Insurance Q&A, Pre Existing Conditions & Life Policy Surrender, Hindi




In this video in Hindi, we address our viewer queries on health insurance and life insurance covering the topics of pre-existing conditions and surrender and lapsation of life insurance policies
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Edited Highlights
1:50 Here, we will address our viewer queries on health insurance and life insurance covering the topics of pre-existing conditions and surrender and lapsation of life insurance policies
2:00 Here, we will address our viewer queries on health insurance and life insurance covering the topics of pre-existing conditions and surrender and lapsation of life insurance policies
2:11 If it can be proven that the reason for the heart attack wasn’t hypertension, then you can get the claim successfully
2:19 However, if it can be proven that hypertension was the cause of the heart attack, then the claim would get rejected
2:31 The background for this are the health insurance plan clauses of pre-existing diseases. These coverage for such conditions doesn’t happen for some period during the health insurance plan
2:39 It is for a period of 2-3 years when this is not covered and it depends on the health insurance plan
2:46 It is important to know about the pre-existing conditions in a health plan since many times it is because of them that the health insurance claims get rejected
3:24 The next two questions pertain to surrender of life insurance plans
3:34 YouTube Assam had a 10-year life insurance plan from SBI Life. He had paid premiums for 2 years and the policy has lapsed for the past three years
3:42 He wants to know whether he should surrender the policy?
3:48 While we don’t have the plan details but we think that you should be having some surrender value for your plan and you can surrender it
4:00 Remember, during premature exits, many charges which tend to be front-loaded in a life insurance plan, get deducted from your investments and you get a lower surrender value
4:42 You need to visit SBI Life branch with policy documents and bank account details
4:59 Mahboob Subhani Shaik says that he paid annual premium of Rs 40,000 for 5 years for an HDFC Life life insurance plan
5:14 This is a 10 year plan and he wants to surrender the money now and he has been informed about a TDS deduction from the surrender proceeds
5:21 He wants to know why the TDS deduction should happen since life insurance plan maturity amounts are tax free
5:25 Normally, life insurance plan maturity proceeds tend to be tax-free under Section 10(10)D of the Income Tax Act
5:31 But for life insurance maturity proceeds to be tax free, some conditions need to be met which is not happening in this case
5:35 In this case, the maturity amount would have been tax -free if 10 annual premiums had been paid
5:51 The other important condition for tax-free maturity proceeds is life insurance coverage being equal to or more than 10 times annual premium
6:13 Here, during the filing of income tax return if tax deduction is availed of and you get to a situation of excess tax deduction, you will get refunded of this Tax Deducted at Source (TDS)

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