Death Claim: More than One Life Insurance Policy, Possible?!


And the Policies again?! The term itself is brain-storming and boring for layman. Do you often get hesitant to decide in which policy to invest as you are not equipped to handle multiple policies? Let us take one of the claims and check if we can avail more than one kind of claim or not.

In a simpler manner as Nirmal Singh 3C talks about Death claim.  In the case of Life Insurance, if the insured person’s demise occurs before the end of the policy duration, the insurance money is being received by his or her beneficiary, which is called as Death Benefit.

The request, the beneficiary makes for the payment of the amount due in accordance to the terms and conditions is termed as Death Claim.
Basic question that arises in our mind is that is it possible rather legal to acquire more than one life insurance policy and make claim for all those policies in case of the event occurrence.          

And the answer to it is affirmative. One has all the rights and it is absolutely legal to buy and hold more than one life insurance policy. However, as everything from pin to needle has its own flip-parts, under few circumstances it is achievable.

Disclose all material facts. Before applying for a new policy, previous policies undertaken should be disclosed so that they are cognizant of your existing coverage. It ascertains the choice of new policy in a better fashion. The new policy extends your coverage in line with your personal goals as reported by Nirmal Singh 3C. Not adhering to it would cause misinterpretation and a rejection of the death claim.

The combined sum assured of all policies does not exceed your Human Life value. In the case, when an insurance company receives an application, a process of risk assessment called underwriting begins. The medical conditions of the applicants are assessed. Also, the applicant’s income and existing life cover is also assessed for the purpose of financial underwriting. Collecting this information, Human life value is being calculated by the insurer. The combined value of different policies taken can in no condition exceed this value.


So the question arises, what is the benefit of multiple insurance policies?

It’s a hedge against claim rejection. It is more disappointing to see that your family is not receiving the benefits in your absence. The other thing is that it will help you with milestone based protection planning. Life insurance policies are adopted based on the dependents. With the due course of time and following of events, policies need to be restructured. Multiple Policies ease such load. 

Comments

Post a Comment

Popular posts from this blog

Mental Health: AIIMS To Launch Health Clubs In Schools

Image
Nirmal Singh 3C is glad to know that the people in India are finally taking the mental health seriously as the All India Institute of Medical Sciences (AIIMS) has recently tied up with the Mental Health Foundation (India) to start “School Health Clubs” which aims to engage students to ensure that their mental and emotional health is fine.   Nirmal Singh 3C supports the information given by Dr. Nand Kumar from the Department of Psychiatry, AIIMS, who said: “We aim to reach out to 50 schools (private/government) in Delhi and will later go national with the programme. Besides school students, teachers and parents will also be a part of the programme.” The initiate is quite interactive as the organization is introducing: • Free-of-cost program • Educate students through videos • Theatre and group activities  “The programme is divided into three levels for children from Class VI to Class XII . We will teach the children how to concentrate, handle stress and work
Read more

Not Liking Green Veggies Is Due To Your Genes - Nirmal Singh 3c

Image
Nirmal Singh 3C finds an interesting study that says a child forms a strange dislike to the vegetables which indeed has nothing to do with their parents. According to a new study, due to genetic mutations, youngsters try new foods while many other are fussy eaters. Nirmal Singh 3C thinks that this study will help in paving way for children who are fighting with childhood obesity epidemic.  According to a new research in the US, DNA is linked with the kind of taste a toddler would develop which is why they are fussy about their eating habits which is why they develop a bitter taste at the age of four. Nirmal Singh 3C would like to get specific with the names, as TAS2R38 is associated with dietary variety other called CA6 that puts a child out of control during mealtimes. People generally blame parents for children being fussy about their food habits, however that is not the case, as it is a matter of nature and not nurture. This was further corroborated by Natasha Cole
Read more

Air Pollution Is Damaging Your Kids’ Memory, Try These Brain Boosting Foods

Image
Nirmal Singh 3C is really concerned for the kids who are regularly being exposed to air pollution, which is affecting their mental as well as physical health. As of now, we have had heard much about the physical problems caused by the pollution but no one really knows what wrong it is doing to the brains. Nirmal Singh 3C would like to enlighten the people about memory loss. Pollution clearly reduces our memory and exposes us to particulate matter, fine inhalable particles of diameters of 2.5 micrometres or less as well as carbon, the prime source of pollutant caused due to traffic. Nirmal Singh 3C prepares a list of reasons behind these adverse effects on the children: Because children have small lung capacity and higher respiratory rate, they are comparatively more vulnerable  According to a study published in the journal Environmental Pollution, as many as 1,200 children aged from 7 to 10, from 39 schools walked to school on a daily basis in Barcelona. These ch
Read more