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address or nominee, there is a facility in the policy service form where the policyholder has to mention that
he is going abroad. However, if he is going to a country that is marked as unsafe like Pakistan, Burma,
Somalia etc, then the company will decline this facility. Otherwise, this cover will be valid in other countries
like US or UK.
4. If I buy a term insurance policy today, can its premium change in the
future?
Unless and otherwise its mentioned in the policy document. Premium of a term insurance remains the
same throughout the term of the policy provided everything remains the same with the policyholder. That
is, the policyholder has not developed any illness or any smoking/drinking habit. On declaring any such
thing, company might apply loading and thus the premium amount changes.
6. What if a person was a smoker long back but not at the time of taking
the policy ?
Depends on the policy, but just for example, the Kotak Life Insurance proposal form mentions that the
client has to declare whether he was a smoker or drinker earlier also even if he has left that habit long ago.
Please see page 4, question 10.3 of this document . However, I am not sure about other companies. Also, it
depends on the company whom they consider as a non-smoker at the time of issuing a policy. For example:
Max New York Life Insurance, for its Platinum Protect (term insurance), considers people, who have left
smoking more than three years ago, as non-smokers. So please check the companys rule
due to Terrorist Attack. Although such claims are settled on humanitarian grounds later on when the
nominee approaches Insurance Regulatory and Development Authority (IRDA) but such exclusion is there
in most companies. Other important fact, which public at large is unaware of, is that insurance companies
do not cover death due to war or natural disaster like earthquake/tsunami. Because in these cases, death
toll is high and the claim to be settled runs in crores of rupees which is dif cult to settle by the company all
of a sudden. Therefore, these facts should also be kept in mind while buying a term insurance.
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1,000 Comments
Add Comment
Raghav
August 13, 2016 at 7:55 pm
Hi Manish,
I think this is 1000th comment of the post. Congrats and Thank you for helping people
like me with their nancial decisions.
I am working in Public Sector. I have 25L LIC Of ine Term Plan which was through an
agent. I am not sure what agent has written in the form. I also have 5L Postal Insurance
(Endowment). I want to get rid of both policies but should take at least 50L Term Plan
before that. I have been analyzing Online Term Plans. I was stuck between ICICI,
HDFC & Max Life. I came to know that HDFC & Max are going to be merged. I also see
fall in HDFC Claim settlement ratio etc.
Meanwhile, my father & colleagues are suggesting me to take LIC Policy as it is a Govt.
undertaking. I am also concerned with Terror Attacks, War, Natural Disasters etc.
Below are my queries:
1) Does Private Insurance companies cover Terror Attacks, War, Natural Disasters etc.
Most of them not mentioned anything about these in Exclusion List.
2) One of the Bloggers mentioned that there is chance of scam like Sathyam in case
of Private Insurance companies even though they are governed by IRDA. (I think he is
not against any Private rm)
3) Is it safe to take One Term Plan from LIC and other from Private.
4) HDFC or Max Life, which one do you suggest keeping Merger in view.
Please understand I am more concerned about my family as I am the only person
earning.
Thanks & Regards,
Raghav
Reply
PankajSinha
August 2, 2016 at 10:18 pm
Hi Manish,
Thanks for such a nice article.
I have bought one ICICI Pru term insurance policy in July 2016. While purchasing it i
had mentioned that i am a smoker and also consume alcohal which they had lled in
their application form and i also do have a soft copy of that.But in the bond paper they
havent mentioned anything on that and they have neither conducted any medical test.
When i called them and asked to understad the reason then they said that since i had
already mentioned about my consumption of tobacco/ alcohal and my age is also
under 30 so medical test was not required here. But i am just thinking that will it cause
any issue when actual need will come ? Can you please tell me whether i should be
worried about it or not ?
Regards,
Pankaj SInha
Reply
Manish Chauhan
August 11, 2016 at 1:18 pm
They must have mentioned that in the main agreement paper which has
come. Ask them to include that
Reply
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