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Common Exclusions Under Retirement Insurance Plans Offered By Shriram Life Insurance

Updated On Jul 11, 2021

What Are Policy Exclusions?

Exclusions are situations or occurrences that are not covered by a Life Insurance policy if they result in the insured person's death. With the help of an example, let us better comprehend this, let's say someone buys a life insurance policy and then kills himself by suicide. In this case, the money insured in the Life Insurance policy shall be paid to the nominee upon the policyholder's death, according to the policy. Suicide, on the other hand, is an exclusion in a Life Insurance policy like many other exclusions. It is highly recommended to read the terms and conditions of your policy before signing up for it.

Common Exclusions Under Retirement Insurance Plans Offered By Shriram Life Insurance 

Shriram Life Insurance is a reputed insurance company in India providing its customers with the best life plans for many years but like every other company, they too have their own list of exclusions. If you are about to subscribe to any of their policies, you need to read this.

  • Man-Made Disasters

Man-made disasters are excluded because they affect multiple policyholders at the same time, there is no insurance for risks emerging from man-made disasters. Man-made wars and riots are examples of this.

  • Illegal or Illegitimate Activities

Policy exclusions apply to intentional behaviours that break the law, such as criminal activity. By participating in such behaviours, one is deliberately putting oneself in a situation that may hurt the people involved, according to the policy.

  • Lifestyle Habits Risk

You'll be asked questions about your smoking and drinking habits before you sign up for insurance coverage. Insurance companies assume that smokers have a far higher likelihood of dying than non-smokers. Smokers are far more likely than non-smokers to file a Life Insurance claim as a result of this. This allows them to charge smokers greater premiums than non-smokers.

  • Self Injury Events

Every term plan's list of exclusions includes suicide as a cause of death. If the insured commits suicide within one year since the policy's start date, the policyholder's nominees will not receive the insurance claim money and benefits. In these circumstances, the standard procedure is for a medical expert to try to ascertain the cause of death and issue a death certificate. In order to file a claim, the beneficiary must provide this certificate to the insurance company.

  • Cases of Drug Abuse

Insurance companies will also deny claims resulting from a policyholder's death caused by the intake or use of intoxicating drugs/alcohol/solvent, or the abuse of medicinal dosages that exceed the authorised limit by a licenced physician.

  • Accidental Death Benefit Rider Exclusion

If a death happens due to unnatural circumstances, the insurance company will conduct a comprehensive investigation to determine the legitimacy of the claim. Insurance firms employ a team of medical specialists to investigate the validity of such claims. In the event of pregnancy-related deaths or problems during delivering, the sum assured is not paid. Here, even Accidental Death Benefit Rider might not work. 

  • Risky Adventures

Insurance protects you against hazards that are unintentional. Rock climbing, motor racing, bungee jumping, skydiving, and other activities where the policyholder is aware of the dangers and participates knowingly are not covered.


It is critical to study the fine print of terms and conditions before acquiring a Life Insurance policy. Your family may suffer a significant financial loss as a result of your untimely death. A denied death claim, on the other hand, could be financially devastating. Going over the terms and conditions may need more work than normal. However, it's still important to understand what your insurance covers and what it doesn't.

Also read 

How to Use Life Insurance for Retirement Planning?

How To Plan And Prepare For Your Retirement?

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.           

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