Term insurance coverage issued in India has world protection

Can a life insurer withdraw its time period coverage, which is round three years previous, with out giving any discover or taking consent from the policyholder?

—Name withheld on request

No, as soon as a plan is bought by an insurer, they can’t make any modification to the plan. If you might be paying common premium, then the insurer is obliged to maintain your coverage in power.

I’m planning emigrate overseas and finally plan to take up citizenship there. I’ve time period life insurance coverage in India and my dad and mom would proceed dwelling in India (they’re the nominees). Would immigration and citizenship change influence the coverage or different situations in case of any untoward incidents?

—Name withheld on request

Term life insurance coverage issued in India has a worldwide protection. So, no matter your nation of domicile on the time of an incident, the declare might be payable. The declare quantity might be payable in India and in rupees. Since your nominees are Indian residents, the declare course of will undergo easily.

My good friend had purchased a time period plan 10 years in the past however he didn’t select any nominee and died a month in the past. There is nobody in his household. His father or mother additionally died a couple of years in the past. How will the insurer settle the declare?

—Name withheld on request

A life insurance coverage declare may be made even within the absence of a nominee. The authorized heirs could make the declare. To file the declare, the heirs have to submit a succession certificates. Such a certificates is issued on the premise of the Will of the deceased or based mostly on the authorized heirs as recognized by succession legal guidelines.

Abhishek Bondia is principal officer and managing director, SafeNow.in.

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