One usually thinks that getting life insurance is a great way to cover for your life and to provide for your family 'Zindagi ke baad bhi'. I am sure at least it is portrayed that way and many more believe it so. Till, you go through the 'fine' print.
Forget, about dying doing dangerous stuff like sky-diving or adventure sports and getting yourself killed.
Whats shocking is that a lot of risks are just not covered in the policies.
Being a victim of a terrorist attack on the way home need not necessarily be covered in your life insurance. My document clearly mentions "War, invasion, hostilities (whether war is declared or not), civil war, rebellion, revolution or taking part in a riot or civil commotion are excluded". This means that tomorrow if a neighbouring country bombs some city and people die, then life insurance won't cover you.
Imagine being part of a peaceful protest and suddenly police starts lathi charging you and some commotion occurs. The insurance may mostly deny your claim.
What's worse is that certain accidents are also not covered. Especially nuclear contamination. I find this highly ridiculous. Why cant all these risks be covered as riders. I believe a price can be put on any risk. If you believe its impossible or too difficult to measure such a risk, stop being in the life insurance business because you are no longer insuring lives.
Whats the point of having a life insurance when all it effectively covers is just road accidents and we need to depend on the govt. money for decades together after a disaster like the Bhopal tragedy.
The worst part is life insurance is it makes me stupid even if I am smart enough to buy life insurance. Thats the real irony of it.