Term Plan Policy Expired should I reactivate or buy a new

POSTED BY vik s ON July 29, 2013 5:02 pm COMMENTS (3)

Hi

My LIC Amulya Jeevan term plan payment was due in May 2013 but misssed making the payment. Now the policy wll have to be reactivated as confirmed by the LIC and for that medical tests will have to be redone. Otherwise LIC people have suggested that I can go for a new policy. Howeve, they suggest that I should not mention in my new policy request the details about my expired policy should not be mentioned as the chances of my policy getting rejected are high. Infact the agent has suggested that its OK if I dont mention as th term plan is a one year contract always and can be lapsed and need nt be mentioned. the similar confirmation has been given by a person in Aviva Insurance

I would like to know that If i conceal the information and do a new term plan will it impact the payout to my family in case the need arises. Please suggest.

3 replies on this article “Term Plan Policy Expired should I reactivate or buy a new”

  1. Mohit Pandey says:

    I am agree with Manish’s point that other persons income directly related to your policy premium payment but as a customer you should think about the yourself. If you revive the old policy medical expenses be ready to pay medical expanse.

    BTW AVIVA term insurance is much cheaper than LIC.

  2. Why go back to LIC with all this confusion? Even if you don’t mention the details LIC can easily find out.

    Get it from another insurer like AVIVA as you have mentioned. You don’t need to mention the old policy as it is lapsed.

  3. I dont think its correct . While the companies are for “ongoing” policies, you also have to understand that you are dealing with people whose income will be directly related to your policy premium payment .

    I would suggest reactivate the same policy . There would be better chance in my opinion (not sure) , that you will get it , but medicals will have to be done . It will be as good as taking new policy .

    You should not have missed the payment, you are now going to pay the higher premium due to your one mistake .

    Manish

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