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Postponed vs Rejected policy status in Term Insurance
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28 Nov, 2022
by jignesh
I am 34 & had applied for the term insurance this month through Max Life. I paid up the premium amount & underwent medical examination. Today, they informed me that the policy has been moved in postponed state as I am under treatment (for epilepsy) currently.
1) What is postponed state, Am I still eligible for policy from them or I should consider this as policy rejection.
2) Will my family get insured amount during claim if I get policy from them.
3) Should I try in other company if they are postponing for some duration,
4) What are other alternates to safeguard my family instead of term insurance in my absence?
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Dear Jignesh
My comments
1. Postponed means that they will review your case after 6 months . As per current health status , they are not willing to insure you . Reapply after 6 months .
2. Yes ,claim will be given if they accept your case after 6 month and you have made all declarations.
3. Yes , you can try in other company but you need to declare that your case was postponed in Msxlife . Non disclosure of such events can be cause of claim rejection . Pl note that almost all cases of term cover are reinsured and they all treat postponed cases in same way .
4. You can still get cover in saving linked plans like whole life or ULIP . So try insurance through ULIP but make all declarations.
Hope this clarifies
Shailesh
Insurance Samadhan