POSTED BY July 29, 2013 12:43 pm ONE COMMENTON
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?