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