DEATH CLAIM AT 2 PLACES
Recently while renewing my car insurance policy at TATA AIG ( earlier at Royal Sundaram) , came to know that , if the car owner has term insurance more than 15lakh cover , he no need to opt for life cover in car insurance , because , it can not be claimed at both places. claim can be taken from term insurance policy ( obviously higher amount ) . Is this right ? Is there any reference/guidelines from IRDAI on this .
Eventhough it is a matter of Rs.400 additional premium , what is the reality ?
Will be grateful to know this .