Talking about any kind of insurance or term insurance, it helps your family to deal with financial problems in case any untoward incident happens to you. Many questions arise in the mind of the buyer while taking this plan.
Everyone wants his family to always be financially strong. For this people invest in different places. Like insurance policies, people have also started taking term plans or term insurance. Actually, this plan works to provide financial security to your family in case of any untoward incident. Till a few years ago, its importance was considered less. But today insurance has become the biggest need.
But many types of questions keep running in the minds of people taking term insurance. One of these is that if the policyholder is murdered or dies in any other way on the very next day of taking the term plan, will the nominee get the money?
emergency financial assistance
Term insurance helps your family deal with financial problems in case any untoward incident happens to you. But in many situations the nominee does not get the term plan money. Let us tell you that the death clauses of different insurance companies are different. The special thing about term plan is that it does not have any waiting period.
No waiting period on term insurance
Term insurance provides the insurance amount to the nominee only after the death of the subscriber. Usually this insurance amount is large. Term insurance covers death due to natural causes, diseases or accidents. There is no waiting period on this insurance. This means that you start getting cover from the next day of purchasing the insurance. But if the case is of suicide then there can be a waiting period of about one year.
Under what circumstances will no claim be given on murder?
Now suppose that an insurance holder is murdered and he had taken term insurance a day earlier. Even in such a situation, the nominee will get the full insurance claim. But if the nominee’s role in the murder of the insured comes to light or he is accused of murder, then the insurance company may refuse to pay the term insurance amount. The company can put the claim on hold until the nominee is proven innocent. At the same time, if the person taking the insurance is involved in any criminal activity and dies during this period, then the insurance company will refuse to pay the insurance amount.
Even in this situation the claim may be rejected
There can also be a situation where suppose the person taking the insurance did not give information about any serious illness while taking the policy. But he dies of the same serious disease. In this situation the insurance company will reject the claim. Therefore, do not hide any information while taking a term plan. Death due to HIV/AIDS is not covered under term insurance.
