Multiple Term plan

POSTED BY Subhajit Khanbarman ON November 29, 2012 3:08 pm COMMENTS (2)

1> Can I have multiple Term Policies in different companies and in case of my death….will my nominee can claim for all the term plans to different Companies and whether nominee will get benefit for all of the term policies?

2> If the above is possible then….is it good idea of having 4 term plans of 50 Lakhs means total coverage 4 x 50 Lakhs = 2 Cr or 2 term plans of 1 Cr means total coverage 2 x 1 Cr = 2 Cr ?

2 replies on this article “Multiple Term plan”

  1. Subhajit Khanbarman says:

    Thank you so much Himanshu

  2. Himanshu says:

    1> Yes, your nominee get the insured amount from all the companies.

    2 > why not buy cover of 1cr each from two different companies instead of 50 lacs from 4 companies ??

    buying 4 different policies will only increase your premium and I hope you must be knowing that you have to inform all the 4companies about the policies you have from each of them.. at the time of claim all these companies will contact each other and if any of them reject the claim,the other three will also do the same…

    disclose all information truly and best to your knowledge and do medical test..

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