It provides financial protection to you & your family at the most reasonable cost. Term Insurance covers "Risk" and Risk means "Death". Here a lump sum amount is payable to the nominee only if death occurs during the policy period. Term Insurance cover is a basic plan which make life insurance more affordable vis-à-vis other options.
Accidental death :
This rider offers an additional sum insured in case of death of the life assured due to accident.
Critical illness :
Critical illnesses such as heart attack,cancer,stroke,by-pass surgery, kidney failure etc,on detection of anyone of these critical illness the insured will be paid an amount as per policy term& condition, subject to a waiting period of 30 days after the date of diagnosis.
Waiver of premium :
In this all the future premiums will be waived off and the policy will still continue, if the premium can’t be paid due to death or disability ( due to accident) of the Life Assured.
The term insurance plan financially covers the risk of death, by paying a lump sum amount to the life assured’s nominee.
The term insurance plan comes with a wide range of features along with added benefits, riders, add-ons, etc. However, there are certain kinds of deaths are not covered by the term plan in India. In order to avoid any unpleasant surprises to your family members or dependents upon your demise during the claim process, it is essential to be aware of the terms and conditions of term insurance plans.
The below-mentioned reasons for death are some of the exclusions of the term plan in India:
* In case of suicide, the court will ultimately decide whether the death is because of suicide or not. In the early stage, a medical expert will try to determine the root cause of the death of the insured. In this way, a death certificate would be issued. The beneficiary would need to submit this certificate to the respective insurer from where the policy was purchased during the process of claim. Once the death certificate is received, the insurer begins with the investigation process. There are chances of the claim to get rejected if the cause of death is suicide, taking into consideration the state of mind of the insured (sane or insane).