Clarification on claim process for life insurance.

POSTED BY Chirag Shetty ON July 29, 2013 12:43 pm ONE COMMENT

Hello Forum,

   I have taken up a LIC Money back policy (Jeevan Surabhi -15 years) for a sum assured of 2 lakhs. I wasnt aware of the proper methods of investing back when I had intially started this policy. I made a mistake following whatever my dad had suggested and it has been 5 years since I started paying the annual premiums.

However I have intend to rectify this and have took a decision to take up a term insurance of 1 Crore from a private insurance company based on my liabilities and dependencies since LIC has a higher premium for the same.

I know for a fact that for a person who has 2 term insurance policies in his name, an approved claim from once insurer can make it easier to make a successful claim settlement from the other insurer too based on some norms. Banking on this fact, I’m hoping that in case of a life  risk, and with my current insurance planning, LIC with a high claim settlement ratio would remain to be a good backup while I take a slight risk going with an insurance from a private insurer who offers a good cover on lesser premium.

This is where I require the forum’s help to clarify if I am right in my assumptions? Does a successfull claim from a money back policy help in the claim process of a term insurance from a private insurer?

Thanks! 🙂

One reply on this article “Clarification on claim process for life insurance.”

  1. Absolutely not. Compare the sum insured involved. Put yourself in the insurers shoes. Will look at the money back claim and say ‘okay let just pass this’!

    You can keep your money back if you want for whatever reasons. That has nothing to do with term policy settlement.

    Want to read some shocking stuff ?
    http://freefincal.com/2013/05/04/the-games-life-insurers-play/

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