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Ref. No. KLI/22-23/E-BB/492
Concealing vital facts breaches the insurance contract’s foundation of trust. To safeguard claims, applicants must prioritize thorough, honest disclosures, ensuring their policy remains valid when needed most.
Term insurance plans protect your life and financially secure the future of your loved ones in your absence. However, if you choose to disclose incorrect information or intentionally hide facts from your term plan provider, you risk the future of your family. Multiple applicants either lie or not mention their illness in a term plan to get low premiums. A few others might reduce the seriousness of the issue while disclosing it. Irrespective of what you choose, any such action can have severe ramifications on your term plan.
Hiding facts or disclosing untruthful information can defeat the entire purpose of buying a term plan in the first place. If an insurance provider finds out that you concealed relevant information, the insurer can reject your claim or even null the policy. Each year about 30% of the insurance buyers submit incorrect information, which ultimately results in claim rejection.
Consider this scenario: you buy a term plan via an agent, who fills the forms on your behalf. You read the filled forms and see the agent has not mentioned your smoking habits and diabetes condition, which are specifically asked by the insurer. You and the agent, decide to conceal this information to get low insurance premiums (smokers usually pay 20-25% higher premiums than non-smokers) and easy approval of the policy. But, even though this tactic allows you to save some money in the present, you deeply risk the financial security of your family.
In case of an unfortunate event that leads to your demise, your family/beneficiary will approach the insurance provider for the claim. However, they are shocked to find out that the insurance claim is rejected, due to non-disclosure of your smoking habits, which eventually caused your death. Now, your grieving family is additionally burdened and has to struggle to meet their expenses and maintain their standard of living.
In all, by saving some money, you compromise the monetary security of your loved ones. Moreover, your family is left with legal hassles, while they are dealing with immense stress and grief of your loss.
Hiding or incorrect disclosure of the below facts can risk claim rejection:
Overall, any material facts, which increase the risk to the insured’s life, should not be hidden or misrepresented. It is always advisable to disclose truthful information at the time of policy purchase, so that the insurer can be cautious, set premiums accordingly, and ultimately guarantee the financial security of your family without the risk of claim rejection. Trust e-Term plan from Kotak Life, with economical premiums and competitive features, to be the assured security for your family’s future.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
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