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Life Insurance is a financial product, wherein the policy holder and the life insurance company comes to an agreement. A lump sum amount is paid by the insurance company in the form of insurance coverage to the nominee/insured in return for the premium after a specific period or in case of the death of the insured.
A life insurance policy is an agreement between an insurance company & a policyholder that offers financial coverage under which the insurance company guarantees to pay a certain amount to the nominated beneficiary in the unfortunate event of the insured person's demise during the term of life insurance plans. In exchange, the policyholder agrees to pay a predefined amount of money as premium either on a regular basis or as a single premium. life insurance
If covered by the policy, coverage will be provided for critical illness as well.
Since it provides enhanced insurance coverage, it attracts an enhanced life insurance premium.*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The perks of buying a life insurance policy are beyond protecting the policyholder's family in tough times. Undoubtedly, it is a necessity for a breadwinner to safeguard their dependents in case of their unfortunate and untimely demise, accident or physical disabilities that lead to a loss of income. Having said that, there is a long list of other benefits that make life insurance plans a must-have.
Sadly, most people are not aware of the many benefits offered by a life plan. All they care about are the death and disability benefits. However, there are plenty of other benefits offered by life policies such as maturity benefits, tax benefits etc.
Let's take a look at the benefits offered by life insurance plans:
Till date, many people don't know that life policies can also be used as loan collateral. Based on the type of the life insurance policy and the surrender value, the policyholder can opt for a loan from a bank or NBFC (Non-Banking Financial Company) as per applicable terms and conditions.
Loan Amount: Generally, the loan amount is a percentage of the surrender value of the life policy and it can go up to 90%. There are few companies that only allow for a loan up to 50 percent of the total premium amount paid by the policyholder.
Most individuals are unaware of the online payment benefit (the payment mode chosen by an individual drastically affects the premium of a life insurance policy). As a matter of fact, a life insurance company's administrative costs considerably go down when an individual opts to pay his premiums online.
This is because there is no paperwork-related cost involved. Also, the life insurer is able to save a significant amount on the commission, which they pay to the agents for offline life insurance buying and renewing.
Please Note- This discount varies from company to company.
Almost every life insurer offers various payment periodicities to its policyholders- annual, half-yearly, quarterly or monthly mode.
If a policyholder chooses to pay the policy premium on an annual basis, the company can use it for investment purposes that automatically means more profits and benefits for the company.
Once a policyholder chooses the payment periodicity, this discount is often already included in the premium rate charged by the life insurer.
There are some life insurers that provide an option for policyholders who own a business. In the case of a policyholder's demise, their business partners can purchase the policyholder’s share without any hassles. In this scenario, the business partner will simply have to sign an agreement with the life insurer and the pay-out received after selling the policyholder's share will be given to their dependents.
However, it's important to understand that the nominee or the dependents of the policyholder won’t get a stake in the company.
For paying a life policy premium, a policyholder is eligible for a tax rebate under Section 80C of the Income Tax Act 1961. Irrespective for oneself, their spouse or their children, the premium paid for parents and in-laws is exempted.
This benefit is offered by all the life insurers - be it private sector life insurers or public sector life insurers.
Additionally, the maturity benefit of life policies also qualifies for tax deductions under Section 10 (10D) of the Income Tax Act, 1961.
|Life Insurance Plans||Coverage|
|Term Plans||Pure risk cover|
|ULIPs||Insurance + Investment benefits|
|Endowment Plans||Insurance cover + Savings|
|Money Back Plans||Insurance cover with periodic returns|
|Whole Life Insurance Plans||Coverage for a lifetime|
|Child Plans||To create a corpus for child's education, wedding etc.|
|Retirement Plans||Financial cushion aiding financial independence post retirement.|
Here are the details of the aforementioned life insurance plans:
Term insurance is the most basic form of life coverage. It is affordable life insurance that one can buy easily, without any hassles.
Simply put, a term insurance plan offers death cover for a stipulated time period. God forbid, in the event of the sudden demise of the insured during the policy tenure, the life insurance provider offers a pre-decided death benefit as a lump sum, as a monthly/ annual pay-out, or as combined benefits to the nominee. The best term plan offers comprehensive coverage at a competitive premium.
A unit-linked insurance plan or ULIP is a type of life coverage plan that offers a perfect blend of insurance & investment. It comes with a long-term investment opportunity along with valuable investment flexibility.
The premium paid towards a ULIP is partly used as a risk-cover for life coverage plan and the remainder is invested in market funds such as debts, equities, bonds, market funds, hybrid funds etc. The selection of the market funds depends purely on the risk appetite of the life insurance buyer. Based on that, the insurer invests the amount in the capital market as per the insured's preference.
Endowment plans are also known as traditional life insurance plans. These plans come with an element of saving. As compared to the risk factor of other investment products, the risk involved is lower (so are the returns).
An endowment policy is a combination of a life coverage plan and savings plan. It invests a particular amount in life coverage and the remaining amount is invested by the provider. In case the policyholder outlives the policy term, the insurance provider offers a maturity benefit to him/her. Furthermore, some insurance endowment policies may offer bonuses on pre-specified periods. If applicable, the bonuses are paid either to the policyholder at the time of policy maturity or to the nominee in case of a death claim.
True to its name, this type of life coverage plan offers a stipulated percentage of the assured sum. It is paid back to the policyholder at pre-decided intervals. This payback benefit is known as a survival benefit.
Money back Policy is the best type of life insurance policy for individuals who want their investments to be accompanied by an element of liquidity. Furthermore, these plans are eligible for bonuses as declared by the provider (if any).
A whole life insurance plan offers life coverage as long as the insured lives. There are a few providers that offer life coverage up to 100 years of age. Contrary to the coverage offered by term plans, this plan offers extensive life insurance coverage.
The sum assured is computed when the life coverage plan is purchased and is payable to the nominee after the demise of the insured. Along with the sum assured, bonuses (if any) are also paid to the nominee. It is one of the best life insurance policies that offer coverage up to whole life at low premiums.
A variant of whole life insurance is available in the market that clubs the benefits of life insurance plans with ULIPs. A whole life ULIP offers extensive coverage along with high returns.
Please Note- In case the policyholder outlives the 100 years of age, the life insurance provider pays the benefit of matured endowment coverage to the policyholder.
A child plan acts as a tool to generate funds for the policyholder’s child. A child plan helps one build a corpus for their child that can be used for the child’s education and wedding. Generally, child plans either provide benefits as installments on an annual basis or a 1-time payout once the insured child is 18 years of age.
In an unfortunate event of the untimely demise of the policyholder during the policy term, immediate premium payment is payable by the insurer. In such cases, some life insurance providers waive off future premiums but the plan continues till the opted policy term.
A retirement plan, also known as an annuity or pension plan, helps the insured accumulate a corpus for their retirement. Typically, retirement plans provide benefits in the form of installments on an annual basis or a 1-time pay-out once insured is 60 years of age. In case the insured outlives the policy term, the plan offers vesting benefit. In case of the insured's demise, it offers the death benefit to the policy nominee.
Note- In case of the insured's demise while the policy is active, the life insurer pays a pre-decided amount to insured's nominee.
|Basis||Term Policies||Whole Life Insurance Policies||Endowment Plans||Unit Linked Insurance Plans||Money Back Plans||Pension/Annuity Plan|
|Overview||Term life insurance plans are the simplest form of life coverage.||These plans offer protection till the whole of life and may or may not have an investment component.||These plans offer protection along with investment components. The returns have some amount of guaranteed component that could be as high as 100% guaranteed returns..||These plans offer market linked returns along with protection components. The investment returns completely depend on the performance of the fund and are not guaranteed by the insurer.||These plans offer protection along with investment components. The returns could be in the form of an income for a fixed period of years.||These plans offer income till a person survives. Some plans also have a return of purchase price on death.|
|Policy Term*||Usually range from 5 years to 50 years||This policy covers the whole life of life insured.||Generally, ranges between 10 years to 35 years.||Term ranges from 10 years to 20 years.||Generally, it can be up to 25 years.||No fixed term.|
|Maturity Benefits||You are not paid any maturity benefit on the survival.||You are paid the maturity benefits while you reach a certain age (maybe between 80 to 100 years).||You will be paid the maturity benefits if you survive the policy term.||You can avail the maturity benefits on your survival at the end of the policy term.||You are offered the survival benefits on the maturity of your policy.||No maturity benefit is offered. You are entitled to a regular income till you survive.|
|Death Benefits||In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.||In case of your demise, while the life insurance policy is active, the sum assured is paid to the beneficiary.||The death benefit is paid to the beneficiary upon demise of the life insured.||The death benefit is paid to the beneficiary in case of life insured’s demise while the policy is active.||The death benefit is paid to the beneficiary in case of the life insured’s demise while the policy is still active.||A few plans provide a provision to return the amount invested in case of life insured’s demise.|
|Ideal for||These plans are ideal for individuals who are seeking to safeguard the financial interest of their loved ones without paying excessive premiums.||The whole life insurance plans are ideal for individuals who wish to safeguard the financial interest of their loved ones and want to leave a legacy amount||These plans are perfect for individuals who want financial protection along with guaranteed returns from investment.||This is a best-suited plan for individuals with a medium-term investment goal to expand their portfolio. Moreover, it is an ideal plan for people with high income and good investment sense.||The individuals are looking for securing their life and wanting to earn money at a regular interval of time. Best-suited for individuals seeking protection plus investment benefit.||This scheme is an ideal option for individuals who want to secure their retirement by getting a source of regular income after retirement.|
Listed below are the best life insurance policy plans:
|Insurance Plan||Entry Age (Minimum/Maximum)||Policy Term (Minimum/Maximum)||Sum Assured (Minimum/Maximum)|
|Aditya Birla Sun Life Shield Plan||18/65 years||10, 20/30 years||Rs.25 lakh/no upper limit|
|Aegon Life i-Term Plan||18/75 years||5/40 years||10 Lakh/ no upper limit|
|Aviva Life Shield Advantage Plan||18/55 years||10/30 years||Option A - 35 Lakh/ no upper limitOption B- Rs.50 lakh/ no upper limit|
|Bajaj Allianz i-Secure||18/70 years||10/30 years||20 Lakh/ no upper limit|
|Bharti AXA Life Premium Protect Plan||18/65 years||10, 15/35 years||25 Lakh/no upper limit|
|Canara HSBC iSelect + Term Plan||18/65 years||10/30 years||Rs.25 lakh/no upper limit|
|Edelweiss Tokio Life Simply Protect Plan||18/65 years||10/40 years||Rs.25 lakh/no upper limit|
|Exide Life Smart Term Plan||18/65, 60 years||10,12/30 years||Rs.5 lakh, 10 lakh/NA|
|Future Generali Flexi Online Term Insurance||18/55 years||10/75 years||Rs.50 lakh/no upper limit|
|HDFC Click2Protect Plus||18 /65 years||10/30 years||10 Lakh/10 Crores|
|HDFC Life Sanchay||30/45 years||15/25 years||1,05,673/ no upper limit|
|ICICI Pru iProtect||20/75 years||10/30 years||3 Lakh/ no upper limit|
|IDBI Federal Income Protect Plan||25/60 years||10/30 years||N/A|
|India First Life Plan||18/60 years||5/40 years||1 lakh/ Rs.5 crore|
|Kotak Life Preferred e-Term||18/75 years||10/40 years||25 Lakh/ no upper limit|
|LIC Jeevan Amar||18/65 years||10/40 years||25 Lakh/ no upper limit|
|LIC Tech Term||18/65 years||10/50 years||50 Lakh / no upper limit|
|Max Life Smart Term Plan||18/60 years||10/50 years||25 Lakh/100 Crores|
|PNB Metlife Mera Term Plan||18/65 years||10/40 years||Rs.10 lakh/no upper limit|
|Pramerica Life U-Protect||18/55 years||10/30 years||Rs.25 lakh/no upper limit|
|Reliance Nippon Life Protection Plus||18/60 years||10/40 years||Rs.25 lakh/no upper limit|
|SBI eShield Plan||18/70 years||5/30 years||20 Lakh/ no upper limit|
|SBI Shubh Nivesh Plan||18/60 years||5/30 years||75000/ no upper limit|
|Sahara Shrestha Nivesh Jeevan Bima||9/60||5/10 years||Rs.30,000/ Rs.1 crore|
|Shriram Life Cashback Term Plan||12/50 years||10,15,20 &25 years||Rs.2 lakh/Rs.20 lakh|
|SUD Life Abhay Plan||18/65 years||15, 20/40 years||Rs.50 lakh/---|
|TATA AIA life Insurance Sampoorna Raksha +||18/70, 65 years||10, 15/40||Rs.50 lakh/no upper limit|
Disclaimer: Policybazaar does not rate, endorse or recommend any specific insurance provider or insurance product offered by any insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
A life insurance policy is essentially a financial cover for any contingency that is linked with human life in case of a disability, death, accident, retirement, and so forth. Human life is mostly subject to risks of demise or disability due to an accident or even natural causes. When human life is lost or suffers a disability whether partial, temporary or permanent undoubtedly it is a loss of income to a household specifically if the individual is the sole bread earner.
Of course, the life of a human can merely not be valued; however, a money sum can be determined on the premise of the loss of income in the prospective years. So, in the life insurance, a sum assured that is the sum guaranteed to be paid in case of the loss is by the way of the benefit. The life insurance products offer the definite amount of sum in case of life insured pass away during the policy term or disability on account of a mishap.
Listed below are some of the key reasons that will highlight the need for a life insurance policy:
Henceforth, a life insurance plan is ideal for those who have a family to support and is the breadwinner. The life insurance coverage depends upon various factors such as the number of dependents, investment needs, and so much more. With the evolving time, the life insurance plan is merely not confined to provide protection but also serve the savings and investment needs. As life is full of uncertainties so having a life insurance policy in place will act as the financial hedge and enable you to overcome this insecurity.
By now, we all understand that a life insurance plan is important. Now it is time to understand how much life insurance is needed?
The market has many life insurance products such as the term plans , endowment plans, money back plans and ULIPS’. The tax saving instruments is also opulent and people take insurance for Rs 25 lakh, Rs 1 crore and so on. However, simply picking a random figure is not the way to buy a life insurance policy.
Primarily, how much life insurance cover is required depends upon the age of the person, the number of dependents, liabilities, and so forth. Let us just assume that a person falls between the age bracket of 18-24 years of age and is single and unmarried. This means that he does not have many responsibilities. The financial liability could be a loan or his parents depending upon him. Now under such a situation, a small insurance plan would be bought. In case the person has a good source of income, then he could also opt for large cover as the liabilities will increase once married and there will be additional responsibilities upon the shoulders.
Now if a person falls between the age bracket of 24-33 years of age then ideally the person will be married and he also needs to protect the interest of his life partner. Such a person should buy the life insurance plan immediately and not delay any further. The life insurance cover will differ across various stages of life.
The life insurance cover should be such that it covers all outstanding liabilities provides money to your spouse and covers the expenses of children education, marriage, etc. When you choose the cover do calculate the yearly family expenses and your liabilities as well. Now multiply the sum with the number of years you are looking forward to supporting the family.
The life insurance cover should be enough at any point in time to take care of the family today and tomorrow.
A life insurance premium is a payment that is to be paid to enjoy the life insurance benefits. The life insurance premium is paid annually; however, the mode of premium payment can be selected from monthly or half-yearly also. This premium also helps to grow the cash value of life insurance.
The insurance company determines the premium payable by the policyholder to the insurance company. Having said that, the life insurance buyer gets to select the term of the policy and the sum assured.
In order to calculate the sum assured of a life insurance policy, the insurer takes various factors such as your lifestyle, occupation, number of dependents, finances, sum assured etc. into consideration.
Note- There is no premium calculator that can calculate the worth of human life.
At the time of applying for a policy, the life insurer will ask for the below-mentioned KYC documents:
This is necessary to estimate the sum assured or cover that would be offered to the insured. In most of the cases, the life insurers offer a cover up to 20 times the proposer's annual income. The standard income proofs include:
Insurance companies would ask for address details of the applicant. The following documents can be used as address proof:
One can provide the following documents as ID proof:
Some of the aforementioned documents would be considered as age proof as well. However, below is a comprehensive list of documents that can be used as age proof:
Apart from the KYC documents, here are some other documents that an applicant would have to submit at the time of buying life insurance coverage:
There are different plans offered by the life insurance companies in India. It sometimes becomes a task to select the best life insurance plan from various options and avail the same at best coverage and a pocket-friendly premium.
Listed below are some key pointers that will help you choose the best life insurance policy:
Filing a claim and getting the assured amount can be a cakewalk if all the necessary steps are taken care of. It is important to have the right approach to file a claim. Here's how nominees of the policyholder or policyholder can file a claim in India under the following scenarios:
Inform the Insurance Company: Contact the insurer as soon as possible on their toll-free number or inform them over email. It is always preferable to inform the insurer directly over a call to initiate the process.
Share Important Details: The beneficiary or the claimant while lodging a claim with the life insurer needs to share all the important details like:
If the life insurance policy has been purchased offline, then the insurer would have provided a claim intimation form at the time of the policy purchase.
If it is an online life insurance policy, it is simple to apply for the claim settlement through claim form online.
Claim Processing: In case of accidental or natural death, the beneficiary or the nominee needs to submit all the supporting documents to the life insurer as a part of the claim process.
The claim support team will verify the insurance documents and claim declaration. In some cases, they might ask the beneficiary to submit a few other documents.
Documents to be submitted
Note- If someone other than the nominee files the claim, the insurance company can ask for the legal title of succession.
Approval and Pay-out
Aforementioned are the basic set of documents that are required to process a claim.
Here are a few other documents that the insurer can ask for (if need be) -
If the insured outlives the policy term, he/she will be eligible to avail policy maturity benefits. However, the insured must make sure the policy is ongoing and that all the premiums have been duly paid.
Here is a simple process to file a maturity claim with minimal paperwork.
When the policy is about to mature, the life insurer generally intimates the policyholder at least 1-2 months in advance. All the details regarding the maturity date, maturity amount, and discharge voucher are provided to the insured.
The discharge voucher (similar to a receipt) has to be signed by the policyholder in the presence of the witnesses. The voucher is then sent back to the insurer along with the original policy bond, on the basis of which the policy maturity benefits are provided.
In case the policyholder has nominated another individual or entity for the life insurance policy, then the nominee must sign the discharge voucher to the insurer, in order to receive the claim amount.
Points to Remember
These riders offer add-on benefits offered by the insurers that help to enhance the base life insurance coverage. However, without knowing the types of riders available in the market, one shouldn't randomly opt for the same just for the sake of increasing the cover amount of the life plan.
Choosing the right life insurance rider is as crucial as buying a life insurance plan. After all, no one wants to regret an insurance decision. That's why one must take time and expert's advice before opting for a life insurance rider.
Here are some of the rider options available for policyholders:
Critical Illness Rider
This rider benefit covers major critical ailments like cancer, heart attack, kidney failure, stroke, coma, paralysis, etc. As the coverage may differ from insurer to insurer, it is important to check the list of illnesses covered by the company.
The life insurer offers the rider benefits upon the diagnosis of the covered critical illness. Though many of the above listed critical illnesses may not cause immediate death, the treatment could cost a bomb. Under this rider, the insured can use the sum assured to pay for the treatment expenses. The only condition is that the policyholder will have to survive the waiting period.
As no one can ensure 100 percent guarantee against a critical illness, this rider can be opted by:
Waiver of Premium Rider
If the insured is unable to pay the premium due to any disability that leaves him/her with no income, the life insurance policy will be terminated. In such cases, the insured wouldn't be offered any compensation. In such a situation, how will their family manage their finances without a regular source of income?
In such a situation, waiver of premium rider acts as life savior, as all the future premiums of the life insurance policy will be waived off and the policy will remain in force.
In case the premiums are not paid due to the death or accidental disability of the policyholder, the premium for the base policy and riders will be waived off and the policy will continue.
While this rider can be opted along with critical illness and accidental total and permanent disability rider, the insured can opt for it separately. As uncertainties can't be predicted, one should consider buying this life insurance rider if they are a daily commuter or work on on-site civil work that involves physical work.
Accidental Death Benefit Rider
With this rider, in case of the accidental death of the insured, the nominee will receive the basic sum assured amount along with the additional accidental death benefit. In many cases, the policyholder doesn’t pass away on-the-spot, so most of the insurance companies set a time period after the incident to extend the offered coverage.
Let’s say, if the policyholder passes away after 100 days of the accident, the nominee will still receive the sum assured. That's why it is imperative to check the life insurance policy clause carefully at the time of opting for a rider.
As accidents can happen anywhere, anytime, everyone should ensure the financial future of their family. While anybody can opt for this rider, it is a must-buy for those who:
Accidental Total and Permanent Disability Rider
Due to total temporary or permanent disability in case of an accident, if the insured is unable to earn a daily income, this rider provides financial assistance to their family in the form of a monthly income. The rider benefit may vary plan to plan and it is offered for a pre-decided time period.
For instance, some companies offer rider benefits for 5 years to 10 years from the occurrence of the accident. In case of the death of the insured during the policy term, the beneficiary would receive the outstanding sum assured amount.
This rider is important to buy for the individuals who:
The figures in the below table are as per the annual report of IRDAI 2019-2020:
|Insurer||Total Number of Claims||Claims Paid||Claims Repudiated||Claims Rejected||Claims Unclaimed||Death Claim Settlement Ratio|
|Aditya Birla Sun Life||5162||5035||108||0||0||97.54%|
|Canara HSBC OBC||1276||1252||22||0||0||98.12%|
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
To understand life insurance completely it is important to know the basic terminologies that are often used within the plan. Sometimes you might not be aware of some terms and refrain from buying the plan.
Let us help you to understand the given below key important life insurance terms with brief explanations of each:
Anyone who buys the life insurance plan and pays the premium is referred to as the policyholder. An individual might own the policy, however, may or may not be the life assured.
In simple words, the individual who is protected or insured is known as a life assured. In case of demise of the life assured, the beneficiary will receive the insurance sum. For example, when a husband buys the life insurance policy for his wife then he is the policyholder and the wife is the life assured.
The person that is nominated by the policyholder is known as a nominee. The nominee will receive the life insurance payouts along with other benefits in case of any eventuality. The nominee is also referred to as the beneficiary. A nominee is declared when the policy is being bought. Generally, the policyholders’ immediate family members such as the spouse, children and parents are declared as a nominee who is directly financially dependent upon you.
The duration for, which the life insurance plan provides coverage, is known as the policy tenure sometimes also known as policy term. On the premise of the type of life insurance policy and the terms and conditions of the insurance provider, the life insurance policy tenure differs.
It is the amount that you will pay to keep the life insurance plan active. In case you are unable to pay the life insurance premium sum either before the due date or under the grace period, then the policy will lapse. The life insurance premium sum depends on factors such as the policy term, the age of the life assured, lifestyle habits, etc.
It is the guaranteed sum that the beneficiary or the nominee will receive when the life assured has passed away. Most of the times, the choice to arrive at a sum assured is upon the premise of the financial loss that might incur due to the death of the life assured. At the time of buying the life insurance plan, the policyholder chooses this sum, which is then paid to the nominee if the life assured passes away during the policy term.
The death benefit is the sum that is paid to a nominee when the life assured has passed away during the policy tenure. It is to be noted that sum assured and death benefits are two different terms. This implies that the death benefit could be equivalent or higher than a sum assured as it could involve the rider benefit too.
The sum that is paid to the policyholder when the policy tenure is completed is known as the maturity benefit.
When the policy gets terminated because of non-payment of the premium amount even after the grace period is known as a lapsed policy. There are life insurance companies that offer the facility to revive a lapsed policy only when the outstanding premiums are duly paid by the policyholder.
It is essentially the extension given by the insurance provider to the policyholder after the due date of the premium payment. When the policyholder pays the premium sum then the cover of the plan continues.
When the premiums are not paid during the grace period the policy gets lapsed. In case you wish to continue with the plan then you are provided with an option of re-activating the lapsed plan, however, it should be completed with a certain time frame after the end of the grace period. This is known as the revival period.
In case you are not comfortable with the terms and conditions of the plan it can be returned within a certain timeframe mentioned in the policy documents. This is known as a free-look period. After deducting stamp duty charges, medical examination, proportionate risk premium, the premium sum will be refunded.
The riders are additional benefit than enhances the coverage of the plan. These rider benefits are optional and enhance the financial safety to secure the family against any unforeseen event by paying an additional premium sum.
When the life assured passes away during the policy term, the nominee will file a claim to receive the death benefit. This process is known as the claim process.
Certain situations remain uncovered within a life insurance plan. In case the claim is made on such exclusions then no benefit is provided by the insurance company.