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POSTED BY ON February 1, 2011 3:21 pm COMMENTS (4)
While applying for a prominent insurer co’s health policy, I was told that if I disclose any disease like diabetes, the policy would not be issued (as that Co.’s health policy does not require any medical tests, so they will not put any loading but will just choose not to issue the policy). I was advised by the agent not to disclose this fact in the form. That way, I may not be able to settle any claims for 3 yrs, but after 3 yrs, it’ll be covered under pre-existing diseases. So going this way, I will atleast get the policy, which by disclosing this fact upfront, will not be issued.
What should be done. Is it the case with all medical policies that do not require any medical…
Rashmi
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Sunil – LIC and life insurance could be an exception. Not so with health insurance and finicky TPAs of health insurers.
Yeah the points are straghtforward,
But thinking out of the box ( w.r.to LIC only,) Its well know that nobody discloses the full medical info to LIC and even I didn’t disclose while taking my previous LIC endowment policies. I came to know these facts only in last month only.
Though there are lot of polices with undisclosed medical reports, LIC is consistent about 96%+ claim ratio, so it clearly shows that non disclosing info will lead to probability of 96:4 ratio of successful claiming…
Please post your views on these…
Rashmi
I agree with Ganesh. The agent looks very much interested in getting the policy issued to you . There cant be any reason for not disclosing this big material fact , you might get the policy by hiding this big fact, but at the same time , I can assure you it would be a dead policy for you , they will never settle the claim .
btw , did you try all the companies , they cant reject the policy always , they should increase the premiums only as per the IRDA guidelines .
Manish
Rashmi – Without disclosing the illness, how will the insurer know that you have a pre-existing medical condition? An insurance policy is issued in good faith, and non-disclosure, if found out at a later time, can lead to your claim being rejected, even after 3 years (and that too, even for non-related ailments). Be wary of your agent. He may just be looking at his commission (which he will get only if the policy is issued) and not your well being.