Common Exclusions Under Retirement Insurance Plans Offered By Reliance Life Insurance
Published On Jul 13, 2021
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What Is Reliance Life Insurance?
Reliance Life Insurance is an integral body of Reliance Capital, providing services in the area of financial funds and investments in India. It is one of the most reputed and trusted life insurance providers in the nation and provides its services in mutual funds, asset management etc. The company also provides retirement insurance plans. Read on to know about the exclusions that the plans carry with them.
Common Exclusions Under Retirement Insurance Plans Offered By Reliance Life Insurance?
Every company has a list of inclusions and exclusions of its policy. Same goes with Reliance Life Insurance. Hence, it is strongly advised that you read the contract's conditions before enrolling in order to prevent exclusions that could cause problems after you retire. Retirement plans include a number of exclusions that Reliance Life Insurance might not compensate if the insured person dies or suffers an unforeseen circumstance as a result of the excluded possible factor.
Cases of Suicide
In case the insured individual tries to end his life, that is he commits suicide within one year of the policy's inception, the policy's protective cover will be sacked on the spot. The insurance company is only obligated to pay the amount equal to the policyholder's premium when the policy ends (s). The insurance company no longer pays interest, but it does take a portion of any expenses they suffer due to the incident.
Mishappenings Due To Risky Adventures
The post retirement age is well enjoyed by insured people. They often go on vacations to hill stations, mountains where they try to make exciting rides like paragliding, mountain climbing, bungee jumps, etc. which might not be suitable for their age or medical conditions and, if they are known to have a fatal accident, they won't have financial benefits because they have already known what problems this could cause. In this case, the company might straightaway reject the claim.
Cases of Medicinal Overdose
Recently, many pension benefits reports have been invalidated by the employers for falsified drug-related fatalities. In this context, drug abuse refers to the use of more than the medical prescriptions which could lead to, among other things, death or disease. Families can argue that old age caused it, but insurance companies can deny the claim. Mortality from alcohol overdose, for instance, is also included in the cumulative total and not covered.
Previous Medical Conditions
When the client dies of a deadly infection, virus or diseases such as cancer, brain haemorrhage, the company will not provide sufficient protection for brain haemorrhage within five years of the start of the pension policy. After it is signed, the specifications are included and need to be read attentively in order to avoid such problems.
Bad Lifestyle Habits
Individuals would be probed about their alcohol and smoking behavior when they subscribe to protection coverage. People who smoke are far more vulnerable to early death, according to insurance firms. To conclude, smokers are far more likely to file a life insurance claim than non-smokers. In consequence, smokers can demand more rates than non-smokers and even refuse claims if you die from drinking and smoking.
Events of Natural Disaster
No one can control natural disasters or have an influence over them, and it is quite obvious that a great many people get wounded and the firm cannot make up for all; consequently, natural disasters have often been seen as God's act and they are excluded from insurance. This includes earthquakes, tsunamis and others.
Exclusions might come out as harsh realities if you don’t read the terms at the time of subscription itself. Hence, Before you get a life insurance policy, it is essential to assess the conditions of the insurance policy. A refused death suit can be utterly catastrophic in an adverse time, understanding the basics of the policy can save you from the added wrath.
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.