This is krishna from Hyderabad. I am married with 2 kids and currently working in IT industry. I am planning to take Term insurance plan and gone through many insurance plans and finally decided to take PNB MetLife Term Insurance plan.
I heard many bad news regarding insurance companies claim settlement process. If the insured person expires they will torcher the nominee to get more and more documents for claim settlement process regarding medicals and so on..and in some cases they will reject the claim even though nominee will provide all the documents.
I gone through your blog and got a big relief by knowing that if the person paid continuously 3 years full annual premiums then there is no chance of rejection of claim in any point as per IRDA. If yes,can you please provide me the link of IRDA regulations link..?and plz let me know if I can go ahead to take term insurance as per my choice if above case works..?
Yes, your understanding regarding the IRDA rules is perfect. Refer my post on the same “Term Insurance-Claim Settlement Ratio no more a big criteria“. I provided the IRDA notification link on the same blog post.