Life insurance is an important investment that provides financial security and peace of mind to individuals and their loved ones. It offers a lump sum payment or regular income to beneficiaries upon the death of the insured person. However, there are instances where life insurance claims get denied, leaving the beneficiaries in a difficult situation. In this section, we will discuss some common reasons for life insurance claim denials. 

Reasons for Life Insurance Claim Rejection

1. Non-Disclosure of Information: 

One of the most common reasons for life insurance claim denials is non-disclosure of information by the policyholder at the time of purchasing the policy. When applying for a life insurance policy, it is crucial to provide accurate and complete information about your health, lifestyle habits, occupation, and any pre-existing medical conditions. Failure to disclose this information can lead to claim denial in case of death due to any undisclosed condition or cause. 

2. Lapse in Premium Payments: 

Another common reason for life insurance claim denials is a lapse in premium payments. Life insurance policies require regular premium payments to remain valid and provide coverage in case of death. If the policyholder fails to make timely premium payments or misses paying premiums altogether, the policy may become void, and no benefits will be paid out upon their death. 

3. Suicide Clause: 

Most life insurance policies have a suicide clause that states that if the insured person dies by suicide within a specific period after purchasing the policy (usually one year), no benefits will be paid out to the beneficiaries. This clause aims to prevent people from 

4. Death During Contestability Period: 

One of the main reasons why life insurance claims get denied by insurance companies is due to the death occurring during the contestability period. The contestability period, also known as the incontestability clause, is a specific time frame that starts from when the policy goes into effect and usually lasts for one or two years. During this period, if the insured dies, their beneficiaries may face challenges in receiving their rightful claim. 

The purpose of this clause is to give insurance companies an opportunity to investigate any discrepancies or fraudulent activities related to the policy before paying out a claim. This means that they have the right to thoroughly review any information provided during the application process and determine whether it was accurate and truthful. 

5. Policy Lapse Due to Non-Payment of Premiums: 

One of the most common reasons for life insurance claim denials is policy lapse due to non-payment of premiums. A policy lapse occurs when the policyholder fails to pay their premiums on time and as a result, the insurance coverage ends. This can be a devastating situation for the beneficiary who was relying on the payout from the policy to cover financial expenses after the death of the insured. In this section, we will discuss in detail why non-payment of premiums leads to policy lapses and what steps you can take to avoid it. 

6. Hiding Other Insurance Policies:

Full disclosure is crucial when purchasing a new policy. Existing life insurance coverage impacts the sum assured eligibility. Be transparent about existing plans to ensure your family’s financial security aligns with your intentions. 

7. Delay in Filing for Claim:

Promptly informing the insurer of the policyholder’s death is crucial. Delays in filing a claim can lead to investigations and potential rejection. Early notification allows the insurer to assess the cause of death promptly. 

Being aware of these reasons and taking proactive measures can significantly reduce the risk of claim rejection. Remember, honesty, timely payments, and clear communication with the insurer are key to a reliable life insurance policy.

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According to NPCI, a total of 996 crore transactions were conducted through UPI in July 2023. During the same period, individuals made transactions amounting to a total of 15.34 lakh crore rupees using UPI. In comparison, July of the previous year saw 6.28 billion transactions and transactions worth 10.63 lakh crore rupees. Since its launch in 2016, UPI has become a favored medium for transactions.

In today’s era, making payments through UPI has become quite commonplace. Many times, in haste, we accidentally transfer payments to the wrong account. Such instances often occur due to hurriedness and can lead to significant inconvenience. However, instead of getting frustrated, you can lodge a complaint and retrieve your money by following the correct procedure.

As per the Reserve Bank of India (RBI), if your funds get transferred to the wrong account, you have the opportunity to receive a refund within 2 working days or 48 hours of lodging a complaint. We are here to guide you through all the necessary steps to successfully reclaim your money.

Contact the Helpline Number If you’ve accidentally made a payment to the wrong number, your first step should be to call the helpline number of the payment platform (PhonePe, Google Pay, Paytm). You’ll need to provide all the requested details.

Helpline Numbers of Popular Payment Platforms

• PhonePe Helpline Number: 1800-419-0157
• Google Pay Helpline Number: 080-68727374 / 022-68727374
• Paytm Helpline Number: 0120-4456-456
• BHIM Helpline Number: 18001201740, 022-45414740

Lodge a Complaint with NPCI Next, you can visit the website of the National Payments Corporation of India (NPCI) to lodge a complaint. Also, file a complaint with your bank as soon as possible.

Steps to File a Complaint

• Start by calling the BHIM helpline number 18001201740. Provide all the necessary information.
• Then, fill in all the transaction details, such as PPBL and the number (to which you mistakenly sent the payment), in your bank’s complaint form.
• If your bank doesn’t process your refund within the specified time, you can file a complaint with the Lokpal through their website.
• Once the complaint process is completed, your transaction will be verified, and your refund will be processed within 2 to 3 working days.

Additional Steps

If your funds have been transferred to the wrong account, you can also contact the number associated with that account. Apart from following the legal procedures, you can request the recipient to return the money.

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Protecting your loved ones and ensuring their financial security is of utmost importance. In this unpredictable world, it’s crucial to have a safety net that shields your family from the uncertainties life may throw at you. That’s where term insurance comes into play. Term insurance is a simple yet powerful tool that provides financial protection for a specific period, giving you peace of mind and assurance that your loved ones will be taken care of even if something unfortunate happens to you. In this blog post, we’ll delve deeper into what term insurance is all about, why you need it, and how Munshijee can help you secure the best term insurance plan tailored to your needs. So let’s get started on unraveling the mysteries behind term insurance!

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जैसे वित्तीय लेनदेन का विवरण (SFT), स्रोत पर कर की कटौती (TDS)  स्रोत पर कर संग्रह (TCS) आदि है ।  

आईटी विभाग ने सूचना त्रिभुज  सेटअप के तहत GST का , निर्यात और  आयात, के  कागज़ात  में लेनदेन, डेरिवेटिव, कमोडिटी और म्यूचुअल फंड से संबंधित जानकारी एकत्र की है। यदि आपको इस प्रकार का एसएमएस  प्राप्त हो रहा है: इस बात को ध्यान दें,

Attention, 

Income Tax Department has received information about certain significant financial transactions relating to FY 2021-22 (AY 2022-23). Please view transactions under e-campaign Portal and remember to pay appropriate advance Tax. You can access Compliance Portal by login to the e-filing portal (https://www.incometax.gov.in), and clicking annual information statement (AIS) available under service tab. On compliance portal, click e-campaign tab, campaign type- significant transactions – ITD.

 कंपलिअन्स पोर्टल पर, ई-अभियान टैब ( e – Campaign ),

अभियान  प्रकार- महत्वपूर्ण लेनदेन – ITD ( https://www.incometax.gov.in/iec/foportal )

 पर क्लिक करें।

या  इस तरह के  ईमेल आने से चिंता करने की कोई जरूरत नहीं है, फीडबैक देने के लिए आपको इन आसान चरणों का पालन करना होगा:

 > सबसे पहले आप , इनकम टैक्स की वेबसाइट पर जाएं 

लॉगिन टैब पर क्लिक करें; सुरक्षित पहुंच संदेश का चयन करने के बाद पासवर्ड के साथ 

अपना पैन नंबर दर्ज करें।

> Now go to the Services Tab & scroll down to AIS (annual Information statement) and Proceed.

इस विंडो पर, आपको दो ब्लॉक दिखाई देंगे;

Taxpayer Information System & Annual Information Statement. 

> Click on Annual Information Statement.

> Select the FY 2021-22.

इसके बाद कुछ इस तरह की स्क्रीन दिखाई देगी।

Here, you can see; on left side, there is a symbol denote EXPECTED. Symbol will be shown on some transactions not on each and every transaction. 

> If you click on this symbol, then a detail summary of transactions will show you under this in

दो विकल्प उपलब्ध हैं: Optional or Expected

यहां विभाग सभी Optional फीडबैक के लिए फीडबैक देने की उम्मीद कर रहा है। किसी भी प्रविष्टि का चयन करें, Optional पर क्लिक करें। प्रत्येक सूचना विवरण पर प्रतिक्रिया विकल्प प्रदर्शित किए जाएंगे। उपयोगकर्ता फीडबैक सबमिट करने के लिए उपलब्ध विकल्पों में से एक का चयन करने में सक्षम होगा।

प्रतिक्रिया विकल्प इस प्रकार हैं:

• A  जानकारी सही है।
• B  सूचना पूरी तरह से सही नहीं है।
• G  सूचना अन्य व्यक्ति/वर्ष से संबंधित है।
• D  सूचना डुप्लिकेट है / अन्य प्रदर्शित जानकारी में शामिल है।
• E  सूचना से इनकार किया।

  उपयुक्त विकल्प का चयन करें और सबमिट पर क्लिक करें

 पोर्टल पर एक और दिलचस्प विशेषता दी गई है, यानी BULK RESPOSNCE:

यदि लेन-देन की संख्या अधिक है, तो आप थोक प्रतिक्रिया ( बल्क रिस्पांस )दे सकते हैं।

• यदि लेन-देन की संख्या अधिक है, तो आप बल्क प्रतिक्रिया दे सकते हैं
• बल्क  में जानकारी जमा करने के लिए, करदाता को एक समय में कई लेन-देन का चयन करने की आवश्यकता होती है और साथ ही, वह बल्क  में प्रतिक्रिया प्रस्तुत करने के लिए केवल दो फीडबैक विकल्पों का चयन कर सकता है।
• लेकिन बल्क प्रतिक्रिया देने से पहले, कृपया सुनिश्चित करें कि यह सभी प्रविष्टियों पर लागू है अन्यथा एक-एक करके प्रविष्टि के अनुसार प्रतिक्रिया दें।

अब प्रश्न उठता है: करदाता कितनी बार “प्रतिक्रिया बदलें” हाइपरलिंक का उपयोग करके प्रतिक्रिया को सुधार  कर सकते  है?

करदाता अपनी प्रतिक्रिया कितनी भी बार बदल सकता है। https://www.incometax.gov.in/iec/foportal/help

इन सवालों को आप  फीडबैक देने के लिए आपको अनुपालन पोर्टल पर केवल इन चरणों का पालन करना होगा।

https://www.incometax.gov.in/iec/foportal (ITD PORTAL )

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1. Companies Act, 2013: Compliance with the provisions of the Companies Act, 2013 is mandatory for all companies registered in India. This includes filing of annual returns, maintenance of registers and records, the appointment of auditors, and holding of annual general meetings.
2. Goods and Services Tax (GST): All companies engaged in taxable supply of goods or services in India are required to register under GST and file periodic returns.
3. Provident Fund and Employee State Insurance (PF & ESI): All companies with more than 20 employees are required to register with the Em

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