Is there a true coverage in Term plan Insurance during the Premium paying period?

POSTED BY Dhanasekar ON October 12, 2013 10:25 pm COMMENTS (3)

Dear Experts,

The following sentences copied from  ING My Term Insurance plan brochure, under the subtitle Risk factor. i am little confused about the point ( C ).

Risk Factors:

a) ING My Term Insurance is a Non-Linked, Non-Participating Life Insurance Product

b) ING Vysya Life Insurance Company Limited is only the name of the Insurance Company and ING My Term Insurance is the name of the product
and does not in any way indicate the quality of the product, its future prospect or returns.

c) This product provides guaranteed death benefit. However the benefits are subject to all premiums being paid.

d) The purpose of this brochure is to provide a general overview about this policy. The information herein is indicative of the terms, conditions,
warranties and exceptions contained in the policy terms and conditions of ING My Term Insurance . Please refer to the policy terms and
conditions to understand in detail the associated risks, benefits, etc.
e) In the event of any inconsistency / ambiguity between the terms contained herein and the policy terms and conditions, the policy terms and
conditions will prevail.


i have chosen a base option, purely protection with death benefit and the lump-sum pay to nominee after death( no any riders)

Sum assured = Rs 59,00,000

Policy Term = 33 years

Premium payment = 5 years (limited)


Is the death benefit will be applicable after i pay all the premium? that means ” I will be left with No protection for 5 years out of 33 years ”

This is what i understand, pl correct me if i am wrong.

If it is so, then please confirm this condition apply to all term policy? if any other policy applicable with protection from immediate date of issue.


Thanks in advance…

3 replies on this article “Is there a true coverage in Term plan Insurance during the Premium paying period?”

  1. ashalanshu says:

    Dear Dhanasekar, in simple words, the lady is ignorant. I checked on my own the policy. You may also check the same. Please read the death benefit amount in the shared link which is 5000000.

    Interestingly, for the given situation, I w’d not work with such Agent, who does not know even the basic details of the plan to be sold by her. Are you comfortable with this lady?



  2. ashalanshu says:

    Dear Dhanasekar, you misunderstood the thing. From your query, it seems you have opted for a term plan where the prem. payment term is only 5Y. So after paying your prem. in full within these first 5Y, your prem. liability becomes NIL and you are enjoying the cover of your term plan.

    The exact meaning of point C is – At the time of death all the due premiums should be paid upto date. In your case, 5 are due and all 5 are paid so your cover is intact. Relax.



    1. Dhanasekar says:

      Dear Ashal,

      Thanks for your comment.

      But pl let me use this as an opportunity to clarify my doubt regarding Term insurance plan.

      May be this is because of lack of knowledge understanding about insurance terms and condition, for this reason only i have approached an insurance agent. but she also gave me some wrong information about my doubts, i believe.

      As per insurance Agent statement verbally “Incase of any unfortunate event, during this premium paying term(5years), only the premium paid will be returned to nominee not the sum assured” that is why i am in whether to go to term insurance or other protection which starts coverage from the immediate date of issuing?

      Pl clarify my doubt and guide me to choose the better one for me…

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