term plan Archives

No loan facility with new Ulips; but you may borrow against older policies

Published in Mint on Feb 27 2017, Written by Abhishek Bondia I have a unit-linked insurance plan (Ulip) that I had bought in 2009. I have a family situation where I need to help my brother to pay his son’s college fees. Can I borrow against this policy? Will it be of the same value […]

You cannot change a term plan’s specifications after buying it

Published in Mint on Jan 19 2017, Written by Abhishek Bondia What is an adjustable life insurance plan? Can this be done for a term plan? —Gautam Chopra An adjustable life insurance gives the option of changing the plan’s specifications during the term of a plan. Changes can be made to the sum assured, […]

Term Life Insurance Rates

Footnotes: 1. Date of birth has been assumed to be April 1st in the respective year for each. age group 2. Rates are for a male, non-smoker, delhi-based. 3. DHFL Pramerica, Star Union Dai-chi Insurance Co Ltd. are offline plans. 4. Claim settlement = Claims settled/(claims settled + claims rejected+ claims repudiated). 5. Exide Life […]

Five steps to take before tying the knot

published in Mint on Jun 12 2015 Kirtan Shah, 29, plans to get married this December, but the Mumbai-based certified financial planner and chief executive officer of Ambition Learning Solutions, already has a clear view of his financial role post marriage. “I have decided that I will take care of all household and leisure […]

Taking financial services to every person and household

Published in Mint on May 25 2015 The government has increased the focus on providing access to various financial services. It has launched the Jan Dhan bank accounts for financial inclusion, followed by three other schemes. It also introduced a small savings product for the girl child. Here’s a look at what these schemes […]

Why are life insurance policies abandoned midway?

Published in Mint on May 11 2015 What would you call a product that is sold for 15 years but discontinued after just five? What would you call an industry that is unable to keep customers holding on to a product that was sold for the long term but is stopped midway? In India, […]

Nominees can file life insurance claims even if beneficiaries of the policy are no more

Published in Mint on May 21 2017, Written by Abhishek Bondia. My brother had bought a term plan on his life for Rs1 crore (more than 4 years ago). He had a wife and 2 children who were the beneficiaries. Both children were below 7 years of age. As his children were very young, […]

Definitioner

Nominee

Nominee - means the person(s) nominated by You to receive the benefits under this Policy payable on Your death caused by an Accident. For the purpose of avoidance of doubt it is clarified that if You are a minor, Your legal guardian shall appoint the Nominee.

Child

Child - means dependent child/children including adopted and step child/children of the Insured Person between Ages two (2) years and eighteen (18) years (twenty-three (23) years if attending as a full time student in an accredited Institution of Higher Learning) who are unmarried, and receive the majority of maintenance and support from the Insured Person

Claim

Claim - means a demand made by You or on Your behalf for payment of Medical Expenses or any other expenses or benefits, as covered under the Policy

Policy

"Policy" means this document of Policy describing the terms and conditions of this contract of insurance, including the company's covering letter to the insured if any, the Schedule attached to and forming part of this Policy, the Insured's Proposer form and any applicable endorsement thereon. The Policy contains details of the scope and extent of cover available to the Insured/Insured Person, the exclusions from the scope of cover and the terms and conditions of the issue of the Policy.

Illness

"Illness" means sickness or disease first diagnosed during the period of insurance for which immediate treatment by a Medical Practitioner is necessary.

Family

"Family" means the Insured, his/her lawful spouse and maximum of two dependent children up to the age of 23 years. xii) Arthritis, goutandrheumatism.

Critical Illnesses

Critical Illnesses means diseases/illnesses limited to the following:

Cancer represented by a malignant tumor characterized by the uncontrolled growth and spread of malignant cells with invasion and destruction of normal tissue.
First Heart Attack involving death of a portion of the heart muscle arising from inadequate blood supply to the relevant area.

Coronary Artery Disease involving narrowing of the lumen of at least one coronary artery by a minimum of 75% and of two others by a minimum of 60%, as proven by coronary arteriography, regardless of whether or not any form of coronary artery surgery has been performed. Coronary arteries herein refer to left main stem, left anterior descending circumflex and right coronary artery.

Coronary Artery bypass surgery involving the actual undergoing of open-chest surgery to correct the narrowing or blockage of one or more coronary arteries with bypass grafts.
Heart Valve Surgery involving the actual undergoing of open heart surgery to replace or repair heart valve abnormalities.
Surgery to Aorta involving actual undergoing of major surgery to repair or correct aneurysm, narrowing, obstruction or dissection of the aorta through surgical opening of the chest or abdomen. For the purpose of this definition aorta shall mean the thoracic and abdominal aorta but not its branches.

Stroke referring to a cerebrovascular incident including infarction of brain tissue, cerebral and subarachnoid hemorrhage, cerebral embolism, and cerebral thrombosis.
Kidney Failure involving chronic irreversible failure of both kidneys requiring either permanent renal dialysis or kidney transplantation

Aplastic Anemia involving Chronic persistent bone marrow failure which results in anemia, neutropenia and thrombocytopenia requiring treatment
End Stage Lung Disease causing chronic respiratory failure
End Stage Liver Failure evidenced by Permanent jaundice ascites and Hepatic Encephalopathy.

Coma that persists for at least 30 days.
Major Burns representing third degree (full thickness of the skin) burns covering at least 30% of the surface of the Insured / Insured person's body.
xiv) Major Organ/Bone Marrow Transplantation involving human bone marrow using hematopoietic stem cells preceded by total bone marrow ablation; or any one of the human organs limited to heart, lung, liver, kidney or pancreas, that resulted from irreversible end stage failure of the relevant organ.

Multiple Sclerosis

Fulminant Hepatitis involving sub-massive to massive necrosis of the liver by the Hepatitis virus, leading precipitously to liver failure
Motor Neuron Disease characterized by progressive degeneration of corticospinal tracts and anterior horn cells or bulbar efferent neurons which include spinal muscular atrophy, progressive bulbar palsy, amyotrophic lateral sclerosis and primary lateral sclerosis.
Primary Pulmonary Hypertension with substantial right ventricular enlargement confirmed by investigations including cardiac catheterization, resulting in permanent physical impairment due to cardiac impairment resulting in not being able to engage in any physical activity without discomfort. Symptoms may be present even at rest
Terminal Illness involving conclusive diagnosis of an illness that is expected to result in the death of the insured person within 12 months.

Bacterial Meningitis involving bacterial infection causing in severe inflammation of the membranes of the brain or spinal cord resulting in significant, irreversible and permanent neurological deficit. The neurological deficit must persist for at least 6 weeks.

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Articles Tagged: term plan