My father is 58 years old. He had a term insurance with policy term till 60 years of age. Last year he suffered an accident and has been hospitalised since then. The doctors are now saying that he is brain dead. Can we file a claim on his term insurance policy?
—Navin Sharma
Standard term insurance only covers death. Policy sum assured is paid after the person dies. However, if the policy carries a critical illness rider, and covers the concerned illness, then the critical illness sum assured would be payable. Now, a few policies also provide a terminal illness benefit. Herein, if a person is diagnosed with an illness that can lead to death within 6 months of diagnosis, then the policy will pay the full sum assured.
Unless you have one of these benefits in your policy, you will not be able to make a claim before death of the insured.
