Life, as we all know is unpredictable at every stage; no one knows what can happen to them the very next second. All of us have does face the same worry as to what will happen to our family once we are gone. Who will provide them suitable living conditions? What about getting a life policy or insurance? It is one of the best ways to secure your family’s future in case something happens to you. And quite recently most of the business firms have also started to get Relevant Life policy in behalf of their employees. In case of any mishap, such as death of the employee, their family, under the Relevant Life Policy Sums Assured, will get a certain amount of benefit.
Unlike other life insurance policy, the Relevant Life policy is known to provide tax relief to the employees as well as to the employers. If during the tenure of service something happened to the employee, for instance, any terminal illness gets diagnosed or death of the employee, then their family are bound to receive a certain sum of money as per the policy.
Know more about Relevant Life Policy in detail:-
This particular policy is applicable only in the United Kingdom and the firms located there can take benefit from it. The employer takes out the policy on behalf of the employees and for their own as well. The benefits of the Relevant Life Policy Sums Assured is provided to the family member whose name has been presented as a nominee by the deceased employee.
There is no need to worry about the cost of this policy as it does not exceed what you pay for a normal insurance or policy.
Procedure for taking out a Relevant Life policy:-
Following are some of the steps associated with Relevant life policy and how one can apply for it:-
- An online application form needs to be filled and submitted after which it can take a while to get underwritten.
- The health factor of the insured plays a major role in deciding how long will it take for the policy to get processed.
- Proper and adequate document, along with the application form, needs to duly signed and submitted by the person insured.
- The process gets a bit slow as some of the procedures, for instance, underwriting, requires dependence on various third party officials.
It should be remembered that only a company or firm which is based in the United Kingdom can apply under this life policy. The amount for which you any person is insured for depends on the company or the employer.