Comments on: Suicide claim

By: Bharanidharan

Bharanidharan — Fri, 29 Mar 2013 06:25:58 +0000

Dear Sir

I have below query with respect to insurance.

1. I bought couple of lic policies on 1999. Those are my first policies

2. Later in year 2003 i bought icici prudential life insurance and tata aig golden year plans. i didnt informed both icici and tata aig about my lic policies

3. later in year 2009, i bought max newyork term life. here too, i didnt mentioned about my other policies.

Will i be in trouble now? should i inform about my policies to all the insurers

By: hp

hp — Sat, 15 Sep 2012 07:17:59 +0000

what if i have plan to surrender all the stupid policies such as money back and endowment after taking a new term policy? Should I have to mention that i have stupid plans with me, though i have plan to surrender?
Considering the plan if i surrender all the plans after buying term insurance and in case of eventuality, will my nominee get the funds?

By: Jai HO

Jai HO — Fri, 24 Aug 2012 08:06:35 +0000

Please read the fine print when buying Life policies.

Please check all exclusions when buying health policies.

This market is a market designed for the CUSTOMER TO LOSE without any doubt.

By: sudheer

sudheer — Tue, 21 Aug 2012 11:28:47 +0000

Thanks for your reply,sir!

By: subra

subra — Mon, 20 Aug 2012 16:18:01 +0000

sudheer

your friend is correct. However if one policy is say 7 years old and one is 4 years ago…and he developed this disease 5 years ago, the older policy will pay, the new one will say ‘pre existing illness…’

By: subra

subra — Mon, 20 Aug 2012 16:03:40 +0000

‘lovely’

u can get about 10 times your annual income as insurance..yes for younger people it can go up to say 30 times, if the underwriter feels his income will go up. So if u take many policies and have told all of them…YES you will get paid…provided there is no suspected foul play …:-)

By: lovely

lovely — Mon, 20 Aug 2012 13:55:26 +0000

so if i take 5 term plans from diff companies, and told truth to them about others, will nominee get sum assured from all companies in case of mishappening?
and should the nominee be aware about my term plans?

By: sudheer

sudheer — Mon, 20 Aug 2012 13:09:35 +0000

sir,

A friend of mine has asked me a question regarding health insurance that if he takes 2 policies from 2 different insurers,say,for 5 lakhs each,and if he has a claim for 10 lakhs,then,can he use the 2 policies simultaneously to claim 10 lakh as each of them individually covers only 5 lakhs.Is he correct?

By: subra

subra — Mon, 20 Aug 2012 10:58:14 +0000

Very good question Siva Mohan. Thanks for asking, I have never considered this question.

The answer is simple – NO. You have to state all the facts as of that day. So if you took a life insurance policy in 2004 with LiC for Rs. 5 lakhs, and then applied for another policy from Hdfc in 2009 for say 5 L, and say you have also developed some condition – like say diabetes.

YOU ARE DUTY BOUND to inform Hdfc about the lic policy and the diabetes. However you did not have diabetes nor any other policy when you took a plan from LIC. So you need not inform LIC.

By: Siva Mohan

Siva Mohan — Mon, 20 Aug 2012 07:16:34 +0000

Hi Subramanyam sir,

I have taken LIC Jeevan Anand policy 5 years ago (and paying yearly premiums) and took a term plan from Aviva last year. While applying for Aviva term plan, I have informed (and submitted proofs) the insurance company about the existence of ‘other’ policies.

Should I inform LIC as well about the Aviva term plan?

Thanks,
Siva Mohan