Short Term Endowment Life Insurance
- Tax Deductible
- Maturity Benefit
- Death
- 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.
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