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Despite this, a large number of people on this planet lead an uninsured life. To receive the death proceeds from the insurance company, the beneficiaries need to produce a death certificate of the insured person and proof of their own identity.The insurance company may demand more documents to ascertain the identity of the beneficiary or the cause of death of the insured.At the same time, there is a bit of commerce involved in this.The insurance companies insure a person in exchange for regular premiums.However, having a life insurance policy does not mean that you will get life cover for all kinds of deaths.
Taxation Taxation in the context of insurance is a complicated matter especially when you think of it from a global perspective.
There is an accumulation of money in these types of policies and there is a minimum sum assured to the beneficiary at the maturity of the policy. Prima facie, they are doing a good work by insuring people against any untoward incident.
This way, they help the dependents live a normal life despite the demise of the concerning person.
The insurer may get the matter investigated if it finds any kind of discrepancy in the claim or the cause of death of the insured person.
The other side You may be surprised to know that there have been cases in the past when life insurance policies were misused.However, if you go country-wise, the system would be simple to understand.