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Types Of Death Covered And Not Covered In A Term Insurance Policy

Term insurances have low premium rates and provide financial protection to the insured's family in the event of an emergency. If the insured dies during the term of the policy , the beneficiary receives a lump sum death payment. Even though they are the finest insurance solutions one may have, it is better to have information about the kind of deaths that are covered or not covered by the term plan in India

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Term insurance policies have become quite popular in recent years. This is because they are simple to obtain, affordable, and provide a lump sum payment in the case of a death claim. The perks of Term plans and riders enable policyholders and their families to get the most out of their policies. Purchasing a term plan is an investment in one's peace of mind, as the benefits and coverage are carried on to the dependants.

Even though term insurance plans are designed to provide insurance coverage to the beneficiary of the insured person, there are some death events that are not covered. A brief summary of the types of deaths that are and are not covered by a term insurance plan is provided below.

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Types Of Death Covered And Not Covered In A Term Insurance Policy

Even though term insurance covers sudden deaths, there are some fatal accidents that fall under certain categories that are not covered by term insurance. The types of deaths that are and are not covered by term insurance policies are listed below:

Natural Deaths Or Deaths Caused By Health-related Problems

A term insurance policy covers natural deaths as well as deaths caused by health-related issues. If the policyholder dies as a result of a critical illness or medical condition, the beneficiary of the policy will receive the sum assured as a death benefit.

1. Death By Suicide

If the insured commits suicide during the first 12 months of the start date of the policy, the beneficiary is allowed to receive 80% of the premium paid if the insurance is not linked. In the case of linked plans, if the policyholder commits suicide during the first 12 months of the policy's start, the beneficiary of the policy receives 100% of the premium paid. The benefits of the policy will be nullified and the policy will be terminated if the policy holder commits suicide after the policy has been in effect for one year.

2. Accidental Death

Term plans also cover the death of the life assured in the case of an accident. Furthermore, many term plans have an additional accidental death benefit rider, which pays an additional sum assured to the beneficiary of the policy in addition to the basic sum assured in the case of the accidental death of the policyholder.

3. Self-inflicted Injuries

If the insured dies as a result of self-inflicted injuries or any hazardous activity, the beneficiary's claim will be rejected by the insurance company.

4. Intoxication

If the policyholder dies as a result of a drug or alcohol overdose, the insurance company will not give the beneficiary a death benefit.

5. Homicide

The insurance company will deny the claim if the insured is murdered by the beneficiary and the inquiry reveals the involvement of the nominee in the crime. The insurance company will put the claim request on hold until the beneficiary gets clearance.

6. Natural Disasters

In general, term insurance protects the family in the case that the life assured dies as a result of a natural disaster. The insurance company then pays the money assured to the nominee as a death benefit.

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What users are saying
  • Commendable Spirit

    I highly recommend InsuranceDekho for life insurance. They helped my husband find the perfect term plan for ICICIPrudential to protect our family. Vikas from the customer team supported us at every step, and we thank them for their patience. 

    P
    ICICI Prudential
    By Pooja Jain
    On: June 20, 2024
  • Complete Cover

    Last year, when I bought my term plan from Bandhan Life Insurance, I was a bit doubtful. But, having a critical illness rider on my term plan provided me with additional financial security. Recently, I was able to take advantage of its benefits. Thanks to InsuranceDekho for suggesting this option!

    S
    Bandhan
    By Shoba rani
    On: June 20, 2024
  • Easy Claim

    My term plan from PNB Metlife matured recently. I bought this plan from InsuranceDekho after a recommendation from a family friend. The claim process was smooth, and they assisted me at every point. I received the money quickly.

    M
    PNB MetLife
    By Manish Mittal
    On: June 20, 2024
  • Helpful Team

    InsuranceDekho helped me understand the importance of life insurance and increasing my term coverage as my income grows. With their help, I easily upgraded my existing plan for Kotak Term Insurance through their platform. Thank you so much, team.

    N
    Kotak
    By Nandini Pandey
    On: June 20, 2024
  • Supportive Team

    I was hesitant about buying online term plans, but InsuranceDekho's advisors addressed all my questions with ease and patience. Now, I have a term plan of Bajaj Allianz that gives me peace of mind at an affordable price. Kudos to your whole team. 

    T
    Bajaj Allianz
    By Twinkle dey
    On: June 20, 2024

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