Short Term Endowment Life Insurance
- Tax Deductible
- Maturity Benefit
- Total Permanent Disability
- Surrender value (if a policy holder decides to exit the policy before maturity)
- Paid-up policy (the policy holder decides not making payment anymore but will get the Paid- Up Value [less than paid premium] back when the policy is mature)
The policy duration can be 5 years/7 years/10 years.
Yes, medical check-up is required based on the age of the applicant and sum insured amount.
What are the exclusions for the total permanent disability benefit of the Short Term Endowment Life insurance?
The exclusion lists are as below:
- Intentional self-harm
- Suicide attempt – within 1st year of the policy
- Abuse of narcotic drugs
- Take Illegal medicine/ tablets
- Death or Total Permanent Disability due to an involvement in a commit crime and
- Undisclosed pre-existing illness or disease within 1st year of the policy
*For above cases, policyholder will receive back only the total premium paid