FREQUENTLY ASKED QUESTIONS
Q. What is life Insurance?
Life insurance is an agreement that guarantees the payment of a stated amount of monetary benefits upon the end of a specified term or on the death of the life insured, i.e. the person on whose death the insurance company would pay out a death benefit to a designated beneficiary.
Q: Why do I need Life Insurance?
Life insurance is extremely important, especially if you are the principal earning member of the family. Your family can remain financially secure in the case of your unfortunate premature demise.
Besides the primary purpose of the protection of the family, life insurance is also seen as a tool to provide for your old age or your children's education and marriage. In addition, you may also receive valuable income tax deductions which provide tax savings. * Tax Benefits are subject to changes in tax laws.
Q: What can I insure for or against?
You can insure yourself against death, temporary or total disability and dreaded disease. It is also important to take out insurance policies to save for future events such as your children's education and dreams as well as your own retirement.
Q: How much life insurance do I need?
AmSure Insurance Planners are trained to do a need analysis to determine your insurance requirements and to recommend the best products and options available for your specific needs. But, one of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Most financial advisors recommend a life insurance plan that is worth 20 times your gross annual income.
Q: Who can be insured?
Any person who wants to provide for his/her family after his/her death, a person who needs to provide for an income should he/she become disabled, or a parent providing financial means for future education for their children.
Q: How do I buy a policy?
To know more about your insurance needs and to get the right advice please contact an AmSure Insurance Planner at an Amway Office nearest to you, or call us on 1800 1201 288 or email us at [email protected]
Q: What are Riders?
Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your cover in case of certain events happening. For instance if you have taken a Personal Accident Benefit Rider and you die or suffer from total and permanent disability due to an accident, then your beneficiaries will receive an amount that is in addition to the sum assured that may be payable on your basic life policy.
Similarly there are different riders addressing different contingencies like Dread Disease. There are also riders available that waive your future premiums in case of death or disability of the proposer.
These riders come at a nominal cost and can be availed depending upon the policy taken.
Q: How do I renew my policies?
You can also pay your premium by the direct debit mode of payment. Using this option, you can have your premium directly collected from your bank without any effort from your end. All you need to do is simply fill up the direct debit mandate from and get it signed by your bank from where you wish to pay your premium.
Benefits:
We offer you a grace period for non-payment on the due date. This grace period is 30 days from the due date. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium during the grace period, your policy automatically:
The compensation paid by the insurer on the happening of an insured event.
Types of Claims include:
You need to contact Max New York Life Insurance Company and provide them with
Q: What additional requirements are there for an accident claim?
In addition to the requirements for a death claim, the claimant should submit the following documents pertaining to the accident:
The policyholder (where he/she is the life insured under that policy) may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the insured. A request letter from the client informing MNYL about the change in nomination will be needed to be sent either to Max New York Life Insurance as per details given in your policy pack or contact your AmSure Insurance Planner at nearest Amway Office and we will assist you with the process.
Q: How do I notify my change in address?
The address of policyholder, life insured and beneficiary can be changed for all policies with the policyholder's authorization. A request letter from the policyholder, mentioning the new address will be needed to be sent either to Max New York Life Insurance as per details given in your policy pack or contact your AmSure Insurance Planner at nearest Amway Office and we will assist you with the process.
Q: Can I assign a policy?
A policyholder may make a transfer or assignment of a policy at any time, by way of endorsement on the policy itself or by a separate instrument in writing. After an assignment of a policy is made, all nominations made in relation to such policy before such assignment shall stand cancelled.
Documents required
When a policyholder or agent has lost the policy, he/she may write to the Insurer requesting issue of duplicate policy.
A 'Lost policy affidavit' is required.
The format of this affidavit is also available with your AmSure Insurance Planner at your nearest Amway office.
Q: How early can I expect a Death Claim benefit to be settled?
The IRDA (Insurance Regulatory and Development Authority) clearly articulates that a claim will have to be paid within 30 days from the date of receipt all documents and clarifications as sought by the insurer. In case the claim warrants an investigation then the insurance company has to complete the investigation not later than 6 months from the time of lodging the claim. However at MNYL the endeavor is to settle all claim within 15 days from the date of receipt all documents and clarifications.
Q: In case of any claim's dispute, where can my case be represented?
In case of any claim's dispute the case can be represented to the Insurance Ombudsman. The Ombudsman has judicial powers and can be challenged only in the High Court.
ABO RELATED Top Q: What is AmSure? How is it related to Amway?
AmSure Insurance Agency Ltd. is a 50-50 joint venture between Hollard Insurance from South Africa & Amway India Enterprises. AmSure is in the business of distribution of insurance products in India. For life insurance selling, it has to become Corporate Agent of Max New York Life Insurance Co. Limited. AmSure is leveraging the strengths of both its parents- Amway India for its strong distribution network and Hollard Insurance for its technical expertise.
Amway India is a wholly owned subsidiary of Amway Corporation, Ada, Michigan. USA. It is recognized as India's leading Direct Selling Company and has provided the opportunity for self-employment to more than 350,000 active Amway Distributors who are Independent Business Owners. Hollard Insurance is South Africa's largest independent insurance company, and offers both life and general insurance products across all classes in the South African market. Although firmly rooted in South Africa, the Group has expanded internationally to Australia, India, United Kingdom, Pakistan and, closer to home, to their neighboring countries of Angola, Mozambique, Namibia and Botswana.
Q: Can I sell insurance products in the same way I sell other Amway products?
No. As per the IRDA (Insurance Regulatory Development Authority) guidelines insurance can only be sold by accredited and trained personnel but you can refer your prospects to any AmSure Insurance Planner at an Amway office nearest to you. The AmSure Insurance Planner is licensed to sell.
Q: Will there be training for insurance products?
Yes. There will be regular training sessions on insurance products at all Amway offices. To get the training schedule, please refer to your latest issue of Amagram, or visit us at www.amsure.in , contact an AmSure Insurance Planner at an Amway Office nearest to you, or call us on 1800 1201 288 or email us at [email protected].
Q: How is AmSure related to MNYL?
MNYL has appointed AmSure as a corporate agent to sell life insurance in India.
Q: Is an Amway distributor an agent of MNYL?
An Amway Distributor will not be a licensed agent of MNYL and will not sell life insurance products. He will refer a customer for life insurance to an AmSure Insurance Planner for solicitation.
Q: Who is an AmSure Insurance Planner? What is his/her role?
An AmSure Insurance Planner (AIP) is a "specified person" who has a license to sell life insurance products under the corporate agency of AmSure. He/she will be responsible in selling to the referrals provided by an Amway distributor.
Q: Q Is AmSure going to sell existing MNYL products?
No, AmSure will not sell existing MNYL products. MNYL has developed differentiated products, which will be marketed through AmSure.
Q: Are the products sold through AmSure cheaper than normal MNYL products?
Not necessarily. The products have different features and benefits that are specific to the need of an ABO and hence they cannot be compared with an existing MNYL product purely on the basis of price.
Q: If an MNYL agent is also an existing ABO can he distribute these products?
He can only refer these products to an Amway Insurance Planner. He will not receive any remuneration from MNYL for referring these products.
Q: Can an ABO buy these products through a MNYL office?
No, the Amway distributor will have to go to a designated Amway branch to meet an AmSure Insurance Planner to buy these products.
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AmSure Insurance Agency Limited Reg. Off: - 1st Floor, Elegance Tower, Plot No. 8, Non Hierarchical Commercial Centre, Jasola, New Delhi - 110025 Corporate Agent License Number: - 2129452 AmSure Insurance Agency Limited is a corporate agent of Max New York Life Insurance Co. Limited. 11th Floor, Jacaranda Marg, DLF Square, DLF City, Gurgaon Phase - 2, Haryana - 122002 “Insurance is subject matter of solicitation” Privacy Policy
Q. What is life Insurance?
Life insurance is an agreement that guarantees the payment of a stated amount of monetary benefits upon the end of a specified term or on the death of the life insured, i.e. the person on whose death the insurance company would pay out a death benefit to a designated beneficiary.
Q: Why do I need Life Insurance?
Life insurance is extremely important, especially if you are the principal earning member of the family. Your family can remain financially secure in the case of your unfortunate premature demise.
Besides the primary purpose of the protection of the family, life insurance is also seen as a tool to provide for your old age or your children's education and marriage. In addition, you may also receive valuable income tax deductions which provide tax savings. * Tax Benefits are subject to changes in tax laws.
Q: What can I insure for or against?
You can insure yourself against death, temporary or total disability and dreaded disease. It is also important to take out insurance policies to save for future events such as your children's education and dreams as well as your own retirement.
Q: How much life insurance do I need?
AmSure Insurance Planners are trained to do a need analysis to determine your insurance requirements and to recommend the best products and options available for your specific needs. But, one of the simplest rules is to assume that insurance is a replacement for your lost earning capacity. Most financial advisors recommend a life insurance plan that is worth 20 times your gross annual income.
Q: Who can be insured?
Any person who wants to provide for his/her family after his/her death, a person who needs to provide for an income should he/she become disabled, or a parent providing financial means for future education for their children.
Q: How do I buy a policy?
To know more about your insurance needs and to get the right advice please contact an AmSure Insurance Planner at an Amway Office nearest to you, or call us on 1800 1201 288 or email us at [email protected]
Q: What are Riders?
Riders are additional benefits that can be attached onto your basic life insurance policy. These riders give you the benefit of increasing your cover in case of certain events happening. For instance if you have taken a Personal Accident Benefit Rider and you die or suffer from total and permanent disability due to an accident, then your beneficiaries will receive an amount that is in addition to the sum assured that may be payable on your basic life policy.
Similarly there are different riders addressing different contingencies like Dread Disease. There are also riders available that waive your future premiums in case of death or disability of the proposer.
These riders come at a nominal cost and can be availed depending upon the policy taken.
Q: How do I renew my policies?
- At your nearest Amway Office you can pay cash, cheque or demand draft.
- Credit Card Authorization (through Business Reply Envelope)
- At any nearby Max New York Life Insurance Office by cash, cheque/ or credit card
Bank ECS/Credit Card
You can also pay your premium by the direct debit mode of payment. Using this option, you can have your premium directly collected from your bank without any effort from your end. All you need to do is simply fill up the direct debit mandate from and get it signed by your bank from where you wish to pay your premium.
Benefits:
- Its easy and hassle-free as your premium gets paid automatically
We offer you a grace period for non-payment on the due date. This grace period is 30 days from the due date. During this period the policy remains in full force and no interest is charged. If you fail to pay a premium during the grace period, your policy automatically:
- Lapses if there is no surrender value
- Converts to a paid-up policy if there is enough surrender value
The compensation paid by the insurer on the happening of an insured event.
Types of Claims include:
- Death Claims
- Maturity Claims
- Dread Disease Claims
- Disability Claims
- The Nominee, as declared in the Proposal Form
- The Assignee, if the policy has been assigned
- Legal Heirs if there is no Nominee specified in the Proposal Forms
- The Appointee if the Nominee is a minor
You need to contact Max New York Life Insurance Company and provide them with
- A completed Claim/Discharge Form with Photo ID Proof
- Original Policy of Life Assurance
Q: What additional requirements are there for an accident claim?
In addition to the requirements for a death claim, the claimant should submit the following documents pertaining to the accident:
- First Information Report (FIR)
- Panchnama or Police Investigation Report (PIR)
- Post mortem or autopsy report
The policyholder (where he/she is the life insured under that policy) may nominate any other person, to whom the money secured under the policy shall be paid in the event of death of the insured. A request letter from the client informing MNYL about the change in nomination will be needed to be sent either to Max New York Life Insurance as per details given in your policy pack or contact your AmSure Insurance Planner at nearest Amway Office and we will assist you with the process.
Q: How do I notify my change in address?
The address of policyholder, life insured and beneficiary can be changed for all policies with the policyholder's authorization. A request letter from the policyholder, mentioning the new address will be needed to be sent either to Max New York Life Insurance as per details given in your policy pack or contact your AmSure Insurance Planner at nearest Amway Office and we will assist you with the process.
Q: Can I assign a policy?
A policyholder may make a transfer or assignment of a policy at any time, by way of endorsement on the policy itself or by a separate instrument in writing. After an assignment of a policy is made, all nominations made in relation to such policy before such assignment shall stand cancelled.
Documents required
- An assignment deed on the endorsement page of the policy pack or
as a separate instrument on a non-judicial stamp paper of the value as prescribed by that state. - Policy Pack (Optional). If the policy pack is not received, then we require the endorsement page
When a policyholder or agent has lost the policy, he/she may write to the Insurer requesting issue of duplicate policy.
A 'Lost policy affidavit' is required.
The format of this affidavit is also available with your AmSure Insurance Planner at your nearest Amway office.
Q: How early can I expect a Death Claim benefit to be settled?
The IRDA (Insurance Regulatory and Development Authority) clearly articulates that a claim will have to be paid within 30 days from the date of receipt all documents and clarifications as sought by the insurer. In case the claim warrants an investigation then the insurance company has to complete the investigation not later than 6 months from the time of lodging the claim. However at MNYL the endeavor is to settle all claim within 15 days from the date of receipt all documents and clarifications.
Q: In case of any claim's dispute, where can my case be represented?
In case of any claim's dispute the case can be represented to the Insurance Ombudsman. The Ombudsman has judicial powers and can be challenged only in the High Court.
ABO RELATED Top Q: What is AmSure? How is it related to Amway?
AmSure Insurance Agency Ltd. is a 50-50 joint venture between Hollard Insurance from South Africa & Amway India Enterprises. AmSure is in the business of distribution of insurance products in India. For life insurance selling, it has to become Corporate Agent of Max New York Life Insurance Co. Limited. AmSure is leveraging the strengths of both its parents- Amway India for its strong distribution network and Hollard Insurance for its technical expertise.
Amway India is a wholly owned subsidiary of Amway Corporation, Ada, Michigan. USA. It is recognized as India's leading Direct Selling Company and has provided the opportunity for self-employment to more than 350,000 active Amway Distributors who are Independent Business Owners. Hollard Insurance is South Africa's largest independent insurance company, and offers both life and general insurance products across all classes in the South African market. Although firmly rooted in South Africa, the Group has expanded internationally to Australia, India, United Kingdom, Pakistan and, closer to home, to their neighboring countries of Angola, Mozambique, Namibia and Botswana.
Q: Can I sell insurance products in the same way I sell other Amway products?
No. As per the IRDA (Insurance Regulatory Development Authority) guidelines insurance can only be sold by accredited and trained personnel but you can refer your prospects to any AmSure Insurance Planner at an Amway office nearest to you. The AmSure Insurance Planner is licensed to sell.
Q: Will there be training for insurance products?
Yes. There will be regular training sessions on insurance products at all Amway offices. To get the training schedule, please refer to your latest issue of Amagram, or visit us at www.amsure.in , contact an AmSure Insurance Planner at an Amway Office nearest to you, or call us on 1800 1201 288 or email us at [email protected].
Q: How is AmSure related to MNYL?
MNYL has appointed AmSure as a corporate agent to sell life insurance in India.
Q: Is an Amway distributor an agent of MNYL?
An Amway Distributor will not be a licensed agent of MNYL and will not sell life insurance products. He will refer a customer for life insurance to an AmSure Insurance Planner for solicitation.
Q: Who is an AmSure Insurance Planner? What is his/her role?
An AmSure Insurance Planner (AIP) is a "specified person" who has a license to sell life insurance products under the corporate agency of AmSure. He/she will be responsible in selling to the referrals provided by an Amway distributor.
Q: Q Is AmSure going to sell existing MNYL products?
No, AmSure will not sell existing MNYL products. MNYL has developed differentiated products, which will be marketed through AmSure.
Q: Are the products sold through AmSure cheaper than normal MNYL products?
Not necessarily. The products have different features and benefits that are specific to the need of an ABO and hence they cannot be compared with an existing MNYL product purely on the basis of price.
Q: If an MNYL agent is also an existing ABO can he distribute these products?
He can only refer these products to an Amway Insurance Planner. He will not receive any remuneration from MNYL for referring these products.
Q: Can an ABO buy these products through a MNYL office?
No, the Amway distributor will have to go to a designated Amway branch to meet an AmSure Insurance Planner to buy these products.
Top
AmSure Insurance Agency Limited Reg. Off: - 1st Floor, Elegance Tower, Plot No. 8, Non Hierarchical Commercial Centre, Jasola, New Delhi - 110025 Corporate Agent License Number: - 2129452 AmSure Insurance Agency Limited is a corporate agent of Max New York Life Insurance Co. Limited. 11th Floor, Jacaranda Marg, DLF Square, DLF City, Gurgaon Phase - 2, Haryana - 122002 “Insurance is subject matter of solicitation” Privacy Policy