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Ukraine-Russia War: Does Term Insurance Cover You In War? | Bajaj Allianz Life

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2Above illustration is considering Male aged 25 years | Non-Smoker | Policy term (PT)– 30 years |Premium Payment Term (PPT) – 30 years | Sum Assured opted is ₹ 1,00,00,000 | Standard Life | Online Channel | medical rates | Standard Life | Annual Premium Payment Mode | Premium shown above is exclusive of Goods & Service Tax/any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

Ukraine-Russia War: Does Term Insurance Cover You In War?

By : Bajaj Allianz Life

The Ukraine-Russia conflict has already claimed the lives of hundreds of civilians, including few Indian. Many customers who have a term insurance policy with an Indian insurance company want to know whether their policies would pay out if an insured person dies in such a circumstance.


Why get Long-Term Insurance?


Term life insurance plans cover fatalities regardless of where they occur. As a result, fatalities caused by events in Ukraine, such as the crisis or other circumstances, are covered by term life insurance. A term plan's sole exclusion is in the event of the policyholder's suicide, which must occur during the first year of the policy. As a result, there are no other substantial exclusions that may preclude beneficiaries from receiving the term insurance cover benefit in the event of a War like disaster. However, this does not imply that cover will be effective in all circumstances.


When a term insurance policy is dependent on where you live


Many individuals go overseas for a variety of reasons, including vacations, business trips, meetings, seminars, exhibits, medical treatment, and visiting family. Many others, such as students, workers, consultants, and others, remain for extended periods of time. The residential status for which the policy is taken, the nature of the abroad stay, the reason of death, and the kind of insurance policy that you have acquired will be taken into consideration when you are issued your term policy, from where on you will most probably know whether your term insurance cover will be effective in a Ukraine-style situation.


Who can acquire an Indian term policy?


NRIs as well as residents of India acquire term policies from Indian life insurance providers. Non-resident Indians and persons of Indian origin are permitted to invest in India-based insurers' term insurance policies. The NRI population also includes the wives, parents, and children of people who have relocated overseas in search of work. Both residents and non-residents go through the same procedure when acquiring term insurance. The term insurance for NRI will continue to be in force if the policyholder dies with the same residence status as mentioned in the policy. A natural death, regardless of where it happens, is normally covered for a short journey.


During a policy year, every change in residential status must be recorded


If your resident status changes in the midst of a policy year, you must notify the insurance company to ensure that the efficacy of your term insurance policy is not jeopardized. It's possible that you bought a term insurance policy as an Indian citizen but had to go overseas for work or other reasons during the policy's term. In such circumstances, policyholders must notify their insurer of their plans to relocate to another nation.


Wrapping Up


Many sections of the globe are still in shambles. Many Indians are unwittingly caught in the center of such crises. The death of a loved one, often the breadwinner, places additional financial strain on already bereaved families. A term insurance policy may help relieve some of the financial strain on these families by providing significant financial assistance to the nominees.



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Bajaj Allianz Life Insurance Company Ltd.

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~Tax benefits as per prevailing Income tax laws shall apply. Please check with your tax consultant for eligibility.

The above information is for general understanding and is meant to educate the general public at large. The reader will have to verify the facts, law and content with the prevailing tax statutes and seek appropriate professional advice before acting on the basis of the above information. 

The views stated in this article is not to be construed as investment advice and readers are suggested to seek independent financial advice before making any investment decisions. For more details on risk factors, terms and conditions please read sales brochure & policy document (available on carefully before concluding a sale.