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Whether your life insurance policy coverage will remain in force in a crisis like Ukraine will depend upon the nature of your stay overseas, the residential status for which the plan is taken, the type of insurance plan that you have bought, and the cause of death.
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A number of civilian causalities, including the two Indians' lives, had been reported in the Russia-Ukraine War. One important question that many individuals having an Indian life insurance policy would want to know is whether their plans will work if a policyholder dies in such type of crisis.
Life insurance plans provide coverage against deaths without any restriction on the location. Thus, death because of the Ukraine Crisis or any other similar condition is covered under life insurance.
Here are some of the points that should be kept in mind while understanding life insurance policy coverage for people stuck in war abroad:
Term Plans
Various individuals go abroad on a temporary basis such as on a business trips, vacations, seminars, meetings, medical treatment, exhibitions, seminars, to meet some of their relatives, and so on. While many other individuals go to stay longer in a foreign country such as employees, consultants, students, and others. The effectiveness of a life insurance policy in a war-like situation depends upon the kind of overseas stay, death cause, residential status for which plan is taken, and type of life insurance plan purchased by you.
Term insurance plans offered by Indian life insurers are not only purchased by Indian residents but also by Non-Resident Indians (NRIs). PIOs (Persons of Indian Origin) and NRIs are eligible to buy term insurance plans presented by Indian Insurance companies. The population of NRI also involves parents, spouses, and children of those people who have moved to foreign to seek out employment. The procedure involved in buying term insurance is somewhat similar for both non-residents and residents. If the life assured dies with the same residential status as mentioned in the plan, then the life cover will remain active. This mostly happens in case of short visits. In such cases, a natural death is covered regardless of where death occurs.
If a policyholder wants to make a change in his/her residential status in the middle of the year of the policy, then you have to inform the insurer to ensure that there are no obstructions in the life insurance cover. It may also happen that you buy a term cover as a resident of India but are needed to shift abroad because of a job or other reasons during the policy tenure. In such scenarios, the life assured is required to inform the insurance company regarding the plan of moving abroad.
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The riders that have been chosen at the time of buying a policy may not be eligible because of exceptional situations of war. If the policyholder dies in a Ukraine – like crisis, then personal accidental insurance may not work in this situation. Invasion, hostilities, and war are generally the exclusions in a term insurance plan, and one should check with their life insurer in case of a claim.
Some insurance plans have a condition that allows it to not pay for additional coverage of personal accidents taken with a term insurance plan if the death case includes war. The company shall not be eligible to pay the extra amount of a personal accident if the policyholder’s death shall be due to injuries resulting from taking part in riots, war, rebellion, mountaineering, hunting, invasion, paragliding, or taking part in any kind of adventurous sports.
So, if the life assured has opted for such a term plan along with personal accident cover to double the life cover in case of death due to an accident, then the insurer will only pay for the term cover and not for the extra sum assured against the personal accident insurance rider benefit.
Note: Know what is term life insurance first and then buy a term plan for your loved ones.
Note: You should also check the term insurance benefits if you are planning to purchase the term insurance plan.
This type of coverage includes one type of exclusion, which generally term plan has, is the suicide by the life assured in the first policy year. For example, The LIC Tech Term plan shall be canceled if the life assured (whether in an insane or sane condition) commits suicide any time within a year (12 months) from the risk commencement date or the revival date, provided the plan is active. In such cases, the company will not accept any claim except for 80 percent of the premium amount paid till the death date. This premium amount excludes any extra amount if charged under the plan because of rider premiums and underwriting decisions).
This simply means that there are no such major exclusions that can create a problem for the beneficiaries in getting a life insurance payout in case of the policyholder’s death in a war abroad.
Several parts of the world like Kuwait, Syria, Yemen, Libya, Iraq, Afghanistan, and other African countries stay under continuous chaos. Various Indians, unwillingly are caught in the middle of such war. The loss of a breadwinner puts the family into financial difficulty. The life insurance plan can reduce the burden from the family’s shoulder as it is a source of financial protection for the nominees/beneficiaries.
Note: It is suggested to calculate the term plan premium on the term insurance premium calculator online tool before buying term insurance plan.
Note: Check out the best term life insurance in India and choose one that suits your requirements.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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