Sreekanth,
Wanted to check if i can buy 2 term insurance from the same provider. I checked the premiums for the 2 conditions - Eg. 50L cover for 27 years was 10823 while 25L cover for 27 years was 5308. So 2 25L cover would be slightly cheaper and also gives the advantage where in after few years if i want i can close one of the 25L policy.
Do you see any concerns regarding this methodology. Interested in your inputs.
3 Answers
Dear Ferrero,
I don't see any issues in opting for two term plan from the same company. But kindly disclose all the required information in the proposal forms in the same manner, honestly and accurately.
Also, make sure that you opt for plans for which 'medical tests' are mandatory.
Sir need your guidance I was taken 1st time term plan from max but in medical they identify that i am suffering with high pertension then they charge me loading then then I request again to company to rearrange medical for same issue. Then they again check my BP which is little high. Then request to insurance company that please cancel my proposal in between I getting term plan from Kotak just after medical max send me soft copy of insurance send to me without any loading I decided my policy details to kotaK of my max term plan policy. Now Please suggest me I don't want to worried thattmy steps are right and please tell me can i buy 2 term plan from two different companies if yes then please suggest then I need be share the policy details to max also.
Dear Himanshu,
Yes, one can buy multiple Term insurance policies. That's not an issue!
As you have gone through the medicals for getting Kotak term plan, its fine!
Suggest you to request for medical test reports from MAX insurer and go through them with an independent Medical expert.
If you believe that you will be over insured by having two term plans then you may cancel the MAX policy, else can continue with both of them.
Please login or Register to submit your answer