Here, we will answer viewer queries on pre-existing conditions in health insurance plans, surrender of life insurance plans besides lapsed life insurance plans
If it can be proven that the heart attack was not due to hypertension, you get the claim
However, if it is not difficult to prove that the heart attack was due to hypertension, which the insurance company is likely to try and prove, you don't get the claim
Pre-existing diseases and conditions don't get covered by health insurance plans for 2-3 years. This depends on the conditions of the plan
Anything other than pre-existing conditions is causing the hospitalisation and expenses, then you eligible for getting the claim settled
Youtube Assam asks a question. He had a 10-year SBI Life policy, paid premiums for 2 years and the plan has lapsed since the last 3 years
He wants to know whether he can go for surrender of the plan
With the limited information at our disposal, our sense is that you would have accumulated some surrender value
When you make a premature exit, a lot of charges get deducted from the premiums paid for a life insurance plan
You don't get much money back when you are surrendering the policy early in its term
You can go for the surrender of the plan. You need to visit the nearest branch office with your policy document, bank account details, besides filling up a policy surrender form
Mahboobsubhanishaik has paid annual premiums of Rs 40,000 for 5 years and now wants to surrender the policy. He wants to knwo why TDS is being deducted from surrender proceeds since they should be tax-free
Under Section 10(10)D maturity amount is tax free but in this case 10 premiums had to be paid
Another important condition for maturity amount to be tax free is the life insurance coverage amount need to be 10 times annual premium or more
You still get the TDS amount back after filing for income tax having availed of tax deductions for eligible investments and expenses under Section 80C and Section 80D