Personal Finance
As regards death claims, life insurance policies clearly list down incidents that are not covered
Updated : Jul 25, 2018, 06:55 AM IST
There’s no reason to not settle maturity claims of insurance policies. As regards death claims, life insurance policies clearly list down incidents that are not covered. In a policy document, the section titled, “exclusions”, detail this aspect. The listed incidents may vary depending on the product and insurer. Suicidal death within the first year of policy or within the first year of its renewal is excluded by all Indian insurers.Documents required for payment of claim include a completed and signed claim declaration form, death certificate copy, policy document, cancelled cheque of nominee, identification document of nominee, copy of FIR or post-mortem report (in the event of unnatural death, such as an accident) and hospitalisation documents (for illness-related death).
In a normal term plan, if you survive till the end of policy term then nothing is refunded to you however in case of return of premiums plan, all your premiums paid will be refunded on the date of maturity if you survive through the policy term.
Yes, if you have paid your premiums from an NRE account then insurers will credit the maturity proceeds in your NRE account.
Rushabh Gandhi, Deputy CEO, IndiaFirst Life Insurance
Send your queries related to life insurance to personalfinance@dnaindia.net.