A term insurance plan is a vital financial safeguard, but claims may be rejected due to various reasons. Common causes include filing incorrect or incomplete information, non-disclosure of medical history, failure to update beneficiaries, not disclosing existing plans, policy lapses due to non-payment, and incomplete details about lifestyle choices and health. Accurate information and timely updates are crucial to prevent claim rejections. Policyholders must diligently fill out forms, disclose medical history, update beneficiaries, reveal existing plans, ensure timely premium payments, and provide comprehensive health details. Maintaining transparency is key to securing successful term insurance claims for the nominee’s financial protection.
Common Reasons for Rejection of Term Insurance Claims
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