Life Insurance News: What is life insurance (Jiwan Bima) and why it is necessary, the Corona pandemic has explained to us well. In the second wave of Corona, how many laughing families did not know, as soon as they saw it, they were devastated. Although no other thing in the world can compensate for one’s own loss, life insurance is a partner who helps to compensate for this suffering to some extent.
the insurance market has expanded considerably. all the companies are offering insurance products with new attractive schemes in this market. life insurance policies come with many benefits, but there are exceptions of its own.
it is very important to know these exceptions so that you do not have to face anything that you do not already know about while making a claim.
so here we are talking about some of the same things, which you need to know about while taking life insurance-
Suicide Life insurance does not cover death due to suicide. However, there are some insurance companies that also cover deaths due to suicide after one year of the policy date.
apart from suicide, death due to involvement in any of the deadly activities or any kind of criminal or illegal activities has also been excluded from the coverage of life insurance.
There are some insurers who do not cover pregnancy complications and death during childbirth. Therefore, while providing life insurance, especially in the matter of coverage of women, this should also be talked about openly.
many people do not mention any kind of smoking habits while taking a policy to avoid a high premium for not disclosing chronic illness or habits. in such a situation, if the insured person dies and the cause of death reveals a prolonged illness or drinking or smoking, the company can reject the claim of insurance.
therefore, you should mention about your medical history and habits while taking the policy without falling into the trap of saving premium money. so that the family members do not have trouble later on.
at the time of a flight related accident, if the insured person is travelling in a private plane and the person dies at the time of a ship accident, then such death is not covered by the insurance company. however, if the insured has died while travelling in a commercial airline and the airline follows its schedule and route, the insurance companies can pay the insurance benefit to the next of kin of the deceased person.
any insurance policy sold by any insurance company if involved in criminal or illegal activities will not provide cover for the risk incurred due to participation in illegal, criminal or illegal activities. in the event of death due to drunken driving, in the event of a death due to drug or drug abuse such as alcohol, in the event of injury or death due to an accident caused by an accident that occurred without a seat belt in the car, or in the event of a death in an accident while driving at a high speed, activities such as taking part in an illegal protest, etc. are included.
if the insured has died in war or due to any war-related activity, the death benefit will not be paid if he is involved in war. therefore, all kinds of terms and conditions should be thoroughly studied while taking life insurance.