Illness not disclosed and Life Insurance Policy

POSTED BY jpmst2003 ON February 22, 2012 10:44 am ONE COMMENT

Dear Sir,
I have 3 LIC policies taken in the year 2003 and 2007 at that time I was NRI.
Policy details are as follows
1) T.N. 151 Jeevan Anand 5 Lac (maturity after 25 years paying term 16 years) taken in March 2003
2) T.N. 151 Jeevan Anand 10 Lac (maturity after 25 years paying term 16 years) taken in March 2003
3) T.N. 178 Jeevan Tarang 10 Lac (maturity after 25 years paying term 16 years) taken in Feb 2007
Now I am in india working with one IT Company in Mumbai.
I have paid the premium for above policies regularly without fail.
I have gone through Medical Test at the time of taking all policies.
I developed one mental illness after taking first two policies that in year Dec 2003.
But at the time of taking 3rd policy I didn’t inform LIC about my illness.
Also I have developed Blood Pressure problem recently in Jun 2010.
My query is shall I inform LIC about my illness now or shall surrender the 3rd policy now.
Or shall continue with policy as it is. In case of claim of 3rd policy will it be denied?
Please guide me in this regard.
Regards,
Prashant

One reply on this article “Illness not disclosed and Life Insurance Policy”

  1. Dear Prashant, a shock for you – As you have concealed the materiel fact on 2007 policy, LIC may deny claim on all 3 policies. I’m saying ‘May deny all 3’.

    May I know the reason to sticking with these 3 policies & not having a term cover?

    Thanks

    Ashal

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