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Decoding Your Policy’s Fine Print

Buying a life insurance policy is a serious decision. Many times, the 'fine print' (policy clauses on restrictions and exclusions) is overlooked, deterring you from achieving your desired financial goals. We have therefore simplified the 'fine print' into 'big print' for your ready reference.

  • No liquidity in initial period

    All unit linked policies have a lock-in period of 5 years and hence you will not get any liquidity during this period. A traditional policy also will not give you any value if you surrender your policy in 2 to 3 years.

  • Right to deny claim in first 2 years

    The life insurance company has the right to deny the benefits in the first 2 policy years, on grounds of misrepresentation in the application form.

  • Bonuses on your policy

    The bonus amounts in traditional policies are not guaranteed and are paid at the discretion of the company.

  • Waiting period

    Your critical illness or health policy may have a waiting period during which the claim will not be processed.

  • Investment risk

    If you have bought a unit linked policy, you are exposed to market-related risks. There are chances of losing money during difficult market conditions.

  • Suicide exclusion

    In case the Life Assured commits suicide within the first year from the start or revival of the policy, the insurance benefit is lost.

  • More conditions

    If your policy covers accidental death, disability, or critical illness, certain exclusions get added to the 'fine print'. For example, if you meet with an accident while driving a car under the influence of alcohol, it can annul your benefit paid under the accidental death cover.

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Tax benefits are as per Income Tax Act, 1961, and are subject to modifications made thereto from time to time. Insurance is the subject matter of the solicitation. BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums.

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