AEGON Religare iTerm Plan policy – Death Benefit and Suicide Clause

POSTED BY Beginner ON September 27, 2013 12:11 pm COMMENTS (3)

Hi Manish,

I had purchased the AEGON Religare iTerm Plan earlier this month and have been reviewing the policy document and terms&conditions.  I have few questions –

– As per the website, policy benefits include coverage Covers all forms of death, even terrorist attacks. (Exclusion: In case of death by suicide during the first policy year, or within one year from the date of reinstatement, no death benefit is payable). But in the T&Cs documents – it just says –

Death Benefit
If the policy is in force and the Life Assured dies before the Date of Maturity, the company will pay to the nominee or to the policyholder or to the Legal heir as the case may be an amount equal to Sum Assured as applicable at the time of death.
The question here is that it does not explicitly mention the risk coverage as per your website. However, they have clearly indicated the exclusions as below – 
Suicide Exclusion
If the Life Assured under the Policy, whether medically sane or insane, commits suicide, within a period of one year from the:
a) The Policy Date or
b) Date of reinstatement,
The Policy shall be void and the policy will terminate without any benefit.
Now, is the document valid to say that company covered all risks except the ones mentioned in the exclusions? Is the sentencing, they have used, legally valid in a court of law? Because, they are NOT explicitly saying that we are covering you for all forms of death, may god forbid.
thanks for your inputs.

3 replies on this article “AEGON Religare iTerm Plan policy – Death Benefit and Suicide Clause”

  1. ashalanshu says:

    Dear Beginner, yes is my call based upon my personal interaction with my insurer.

    Thanks

    Ashal

  2. Beginner says:

    Thanks Ashal. I have written to the company and waiting for the response. Meantime, in your experience, do you think the document is valid to claim that they were to cover for all the risks except the ones mentioned in the exclusions?

  3. ashalanshu says:

    Dear Beginner, if you want to get it in written from the company, please write a mail and ask for a clarification for the same. In my personal case, I checked it with AVIVA and got the clarification.

    thanks

    Ashal

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