Common exclusions under endowment insurance plans offered by HDFC Life insurance

Endowment plans offered by HDFC are suitable for you, if your key objective is securing savings and providing your family with comprehensive financial assurance for a long term.These plans, like every other insurance plan, specify situations that fall outside the coverage area of the policy.

In this article, we have put together a list of situations not covered under HDFC Endowment Insurance plans.

Exclusions Under HDFC Life Endowment Insurance Plans 

Following are the aspects excluded from the HDFC Endowment plans: 

• Suicide Exclusion

 From the commencement of policy: 

If the policy is functional during the event of death due to suicide, within a year from the date of commencement of the policy, the nominated beneficiary of the policy will be qualified for 80% of the premiums paid.

From the date of revival of the policy: 

In cases of death due to means of suicide, the company will be liable to pay an amount which is higher of 80% of the premiums paid till the date of death. 

The clause of suicide exclusion is noted irrespective of a clinically diagnosed mental condition and should be taken into consideration before signing the agreement.

• Alcohol or Solvent Abuse

In case of death resulting from the consumption of drugs, the company is not liable to provide the death benefits to the beneficiary of the policy.

This clause, however, does not apply to the drugs taken under the direction of a registered medical practitioner.

• Participation In Perilous Activities

In case of loss of the life assured through willing participation in dangerous sports or activities despite being aware of the risks involved, the company does not release the sum assured to the nominated beneficiary, unless it is previously agreed upon in writing by the company.

• Involvement In Violation of Law

In instances of death because of contribution in activities considered unlawful by the law, the insurer isn't liable for paying the death advantages to the recipients of the policy. 

Breach of law is considered a serious offense and the effects from it are not a part of endowment plans offered by HDFC life Insurance.

• Death Resulting From War and Invasion

Any casualties resulting from war invasion, hostilities (whether war is declared or not) are not covered under the HDFC endowment plan. The company does not bear the cost if any injuries are inflicted upon the policyholder by partaking in the demonstrations of common uproars.

Endnotes

Endowment plan offered by HDFC life Insurance has woven a web of benefits around financial necessities of an investor. It is a compelling plan that promises the security of your family even after the demise of the policyholder. Therefore, it is important to understand the exclusions under your insurance plan beforehand to easen the financial stress in case of unfortunate contingencies.

Also read 

Things To Remember Before Buying An Endowment Plan

Is Endowment Plan A Good Investment?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.