I have bought 2 term insurance at the same time and declartion of term insurance?

POSTED BY Sunil Kumar ON March 21, 2011 9:36 am COMMENTS (2)

Hello All,

I have bought 2 term insurances one from LIC and one from Aviva almost at the same time and I have not declared that I while applying, since I had none at that time. 

a. Should I go ahead and declare the same with my Insurance Company?  If yes, then which one should I declare to whom?

b. What is the impact of not declaring my insurances with the the insurance company?  And would it cause any problem at the time of settlement(if any)?

Please clarify and your additional thoughts.

Thanks a lot!

Sunil Kumar

2 replies on this article “I have bought 2 term insurance at the same time and declartion of term insurance?”

  1. Sunil Kumar says:

    Thanks Manish. Is the declarition ONLY related to term insurance or does it also include life insurance?

    Curious to know, how should it matter, even if one doesnt declare the one s[he] possess?

    Thanks
    Sunil Kumar

  2. Here is an answer

    “In this case, its not material if nothing is declared in either of the policy in this case because what is required is to disclosed ISSUED/INFORCED policies and not APPLIED FOR policies..And as the reader himself has said, no one policy was issued at the time of applying, either to LIC or to AVIVA..so no issues..And really no impact or effect at the time of CLAIM SETTLEMENT..”

    Source : Answer was provided to me by Dhawal Sharma .

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