Term insurance is considered the most specific life insurance policy and offers comprehensive financial protection to life uncertainties.
Taking an insurance policy is best when you want to secure your loved ones against any financial setback. Term insurance is considered the most specific life insurance policy and offers comprehensive financial protection to life uncertainties. The cover or assured sum depends on the best term insurance plan you buy.
But what can happen if your claim gets rejected? The rejection can make a family's world upside down. There would be the grief of losing a dear member paired with the fear of the upcoming financial liabilities. You certainly do not want to go through such adversities in an already adverse time.
Here Are Some Reasons That Could Lead To A Claim Rejection As a term insurance policy buyer, you need to understand the reasons that may be the reason for claim rejection. Some of the most common reasons include:
- Giving wrong age
- Developing a lifestyle disease
- Providing incorrect information in the application form
- Not specify the nature of the job
- Not disclosing old insurance policies
Here are seven things you must understand as a customer to ensure that you will always get paid the due of your term insurance policy.
Never Conceal Information
You should not conceal any information which can have an impact on your health. Any claim will be tracked back and traced to the information provided in the application. Hence giving details of Pre-existing diseases, conditions and habits play a vital role. If you give all the information transparency, the company will not have anything against you to stop the payment.
- Section 80C helps to access the tax benefit upon the premium paid
- 10D provides a maturity benefit