Fill out a claim form.
- Submit required documents, like the death certificate.
- The claim is reviewed, and the payout is processed.
Can I have more than one life insurance policy?
Yes, you can! Some people get a mix of term and investment-based plans to cover different financial goals. Just make sure you can afford the combined premiums.
