Medical for Insurance

POSTED BY Prijesh Janardhanan ON March 30, 2012 9:27 am COMMENTS (7)

Hi Below are my policies and in none of the policies I have declared about my smoking and drinking will this be a problem in furutre, if so and now if that I declare what will be additional premiums I would be paying and also is it retrospective or from the time I declare. Could you please advice. Also please let me know if I should go for a term plans if so which one do your suggest. Thanks in advance.

Insurace Policies
Company Type of Policy Sum Assured Nominee Premium Amount
Birla Sun Life Cash Back 300,000.00 Brother Monthly 1,135.00
ICICI Cash Back 100,000.00 Brother Yearly 6,761.00
LIC Cash Back 100,000.00 Mother Yearly 5,114.00
LIC Endowment 90,000.00 Wife Yearly 4,260.00
LIC Jeevan Chhaya 500,000.00 Daughter Monthly 2,687.00
LIC Endowment 110,000.00 Wife Yearly 4,243.00
LIC New Bhima Gold 500,000.00 Daughter Monthly 1,677.00
LIC Jeevan Rekha 300,000.00 Wife Yearly 15,639.00
Max Newyork Life Smart Steps Plus 240,000.00 Daughter Yearly 30,000.00
Max Newyork Life Life Insurance – Self Yearly 9,999.85

7 replies on this article “Medical for Insurance”

  1. Prijesh,

    Do not worry. As per Act, if two years have passed after taking policy and you have survived, then its not material what you stated in the policy.

    You need not intimate any company.

    But, you are definitely in need of portfolio analysis.

  2. says:

    It depends upon the time since when you are holding these policies. There are more chances of mending the blunders for recently brought policies by informing the insurance companies in writing and asking for revised premiums. For Older one’s its very difficult and you may have to face the consequences.

  3. Dear Prijesh, are you paying the prem. in all these policies? From the list – 2 are for Brother, 1 for mother & 3 for wife so I assume in all these 3 policies, the basic life which is assured is the respective ones & not you. So your Drinking or smoking habits have no impact on these policies.

    Your smoking & drinking habits ‘ll impact for your own policies as well as D’ter’s policies. Now may I ask you a question – Do you really care your family? Please answer it.



    1. Prijesh Janardhanan says:

      I pay prem to all the policies mentioned, Am in the verge of quitting smoking I really care that is the reason have done so much policies but did not want this to go in drain. I really need your inputs to how to go about it. Should I amend all the policies with the fact and pay premiums as a smoker and have my family secure when the policies mature.

      1. Dear Prijesh, please read my reply again. Although you are paying the prem. but for your mother, brother & Wife’s policy, you are not the life insured in that policy, So the question of declaring or non declaring your smoking & drinking habits to LIC does not arise. Yes for the policies where your life is insured be it for own policies or for kid’s policies, your family is in danger.



        1. Ramesh says:

          Ashal, they are the respective nominees.

  4. BanyanFA says:

    Hi Prijesh,
    Frankly speaking, the insurance policies become invalid if the basis on which they are made are not true. However, there may be a possibility of you getting an option to continue with the policy with a revised premium. Please do keep us updated on what result you get once you declare it to your insurance companies.


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