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VISHAL

Question

I am 27 years old i take policy from LIC OF INDIA (TERM INSURANCE) AMULYA JEEVAN in the March'12 from lic agent but when i take these new policy i am not disclose my old laps (Lic money back) policy detail, both policy i buy from same Lic agent & development officer what should i do? Please give me sample letter to lic regarding old policy details which are not disclose in the proposal form.

Asked By: VISHAL
On: 1st Jul 2012 1:23 PM
Answered Within: 1 Days

MIC Expert

Answer

Dear Vishal,

You would need to inform the Insurance Company about your lapsed policies along with copies of the policy document. However, if you have taken the policy from the same agent, they might have it in their records. The Insurance Company might charge an additional premium if the sum at risk is very high or they might change some terms and conditions.

All you need to do is mention:

1. The previous policy details, their Sum Assured and their policy numbers
2. How long the policies have been lapsed and when was the last premium paid
3. Why you had not informed them earlier about the lapsed polices, like you did not undeestand the importance or forgot about them, or did not realize that lapsed policies have a role to play
4. Ask them what is the procedure to update the information

Ensure you deliver the letter to the concerned branch with the photocopies of the policy documents.

Hope this serves your purpose.

Answered By: MIC Expert
On: 2nd Jul 2012 9:36 PM

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