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Ref. No. KLI/22-23/E-BB/492
A term insurance plan is a cover that offers financial security to your loved ones in case something unfortunate happens to you.
A term insurance plan is a cover that offers financial security to your loved ones in case something unfortunate happens to you. It provides guaranteed financial security to your family during your absence. It is available at an economical cost and the sum assured will be paid to the nominees at the time of the death of the policyholder during the term period. A term plan is an ideal addition to your portfolio and is a must-have for every adult. It is allocated after the insurance provider validates the viability of investment for an eligible individual. This means that individuals in a high-risk category will have strict terms and conditions. This could have an impact on the claims made by a high-risk policyholder. Explained ahead are instances when a term insurance claim is denied by the insurance company.
Reasons why term insurance claims get rejected
Listed below are a few probable reasons that lead to the rejection of a term insurance claim.
This is one of the most common term insurance claim rejection reasons. When you purchase a policy, it is important to declare all the information clearly and honestly. If there is any mistake or a deliberate effort to withhold any information, it could have serious repercussions in the future resulting in the rejection of your term insurance claim.
It is important to disclose information about your current, as well, previous insurance policies. If you do not disclose this information to the insurance company, there are chances of your claim being rejected. The disclosure of information does not depend on the sum assured. When you purchase a policy, you need to disclose all the relevant information.
Insurance companies declare a list of jobs in their policy terms that fall under certain professions, which are considered as high-risk. This includes employment or jobs linked to a hazardous environment. If you are engaged in one of the jobs mentioned in their portfolio, you need to disclose about the same. If you do not disclose correct information, your claim might be rejected in the future.
If you default in your medical test or submit incorrect medical information, your term insurance claim might be rejected at a later stage. It is very important that all the tests are done and correct reports about the medical condition are presented to the insurance company. You need to disclose all the information about your medical history and submit the necessary reports.
If you provide correct information to the insurance company about your employment, health, and medical conditions, there will be minimal chances of rejection. However, if you deliberately hide any information or misstate the information, you will end up with a rejection of your claim. Double check the information you provide the insurer and ensure that you have not missed anything important.
Ref. No. KLI/22-23/E-BB/2435