One of my friend is suffering from epilepsy which is fairly under control with medication. His wife had been operated for kidney blockage removal some months back.He’s already bought few insurance plans worth some assured of Rs.40 lacs without declaring his disease. Now he wants to buy a better life insurance cover worth Rs.1 cr for himself and his wife each as well as mediclaim cover of 5 lacs for his family and is in following dilemma –
a) Should he declare about his state of health while buying the term plan.
b) If he declares it and the insurance company refuses to accept his proposal, then should he mention in the other company proposal form that his proposal was declined by the previous company.
c) Will mentioning this(that his prposal was refused by previous company) have an impact on the decision making of other company with reference to issue of policy or increase in premium.
d) If he hides that his proposal was refused by previous company then can he face some problem at time of claim.
e) If he hides his state of health,at the time of proposal, can the insurance company come to know of this at the time of claim.
f) Should he declare his state of health while buying a mediclaim cover.
g) If he delcares his disease in mediclaim proposal and does not declares while buying life insurance, will the life insurance company come to know of this at the time of claim.
Pls guide to overcome this