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Does Life Insurance Cover Death by a Heart Attack?

dateKnowledge Centre Team dateMay 27, 2021 views237 Views
Life Insurance and Heart Attack | Buy Life Insurance Plan

Life insurance policies are important and worthy, but the policyholders may still be unsure about the type of deaths it covers and if it covers death due to heart attacks or not. Learn more about the correlation between life insurance policies and heart attacks. Life insurance policies provide coverage for the financial protection of the family post the death of the policyholder, provided premium has to be paid timely throughout the lifetime.

It is also an important aspect of the family's financial planning in case of any unfortunate circumstances.

Why is it Important to have a Life Insurance Policy that Covers Heart Attack?

Safety is the ultimate satisfaction, and what could be a safer and prudent decision than buying a life insurance policy to safeguard the family's future. The financial obligation for his family's future and wellbeing makes it a compulsion to have a life insurance policy.

Moreover, the sedentary lifestyle and medical uncertainties may lead to a life-threatening or chronic disease like cardiac attacks and several heart-related diseases. As per the records, heart-related illness and diseases have increased by more than 53% in the last five years.

It's shocking to know that heart strokes cause one in 4 deaths in India, and in the year 2016, the estimated number of heart-stroke cases in India was 55 million and growing exponentially day by day. But still, certain myths and misconceptions prevail about the life insurance policies that make it a troubled process to have one.

Debunk life insurance myths and conceptions.

Does Life Insurance Cover Death by Heart Attack?

It does cover the death caused by heart attack as it comes under the natural death criteria. Still, there are certain terms to be adhered to.

The life insurance policy will naturally cover the heart attack if the medical tests and questionnaire are duly and genuinely filled. But if the tests and the responses provided turned out to be false and misleading and if you had an unrevealed heart attack history, then the claim may be denied on the grounds of deceiving information and fraud.

Hence, how the life insurance policy covers heart attack and deaths by heart attack can be comprehended in two ways.

  • Insured party not having any heart attack history

    Suppose an Insured party does not have any heart attack history. In that case, he will be provided with the life insurance policy with the normal terms and conditions, unlike a heart attack survivor.

    If the insurance policyholder suffers any heart attack post the policy agreement, then the life insurance company tends to cover the policy and provide a claim under normal circumstances.

  • Insured Party having heart attack history

    If the insurance policyholder had a heart attack history, he must communicate about the same at the time of the policy agreement. There exists a false belief that a heart attack survivor or a heart patient can't have a life insurance policy. They can, but subject to certain terms and conditions.

    In order to get a life insurance policy, post a heart attack, a high level of scrutiny and medical tests have to be done. Also, there are limited options and benefits available to the claimant's beneficiaries compared to all life insurance.

Learn how you can make claim settlement easy for your beneficiaries.

But suppose the insured party does not communicate or reveal the facts about the heart attack history, then upon disclosing the fact. In that case, the insurance provider may dismiss the policy and cancel the Claim or charge a penalty with increasing premiums.

Hence, it is of utmost importance to reveal each aspect with due diligence to the Insurance provider and maintain transparency with them for the good of both the parties, insurer and insured. Many life insurance policies provide coverage despite having a heart attack history, provided the terms and conditions are communicated in the Insurance Contract.

What does Life Insurance Policy Cover?

According to the Insurance Policy Regulations, The life insurance policy only covers death from natural causes and accidental deaths. The natural causes may be death due to any disease, suicide, accidents, or other particular reason.

What the life insurance policy focuses on is the rationale behind the death due to any health issues. Hence it mainly covers the death that occurred due to heart attack, cancer, stroke, kidney failures etc.

Life Insurance Policies post a cardiac arrest is a genre in itself for insurance policies. Canara HSBC Oriental Bank of Commerce Life Insurance has a wide range of Life Insurance Policies covering deaths related to a heart attack. iSelect Star Term Plan offers cover for terminal illnesses along with providing life cover. Each curated carefully to claim better monetary benefits for unprecedented times. While buying a life insurance policy, what every other person cares about is just the premium and the coverage. What no one ever thinks is what it covers and what it doesn't. This can be avoided beforehand by just a slight awareness, and attention towards the policy bought and knowing it thoroughly.

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Frequently Asked Questions (FAQs) for Life Insurance

The premium is one of the most important factors to consider before buying a policy. Many people buy a life insurance policy with a high sum assured but are unable to process the premiums for the entire premium payment tenure. You can get a better idea of the premium outgo with the premium calculator available in the 'Tools and Calculator' section of

Life insurance plans come with several riders which increase the efficiency of the policy for the buyer. For instance, if you have a history of terminal illness in your family it would be advisable to opt for terminal illness rider with your term insurance. Riders or add-ons help in customising the standard policy benefits for the requirement of different families. The iSelect term insurance plan comes with a built-in cover for terminal illness, and option for protection against accidental death or disability. You can also opt to cover your spouse's life under the same policy by paying an additional premium.

Insurance companies calculate the premiums based on several factors such as age, gender and occupation.

Age:It is one of the biggest factors that influence life insurance premiums. Premiums tend to be low when the life insured is younger as the chances of contracting diseases is low. Young people also opt for policies with longer tenures and pay premiums for a longer duration, which makes the policy cheaper for young people.

Gender:The insurance premium for women is generally lower when it comes to life insurance plans. Women live longer and pose a lesser risk of a claim leading to lower premiums for them.

Lifestyle habits:The premiums for people who smoke or drink is always higher due to higher health risks.

Policy term:Policy terms are also taken into consideration by insurers while deciding the premium amount. Policies with longer tenure are cheaper as compared to short-duration policies.

Mode of purchase: The platform that you use to buy the policy also determines how much you will have to pay for the plan. People who buy life insurance policies online have to pay lower premiums as compared to offline policies.

Occupation:The nature of your work is an important factor that influences the premium amount. Certain occupations like shipping and mining are considered more dangerous as compared to jobs in services industries. The insurance premium rises with the risk profile.

Processing life insurance claim is a transparent and smooth process with Canara HSBC Oriental Bank of Commerce Life Insurance.

In case of the death of the life insured, the nominee will have to intimate the company by filling a Death Claim Form and sending it to the nearest branch office.

Once the form is received, the claim is registered by the insurer.

After the registration of the claim, the company will send the claims pack along with the related forms such as physicianâ s statement form and employer certificate that need to be filled.

Along with the duly filled forms a few documents such as original [policy document, death certificate, copy of bank passbook, hospital or treatment records, photo identification and address proof have to be provided.

The claim is processed on the submission of relevant documents. Once the documents are verified, the claim amount is released post all due diligence.

Household expenses rise with age. The cost of children's education increases along with other lifestyle expenses. The iSelect term plan offers an option to increase the cover according to the life stage. If opted, the insurance cover increases by 25% at every 5-year terminal till the 20th policy year.

Even though a life insurance policy is bought to protect your family in your absence. There are chances of the claim being rejected due to several factors.

False information: If the policyholder provides false information or conceals important information while buying the policy, the insurer has the right to reject the claim after his/her death.

Type of death: Deaths due to suicide in first policy year, intoxication or pre-existing disease is not covered under life insurance.

Premium payment: The payment of premiums on time is of utmost important to avail the benefits of life insurance. Life insurance policy may lapse on the failure to pay the premiums

Nominee details: An insurance company can put the claim on hold if the nominee details have not been filled or not been updated by the policyholder.

Suicide: If the life insured commits suicide within 12 months of buying the policy, the insurance companies generally pay 80% of the total premiums paid.

Buying life insurance online is not only safe but a better option. Online life insurance policies have lower premiums and the individual is not required to visit the insurer's branch or a bank. Online insurance policies also offer higher benefits. Customers should, however, buy online policies only from credible insurers and should check for SSL certificate on the website to ensure that the website is legitimate.

The cost of life insurance policies varies depending on factors like age, gender and occupation. The average cost of life insurance plans, especially term plans, is very low compared to the amount of coverage offered.

An individual is allowed to have multiple life insurance policies. People opt for more than one policy to increase the cover or avoid claim rejection. In case of multiple policies, even if the claim is rejected by one insurer, the beneficiaries may receive the benefit from a different insurer.

Life insurance policies are of different types. In the case of unit-linked or endowment policies the policyholder receives the maturity benefit at the end of the policy term. However, in the case of term insurance plans, there are no maturity benefits. The death benefit is only paid out after the death of the life insured.

When you buy life insurance, the insurance company asks for the nominee details. Only the person named as the nominee in the policy can cash out a life insurance policy in case of death of life insured.

A life insurance policy is generally taken for a specified period. After the policy duration of a term plan gets over, the policy simply terminates and ceases to exist. However, in the case of unit-linked plans or endowment, you can use the policy as a tool for retirement planning and the accumulated corpus is used by the insurer to pay you monthly amounts for your entire life.

If a policyholder purchases a term plan for 25 years and dies during the policy term. The family receives the death benefit. In the case of iSelect term plan, the policy provides four payment options to the beneficiaries. If the regular payment options are chosen the policy works as a source of regular income.

It is a popular misconception that life insurance is only for accidental deaths. A term life insurance plan like iSelect also covers terminal disease along with death. A terminal illness cover is important as health insurance pays only for the cost of treatment and hospitalization, but a terminal illness cover pays you a lump-sum amount which takes care of other expenses. On the other hand, unit-linked policies such as Invest 4G cover death and also provide decent returns for other financial goals such as buying a house of child's education.

It is ideal to buy life insurance in your early 20s because it’s is the time when people have just started with their professional life and so there are lesser responsibilities and financial liabilities to take care of. Also, if you buy life insurance at this age, you will be paying relatively lower insurance premiums since it’s a due fact that mortality rate in case of young people is low. And that is why insurance companies offer lesser premium rates to younger people as they think that they are most likely to be fit and healthier with less chances of filing a claim in future.

Once you have cancelled your life insurance policy, you will instantly lose your life insurance cover. Afterwards, your insurance company will get in touch with you and ask for valid reasons regarding the cancellation of your policy. In case you cancel your life insurance policy within the grace period, i.e. 15 to 30 days, depending on your insurer, then insurance company will reimburse the premium amount paid by you. But, no refunds will be paid to you if the policy is cancelled after the grace period.

Yes, you can take life insurance under Married Women’s Property (MWP) Act, 1984 only if you are a married man and a resident of India. Buying a life insurance plan under MWP Act would be helpful in saving your family’s financial well-being when you are not around. As per this policy, only wife and children would be eligible to receive the death benefits. You can also buy a policy if you are a widower or a divorcee. However, in that case, you can give your child’s name as your beneficiary. It is very simple to buy a life plan under MWP Act. All you need to do is to fill up an MWP addendum while purchasing an insurance policy.

Yes, there are different payment options for you to pay premiums. Here’re some of them

    1. Regular premium payment option – This premium payment option allows you to pay premiums equal to your policy term either monthly, quarterly, half yearly or annually.

    2. Single payment option – Through this premium payment option, you can pay the lump-sum amount in one single payment.

    3. Limited payment option -In this premium payment option, you can pay premiums for a specific period of time less than policy term either monthly, quarterly, half yearly or annually, but benefits of insurance can be enjoyed for a longer period of time.

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