MyInsuranceClub > Ask an Expert > ULIP > I did not know about the importance of disclosing

Kalyani

Question

Sir, I am 42 Year Old; right now I am having 4 different ULIP policies from 4 different companies. All Policies are more than 5+ years old. Recently I came to know that Importance of Disclosing Old Insurance Policies While Buying New Ones. Due to lack of knowledge I have not disclosed my policy to any other insurance companies, if I want to disclose now, is there any harm for me. Please clarify.

Asked By: Kalyani
On: 2nd Aug 2012 8:55 AM
Answered Within: 1 Days

MIC Expert

Answer

Dear Kalyani,

If you have not disclosed any of your plans to the other company and you have opted for high sum assured, then it would be considered non disclosure of material information with the purpose of moral hazard. However, if the sum assured opted is not very high and is only about a few lakhs, then it would not affect the underwriting norms.

However, it makes most sense to inform the insurers about the previous plans and getting a written confirmation from them about the same. All you need to do is confirm it with each life insurer about other ULIP policies.

Hope this clarifies.

Answered By: MIC Expert
On: 3rd Aug 2012 11:37 AM

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