question on Term Plan

POSTED BY MAN MOHAN Sharma ON February 10, 2013 3:38 pm COMMENTS (6)

I have bought term plan (online) from AVIVA for 1 crore 1 year back. During availing this policy insurance co. have done medical test thru their doctors and also I declared all medical status which was available and known to me. Now my question is do I need keep insurance co. inform all the future medication if I am taking? 

6 replies on this article “question on Term Plan”

  1. Dear Man, in simple words, if the medical report of Insurer is silent on your health at the time of issue of your policy & it’s only after taking the policy that you are aware of your medical illness, no reason to worry as well as to inform your insurer.

    Even if death happens in an early claim scenario (within 2 years of start of policy) your family can prove that the illness was diagnosed only after the policy was issued.



  2. vinayak k rr says:

    As this is a term plan, if there is any long term disease like diabetese etc u can inform the insurer by undergoing few tests like a full body checkup if u still have any doubts and submit the same report to the insurer bcoz of this the underwriter who issues the policy may put some loading on ur permium. so in such a case if anything unseen happens to the insured still the nominee can get the insurance claim without any problems as being the insured u have done ur job completely and this also b helpful for u legally..

  3. MAN MOHAN Sharma says:

    Thanks you all for responding. This just in came in mind that’s why I asked this in forum. I do not want my family to go in hassle when I will not be there 🙁

  4. Dear Man Mohan, you need not to inform your insurer for future medications unless there is a situation that you are under the medication due to a long term illness which was not detected at the time of taking the policy. As per your term cover amount, Your Insurer must have done a detailed medical check up & hence you need not to worry for future situations.

    Once a cover is active & after 2-3-5-10 years you are diagnozed with any illness, no reason to worry.



    1. “unless there is a situation that you are under the medication due to a long term illness which was not detected at the time of taking the policy. ”

      Even in this case if the illness was detected by the insured after taking the policy there is nothing in the policy wordings that demand this to be disclosed.

  5. This is a very important question! Read the policy document carefully. If there is nothing reg. this (usually there will not be) then you don’t have to inform anyone.

    Unfortunately this is a dark area. For example if after two month after the taking the policy a person becomes diabetic then it could be a problem esp. if there is early death (within 2/3 years of taking policy)

    However you have no legal obligation to inform the insurer of future developments.

    Also there is a law which says for polices which are two years old insurers must not claim false info was provided to them unless there is concrete proof.

    This is a dark area. According to week magazine there are 800 detective all over India which are hired by insurers to do a background check on suspicious claims.

    Don’t let this worry you. Unless otherwise stated in the policy document you don’t have to inform the insurer of future developments

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