Frequently Asked Questions
Find answers to the most common questions about life insurance and our services.
General Questions
What is life insurance?
Life insurance is a contract between you and an insurance company where you pay regular premiums in exchange for a sum assured (death benefit) that is paid to your nominees upon your death. It provides financial protection to your family in your absence.
Why do I need life insurance?
Life insurance ensures your family's financial security if something happens to you. It can cover living expenses, children's education, loans, mortgages, and maintain your family's standard of living.
How much coverage do I need?
A common rule is to have coverage of 10-15 times your annual income. However, your exact needs depend on factors like your income, number of dependents, existing loans, children's education goals, and lifestyle. Our experts can help you calculate the right amount.
At what age should I buy life insurance?
The earlier you buy, the better — premiums are lower when you're younger and healthier. Most experts recommend buying term insurance in your 20s or early 30s when you start earning and have dependents.
Policy Types
What is the difference between term and endowment insurance?
Term insurance provides pure protection at low premiums — if you die during the term, your nominee gets the sum assured. Endowment plans combine protection with savings — they pay a maturity benefit if you survive the term, but premiums are higher.
What is a ULIP?
ULIP (Unit Linked Insurance Plan) is a market-linked investment product that provides both insurance and investment. Part of your premium goes toward life cover, while the rest is invested in equity/debt funds. Returns depend on fund performance.
Should I choose Bajaj or Aditya Birla?
Both are excellent insurers with strong track records. The right choice depends on your specific needs, budget, and preferences. We can help you compare policies from both providers to find the best fit for your requirements.
Claims Process
How do I file a claim?
Contact us or the insurance company directly as soon as possible. You'll need to submit the death certificate, policy document, claim form, and ID proof of the nominee. Our team can guide you through every step.
How long does claim processing take?
Standard claim processing typically takes 15-30 days after all required documents are submitted. Simple claims with complete documentation can be processed faster. We assist in ensuring all paperwork is complete to avoid delays.
Can claims be rejected?
Claims can be rejected if material facts were concealed during policy purchase, if premiums were not paid, or in specific exclusions mentioned in the policy. Buying from a trusted intermediary and disclosing all information honestly ensures smooth claims.
Working with Investafe
Is Investafe an insurance company?
No, Investafe is an insurance broker, we help you compare and purchase policies from insurance companies. We work with Bajaj Allianz Life Insurance and Aditya Birla Sun Life Insurance to find the best coverage for your needs.
Do you charge any fees?
No, our advisory and quotation services are completely free. We earn a commission from the insurance companies, which is already factored into the policy premium, there's no extra cost to you.
Can I switch policies later?
You can purchase a new policy at any time, but switching mid-term may not be beneficial due to loss of paid premiums. If your needs have changed significantly, we can review your existing coverage and suggest modifications.
Still Have Questions?
Our team is ready to answer any questions you might have about life insurance.