Calculation of yearly additions (in case of Death) in Life Insurance policy
I lost my father recently and I applied for a claim (Kotak Life Insurance).
There were 3 components making up the claim amount (that I could understand from their literature and policy wordings):
Basic death benefit : no mismatch in claimant and insurer calculations
Term Rider : no mismatch in claimant and insurer calculations
Guaranteed Yearly addition : ---calculated incorrectly---
Here the mismatch between insurer and my calculations was :
- my father passed away in April (the 10th month) of policy year 7 (policy tenure is June to June)
- Guaranteed yearly additions that the insurer is calculating is as per 'end of policy year 6' and not as per 'end of policy year 7 (since that would have ended on paying 8th premium)'
- Am i eligible to claim the end of policy year 7 amount? or the 10 month pro-rata value?
- the policy document has no clarity on the term 'end of policy year'
Kindly note: I have already received the major claim amount and only the mismatch amount is what I am trying to understand and contest.