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Kotak e-Term Plan provides a high level of protection to your loved ones in your absence. Know more

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Terms and Conditions of Term Insurance Plans

Terms and Conditions of Term Insurance Plans
  • 10th Oct 2019 |
  • 7,890

The importance of a term plan is huge when it comes to protecting the future of your loved ones. The affordable premiums and high returns make a term insurance policy one
of the most popular life insurance plans available today. In case of an untimely demise of the policyholder, the nominees can initiate an insurance claim to avail of the benefits. However, insurers have certain insurance terms and conditions when it comes to meeting an insurance claim.

These conditions are exclusions or scenarios that can result in a rejection of the claim. Even though the terms and conditions may vary from insurer to insurer, you need to be aware of various common exclusions, as explained ahead.

Term Plan Terms and Conditions:

  • Exclusion in accidental death
  • An accidental death is included in term plan, but that does not mean the claim made under such a scenario will always be accepted. In case of accidental deaths, the insurance companies always investigate the circumstances of the incident. The procedure of such an investigation might vary from insurer to insurer, but the findings have to be satisfactory for the claim to be accepted.

  • Conditions regarding lifestyle
  • Death caused by lifestyle choices can be excluded from the policy. For example, the insurance companies always confirm if the insured is a smoker. The habit of smoking is a lifestyle choice that can shorten the insured’s life. Hence, smokers are considered to be high-risk policyholders. Therefore, if an insured does not declare the smoking habit while buying the policy, the insurer might reject the claim in cases where the death is related to smoking.

  • Death due to suicide and self-harm
  • The term insurance terms and conditions always exclude any death related to self-harm or suicide. However, some insurance providers offer to return the premium if the policyholder commits suicide within a year from buying the policy. Certain fees are deducted by the insurer in that case. Moreover, death by participating in dangerous activities is excluded from the policy.

  • Death from participating in criminal activities
  • activities A term insurance policy is designed to provide financial aid to the policy holder’s family in case of an unexpected death. Therefore, if an insured engages in any activity that comes with a higher risk of life, insurance companies are entitled to reject the insurance claim. Death from participating in riots or any other criminal activity meets that condition; hence, they are excluded from the policy

  • Pre-existing medical conditions
  • In the case of pre-existing medical conditions, the insurance companies have a ‘waiting period’ clause included in the policy. Hence, if the insurer has a pre-existing illness, he or she has to wait for a certain period fixed by the insurer before the health condition can be included in the cover. In case of critical illnesses, the waiting period can be anything from a few months to a few years.

  • Death due to intoxication
  • The term insurance exclusions of almost every insurance company mention any death due to intoxication. If the policyholder consumes drugs or an excessive amount of alcohol, and if this habit results in death, the insurance company is not liable to pay the cover.

    Now that you are aware of the term life insurance exclusions, be sure to maintain a lifestyle that does not expose you to the loss of life, which might result in the insurer denying your nominees’ insurance claim.

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  • Nominal Cost
  • Multiple Plan Options
  • Flexible Payout Options
  • Critical Illness Rider
  • Tax Savings
  • Long term Coverage

Ref. No. KLI/22-23/E-BB/492


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