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Living Wills may not affect Insurance payouts
Since this is considered euthanasia, or voluntary death, insurance companies consider this suicide. This worried a lot of senior citizen concerned about their families that they won’t be paid the sum assured, in case they chose to end care in case it becomes unbearable and ending life support would be better. Earlier insurance companies would process claims after three years of a person’s demise by suicide. But from January 1, 2014, the Insurance Regulatory and Development Authority of India mandated the companies selling insurance policies to effect changes in their agreements to make provision for some payment to the kin even if a policy holder committed suicide within a year.
This change included a traditional policy and a market link policy. In a market link policy, the nominee will get 100 fund value one year after the person’s suicide.
If a person has paid a premium of Rs 1 lakh for the first year and of which the insurance company invested 80,000 in mutual funds and kept rest for insurance cover, then upon his suicide, his nominee would get back Rs 80,000.
In a traditional life insurance policy, there is still debate whether the nominee will get the sum assured in case the insurer chooses to end his life, which is considered suicide by the insurance company. While some reports claim that the nominee should receive 80% of the sum assured, there are some report that say that no insurance company pays the claim in case of suicide if it’s a traditional insurance plan.
HDFC LIFE offers variousLife insurance policies to you to secure the financial future of your family in case of any unforeseen events.
Living Wills may not affect Insurance payouts
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Francis Rodrigues
Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.
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HDFC Life
Reviewed by Life Insurance Experts
HDFC LIFE IS A TRUSTED LIFE INSURANCE PARTNER
We at HDFC Life are committed to offer innovative products and services that enable individuals live a ‘Life of Pride’. For over two decades we have been providing life insurance solutions - protection, pension, savings, investment, annuity and health.
HDFC Life Insurance Company Limited. CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101.
Registered Office: Lodha Excelus, 13th Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai 400 011. Email: Buyonline@hdfclife.in, Tel No: 1800-266-9777 (10 am to 7 pm). The name/letters “HDFC” in the name/logo of the company belongs to Housing Development Finance Corporation Limited (“HDFC Limited”) and is used by HDFC Life under an agreement entered into with HDFC Limited.
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