In today’s time, it has become very important to take plans like term insurance, life insurance. But today we will not tell about its benefits, but about the reasons due to which there may be difficulty in getting the claim.
Term Insurance is a type of life insurance policy that provides coverage at a fixed payment rate for a limited period. In such a situation, if the insured person dies during the policy term, then the cover amount is given to the nominee in lump sum. This provides financial security to the family. Term insurance does not provide maturity returns like life insurance.
In today’s time, it has become very important to take plans like term insurance, life insurance. But today we will not tell about its benefits, but about the reasons due to which there may be difficulty in getting the claim. If you are also planning to buy term insurance, then know about those conditions-
1- Accidental death cover is given to the person taking the term plan, but if a policy holder somehow dies while driving under the influence of intoxication, then it is not valid.
2- If the policy holder is addicted to drugs and alcohol and dies due to this, then the insurance company can refuse to pay the claim amount of the term plan.
3- If the policyholder is fond of adventure games and dies during any dangerous activity, then the claim of the term plan will be rejected. At the same time, money can also get stuck in case of death in dangerous activities like car-bike racing, sky diving, scuba diving, para gliding and bungee jumping.
4- If the policy holder is murdered during the policy term and the nominee is accused of this during the police investigation, then the company stops the claim request of the term plan until the nominee gets a clean chit. Caste.
5- If at the time of taking the plan, the policy holder has hidden the information about any serious illness and he has died due to the same illness, then the insurance company can reject the claim. Apart from this, there is no provision to provide cover in case of death due to HIV/AIDS in the term plan.
6- Under the term plan, if a policyholder dies due to any kind of natural disaster like earthquake, storm, landslide etc., then in such cases the insurance companies do not pay the claim amount to the nominee.
7- According to the rules of insurance regulator IRDA, if the policyholder is involved in any criminal activity, and then he is murdered during such criminal activity, then the claim amount is not received.
8- If the policyholder is a woman and she dies while giving birth to a child, then in this situation the claim amount may get stuck.
Take special care of this
While purchasing a term insurance plan, read its terms carefully. Check that the causes of death will be covered in the policy because not all types of deaths are covered in term insurance. Claim money is received only if the policyholder dies due to reasons covered under the term plan.
