Hello
I have pnb met Life term plan I purchased in 2015 that time pnb MetLife claim ratio good but now it's going down so it's affecting on my policy.
Second thing I purchased 1 cr term plan form pnb MetLife in 2015 now again I think to add one more term plan so shall I go ahead with pnb MetLife or I will purchase any other plans. Is there any issue if I take two term plan.
Thanks
1 Answers
Hi,
If you have disclosed all the required information honestly and accurately in your proposal form for Term plan, kindly do not worry about the Claim ratio.
"As per the recent amendment to Section 45 of the Insurance Act, If your policy is 3 years old, no matter what happens, the life insurance company will not be able to deny the claims. So, your life insurance company has only 3 years in hand to reject the policy based on any mis-representation or mis-statement. Once 3 policy years are completed then the life insurance company has to settle the claims and can not reject them."
If you believe that you are under-insured now based on changed profile, you may go ahead and buy a new term plan with basic cover from any Insurer of your choice.
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What’s your opinion on Accelerated premium payments offered by ICICI Prulife for term plans . The premiums are higher but then you pay for only 5 years. Any comment ?
Hi..It is a matter of one’s convenience and job/income stream profile. Watch out if you can claim tax benefit in full.
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