Now you can buy life insurance plans completely online right here.
Kotak e-Term Plan is a pure term plan that provides a high level of protection to your loved ones in your absence.
The Kotak Health Shield Plan helps secure your finances in times of sudden medical expenses related to illness such as Cardiac, Liver, Neuro and Cancer (all early and major stages of illness /conditions of Cancer); along with offering protection for Personal Accident - in case of accidental death or disability.
Kotak Lifetime Income Plan gives you the assurance of your income continuing throughout your life and in your absence throughout the lifetime of your spouse!
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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.
What happens if you hide facts in 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 facts can lead to rejection of a claim?
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.
- A Consumer Education Initiative series by Kotak Life
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