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Pre Existing Policy Declaration
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17 Sep, 2023
by Rayapu Ashok Kumar Reddy
Dear Members
1. My Icici pru Iprotect Smart Term plan was issued on 28.01.2019 for Sum Assured - Rs. 1,00,00,000 ( 1 Crore Rupees ). I took the policy from Icici securities.
2. I had already taken a policy from LIC on 17.07.2018 for Sum Assured - Rs.50,00,000 (50 Lakhs Rupees). I declared the LIC policy details to the Icici Securities agent while giving the proposal details but the ICICI policy copy doesn't have the details of LIC policy details.
I paid 5 years premium for ICICI policy.
My question is will the ICICI company reject any future claim citing the reasons of non Declaration of LIC policy . Kindly advise.
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19 Sep, 2023
Rayapu Ashok Kumar Reddy
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25 Sep, 2023
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Hello Rayapu,
Yes, there is a possibility that the future claim under yourICICI Pru iProtect Smart Term plan may be rejected due to the non-disclosure of your LIC policy. It's crucial that you inform your insurer about this omission as soon as possible. Insurance companies rely on the accuracy of the information provided during the application process to assess risk and determine policy terms. They ask details about your existing life insurance plans to determine the cover amount you're eligible for. Failure to declare other insurance plans may be considered misrepresentation, which may have an impact on a future claim.
I hope this clarifies! Thank you!