Declaration for Insurance Policies

POSTED BY Amit Kumar ON June 5, 2013 9:07 pm COMMENTS (2)

Hi Manish,

I have taken insurance policies from LIC (Jeevan Anand, Money back), HDFC SL Crest and one term Insurance from Aviva, however at the time of taking insurance policies I had not declared the earlier policies with next company. I mean to say that at the time of taking LIC Money back I did not declare about the LIC Jeevan Anand, neither declared about the LIC Jeevan Anand and Money back to Aviva and neither declared about above three to HDFC Crest. This happened due to lack of knowledge and Insurance agent did not tell anyting about it.

Somewhere I heard that we need to declare about all policies to all the Policy companies.

Now how can we give the declaration and what is the way out. Whether now it will have any bearings on Insurance companies i.e. what will be their response.

Please guide.

Thanks in antcipation.

Regards

Amit Kumar

8095014449

 

 

 

 

2 replies on this article “Declaration for Insurance Policies”

  1. Yes, as most of the policies you have are investments policies (with a topping of life insurance) , Life Insurance companies wont worry much that you didnt declare your policies earliar , still its a violation of policies. So just mail them with this information , I am sure they will reply back saying that its incorporated .

    Better to be safe than sorry .

    I am happy that you are so concerned for your financial life . Good show !

  2. Send in writing to the ‘new’ insurer details of the ‘old’ policy.

    That is 2nd insurer has to be informed of 1st policy
    and 3rd insurer of 1st and 2nd policy and so on.

    Ask them to acknowledge in writing. Take copies of the letters and attach it to the policy document

    There should not be much of a problem and they will simply update their records.

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