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Saral jiwan bima application got rejected

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28 Apr, 2021 by  Anonymous

I am a 29 year old females with NO drinking / smoking / Tobacco / drugs history. Resident of Maharashtra. Income bracket 5 to 7 Lakh.

I had applied for 2 Term insurance applications (TATA AIA and Max Life) both got postponed. Finally, applied for PNB Metlife saral jiwan bima and that application got rejected without any explanation from them.

All these applications was done through Policy bazaar.

Here's a brief medical history of myself and parents -

Both my parents suffer from chronic mental health disorders (past 25 + years) and I too was diagnosed with Depression and anxiety in 2016. Since then I have been on psychiatric medicines (SOS). I never had to take leaves from my work due to this condition. There has been no history of self harm / suicide / in door hospitalisation. I was never given any treatment that involves ECT.

I had been on mild dose of medicines. I had never experienced sudden weight gain or loss of weight.

Please guide me on how to proceed with term life insurance application and which Insurer is more likely to be positive towards this overall situation.

Awaiting your response.

Thanking you in anticipation.

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2 Answer

30 Apr, 2021

The fact that your application did not receive favourable response from three different life insurance companies conveys simply that your health condition is not acceptable as per the existing UW standard. One can not force any insurance company to accept a risk which they found beyond their risk appetite.

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01 May, 2021
IRDA has made it mandatory for the insurers to offer Saral Jivan Bima irrespective of the risk level. The premium is in their hands nevertheless. Am I missing out on something here? Please let me know what's the best possible way out of this? Meanwhile I shall continue to wait for the reapplication as suggested by Asad sir
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02 May, 2021
Similar steps were taken by IRDAI to ensure coverage to HIV / AIDS cases. To best of my knowledge those provision remained a lip service on papers only.
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30 Apr, 2021

Insurers don’t view psychiatric conditions favorably when it comes to underwriting the risk. You’ve seen it in the form of rejection or postponement of your LI application by 3 different Insurers.

I would advise you to wait out the postponement period levied by Tata AIA/Max Life & apply to them again after the postponement period. During this time, focus on improving your psychiatric health by a combination of prescribed medicines & healthy lifestyle. They may accept your application if they see improvement or stability in your medical reports when you re-apply.

There is a strong chance that your LI application will be rejected again if you make a fresh application to another Insurer right now. So, best is to wait and reapply to Tata AIA & Max Life before deciding your future course of action.

Best Wishes!

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