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LIFE INSURANCE: Suicidal death within one year of buying or renewing policy is not payable

As regards death claims, life insurance policies clearly list down incidents that are not covered

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Are there any reasons why a life insurance policy claims  will not be paid on maturity or death? Other than death certificate what  other documents will the insurance company ask for? 
- Shashank Nautiyal

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).

How is a return of premium plan different from a term plan? 
- Jaidev Kale
 

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. 

I am an NRI and had an endowment policy for which I paid premiums from my NRE account. The policy is maturing next year. Will I get the maturity amount in my NRE account? 
- Kajal Anand

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. 

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