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POSTED BY ON March 26, 2013 4:48 pm COMMENTS (10)
I am thinking to have one Term Plan for myself. After some reading feel that AVIVA I-Life online plan should be to go with. I called up their customer care for some basic queries. The guy said, Term Cover of 50 Lacs has no health checkup !!
Is it true ?? If this is the case, then person with any known desease can even apply for 2 term plan of 50Lac with no prior health checkup and would have cover of 1 Cr. Or would have 2 term plans from different insurance company.
I feel something wrong here. Any comments on this ?
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Thanks Ashal. I wii do it.
Dear Sandip, you got me wrong. I said, declare old plan & once the new one is running, surrender the old plan. In case you are worrying that your proposal may be denied due to high sum assured from the 2 plans, no, first the customer care ‘ll ask clarifications from you & at that time, you may declare that you intend to surrender old plan. Once the new plan is running, then you should surrender old plan. In my own case, while applying for a large cover from Aviva, I declare the old plan also & there was no issue from the insurer.
Thanks
Ashal
Ok.. So I would go with other Term plan and would not declare info of first Term plan I have while filling up the form. Later on I would surrender old term plan.
Thanks Ashal.
Dear Sandip, please purchase a new plan assuming that no old plan is there. Declare your existing policy while purchasing new one & once new one is active & running, surrender the old one.
Thanks
Ashal
Dear Ashal,
The problem with me is, I already mistakenly taken the Term Plan with premium returns from ING. 🙁 It has high premium too for 50L SA.
Now, I want to surrender that and wanna go for pure Term plan. I dont want to surrender previous term plan before having new one. What should I do now ?
Dear Sandip, the insurance should not become a mode to earn profit from your life. Say you are already having a cover of 20 times of your yly income & you applied for another 20 times multiple, the total cover may become very huge & some one may tempted to earn money from your death. Even there are some cases where the persons, either filled themselves or arrange a plot to kill, so that family can claim the death from insurance co. & may come out from the financial mes.
Thanks
Ashal
Dear Sandip, if your idea is to purchase a 1Cr. cover, please opt a single cover as the resultant prem. ‘ll be lower than the 2*50L cover.
Thanks
Ashal
Why it is necessary to declare previous active policies while taking new term plan ? What insurance company achieve from this ? What judgement they do on that basis ?
What if in future due to some reason I had to terminate/surrender those old policy which I had declared while taking new term plan ?
‘No health check-up’ option is common ploy used to get more customers! A health checkup is a good idea. In any case you are supposed to declare your existing medical history to any insurer. Else there is good chance your policy will get rejected
You also need to mention details of 1st policy to second insurer
1. If you take any insurance plan, you are bound to reveal already active insurance policies. The companies do not mind the “useless” endowment policies. But they will always consider your reasonable ticket-size plans, which invariably are term plans and maybe some Ulips (theoretically).
2. For 2 years since the start of any insurance plan, if the person dies, AND you have not declared the disease at the time of policy initiation, then the company can deny the claim on that basis. This option gets nullified after 2 years, in which case even if you had disease but do not declare, the insurnace company cannot reject the claim.