A number of insurers provide a ‘built-in’ copy of application form in the final policy document . I belive that the policy document is a ‘Contrcat-document’ between the proposer and the insurer and the “in-built” photocopy of the form is an excellent way of acknowledging the information revealed by the proposer. I understand some insurers like Aegon Religare, even attach copies of e-mail correspondence to the policy document. Rcently Manish did a relevant article also on this-
However, I was shocked to see that the Policy document of my HDFC Click2protect contained only half and truncated material information provided by me in the on-line application-form.
For example-. I had mentioned that my mother suffers from “Diabetes and Hypertension” but the policy-print showed only a few characters i.e.” Diabetes a”. Similarly, I had revealed that I had suffered from “(i) Gastro Eusophageal Reflux Disease (ii) Oesophagitis, (iii) Hiatus hernia (iv) Laryngitis” in past. However, only the first five characters ” Gastr” got printed in policy.
My doubt is, if tomorrow I die of hypertension or Oesophagitis related disease, HDFC SL may repudiate my claim saying I didn’t reveal this vital information!! How will my family prove that I had honestly revealed all the material information?
HDFC SL says that due to space limitations only 4 or 5 characters get printed on the form. How funny!! And how disappointing!
This 50L term policy has been given to me without any medicals, soley on the basis of information provided by me.
I invite forum members opinion on how serious is this? Shall I return the policy in the ‘Free Look period’ or am I just being too cynical?