Hey Guys,
Recently we bought a offline term plan in name of my husband and currently we are in Free Look period. I have been watchful during the whole process with whatever little knowledge I have gained from this forum, books etc., thanks to Team JagoInvestor!
Here is what has happened:
As usual, company’s proposer and witness (agents) had come for filing the proposal form. They asked us questions like alcohol and we stated that he (my husband) drinks twice-a-month also we mentioned that his father has high blood pressure, but while reading the policy document I realized that he ticked both as “No”. Also, we didn’t want initially to buy any riders available and go with plain vanilla term plan, but the agent said Permanent Disability rider is good since it pays you 10 lacs should something wrong happen to the insured and it waives off further premiums. So, we opted for it. Again the policy doc says that we opted for Accidental Death Benefit.
I called the agent, he said that sir (my husband) wanted to opt for ADB which is not the case. And when I asked him about alcohol and father’s high bp, he said if we mention that in the proposal form company puts additional charges and it takes longer for the policy to convert. What the heck!
I don’t understand this and this really scares me. If this is how they give customer service at the time of purchase, what will happen at the time of claim? What should I do – continue or cancel the policy?
Please giude.
Thanks!