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Get Worldwide Coverage on Life Insurance Policies Issued in India

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August 28, 2018
The Life Insurance policies are comprehensive and detailed. They have a worldwide coverage. Here are a few points to know about the policies in India:

  1. Your Life insurance policy will be in force when you travel- In case a policyholder dies while travelling abroad, the nominee becomes eligible to get the benefits under the policy. The policy sum would, however, be payable only in India. All the documentation, including claim form, death certificate, and certificates from authorities, will have to be submitted with the insurer in India. Thereafter, the claim will be settled in Indian rupees. Insurers ask for a travel questionnaire to be filled by an insurance applicant. This is to understand their risk profile. For example, executives who frequently travel to geographies such as Afghanistan may be considered as high risk. Insurers may decline such a proposal. However, if the policy is issued, it is for a worldwide cover.

  2.   Details needed to add or change nominee- If you want to change or add a nominee, you would need to fill a nomination change request form. Every insurer has a customised form, but broadly, you need to declare the nominee’s name, address and date of birth, relationship with the nominee, and share of nomination. The insurer may ask for proof of nominee’s date of birth, and your relationship with her. If the nominee is a minor, the insurer would ask for an appointee, who would act on behalf of the minor.

  3.   Is it better to get a joint Life insurance policy with your Spouse or an individual cover? Only a few insurers offer joint life policies, because of which choice is limited. Second, the cost of individual insurances is not very different from joint life policies. When you compare prices, compare joint life with the lowest individual insurances available. Third, if in the future you want to discontinue the joint life cover, then both lives will be uninsured. You cannot leave out just one life.

However, if you do want to buy a joint life policy, evaluate two options: death only, and dual death. Death only policy lapses after the first claim is made. Though the premium is charged for both, after the first death, there is no coverage for the second person. In a dual death policy, coverage continues for the second insured life. So, in case of death of both parents, the children would receive the dual sum assured proceeds.

HDFC Life has smart Life insurance policies to help you make the right choice for your future.

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Francis Rodrigues Francis Rodrigues

Francis Rodrigues has a decade long experience in the insurance sector, and as SVP, E-Commerce and Digital Marketing, HDFC Life, manages the online sales channel, as well as digital and performance marketing. He has had hands-on experience in setting up sales channels and functional teams from scratch over a career spanning 2 decades.

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Vishal Subharwal Vishal Subharwal

Vishal Subharwal heads the Strategy, Marketing, E-Commerce, Digital Business & Sustainability initiatives at HDFC Life. He is responsible for crafting and ensuring successful implementation of the overall organisation strategy.

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