4 different policies, but still need to increase life cover

POSTED BY ali ON October 3, 2013 5:29 pm COMMENTS (12)

Sir,I have total term insurance coverage  Rs 55 lacs with 4 different insurers. one policy is 7 years old.rest of 3 policies are  4,3 and 2 years old. Now i want to  increase my life cover up to 20 lac. I think I want cancel all policies and take one policy with Rs 75 lac coverage. Is this correct?

Please advise me that may i continue with all these policies or cancel all policies ?

12 replies on this article “4 different policies, but still need to increase life cover”

  1. ashalanshu says:

    Dear Ali, you are mixing 2 different things. From your own statement, should I say that you are free to murder and then after court’s order, when you are hanged, still your family ‘ll get the claim amount? The answer is NO. whenever you are acting against a law, your claim ‘ll not be honored. Having a lifestyle is diferent then facing the consequences of that lifestyle. 🙂



  2. Anshuk Jain says:

    If you are driving car under influence, you are breaking the law. Your family will get nothing. This has nothing to do with what you declared about your lifestyle or when you started drinking..

  3. ali says:

    Ashal sir,

    Than insurer may honour my claim if my death occur by an accident even my PM report confirm that i were under influence of alcohol at the time of accident. I am i correct Ashal?



  4. ashalanshu says:

    Dear Ali, once you purchase a term cover, there is no need to submit your yly life style report to your insurer.

    After purchasing your cover, if you start consuming these substance later on, no problem to your policy and not at all mandatory to inform.



  5. ali says:

    Ashal sir,
    I have 2 more questions. clarify to me.
    Is it mandate to submit life style questionnaire for insured person every 1/2/3/4 or 5 years to the insurance company?

    at the time of buying a term plan i am not assume alcohol/tobacc0.is it mandate to update if i start using tobacco or alcohol details to insurer during the policy term?

    thankz ashal


  6. ashalanshu says:

    Dear Ali, please read my lijne in full. In case. I mean to say, if out of your 5-6 insurers, one insurer rejects your claim on some ground, it w’d have to share it’s decision with all other insurers as all insurers are in common loop to process all yoiur policies. So judgement/assessment taken by one insurer may have an impact on other insurers also.

    Paying regular prem. is noi guarantee that your claim ‘ll be honored. Sample this –

    All your policies are more than 7Y old and one fine day, after drinking 2-3 pegs you decide to drive your CAR. Your car met with an accident and you are no more. PM report confirms that you were under influance of Alcohal at the time of accident. Now do tell me in this situation, your insurer ‘ll honot your claim or not.



  7. ali says:

    I am afraid of this line..If one insurer reject my claim,all may follow.
    Is it mandate for insurance companies if one can reject claim the same will follow others?
    I have submitted all my previous policy details at the time buying new one.
    If one can have more than one policy is chances are high for reject claims?
    If one can pay regular premiums more then 4,5,and 6 years and above what are the chances of rejection of claims?
    clarify me

    thank you


  8. ashalanshu says:

    Dear Ali, yes, the problem ‘ll be there for your family as it w’d have to deal with 4-5-6 insurers and in case, one insurer reject your claim, all may follow. Whereas in case of a single cover, follow up ‘ll be easy and for claim denial, the fight w’d also be easy as your family ‘ll be dealing with only 1 insurer, not several.



  9. ali says:

    I have too many polices.Is any problem raise in future at the time of claim settlement?
    clarify me.

    thank you

  10. ashalanshu says:

    Dear Ali, good part about your policies, all are term plan. bad part, too many policies with low cover. In my personal opinion. please purchase a big cover of at least 400 times of your mly expenses or 12-15 times of your yly income. Once the new cover is there, you may drop these policies one by one.

    Please purchase online term cover to save money.



  11. ali says:

    Namaste Ashalanshu..

    my policies are as below

    1 policy with TATA AIA Raksha SA Rs 10 lac (7 years old)
    2nd policy with LIC plan name Anomol jeevan SA Rs 5 la. (4 years old)
    3rd policy with BHARTI AXA Life e protect Plan SA 25 lac(3 years old) and
    4th one is with INDIA FIRST LIFE Any time term plan SA 15 lac(2 years old)

    my age is 32 years.

    thank you

  12. ashalanshu says:

    Dear Ali, what are the policies you are having as on date? Can you name these?



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