Term Insurance after completion of 3 years
30 Oct, 2022 by Shubham Kajaria
If an insured person completes three years with the insurance company, does that mean insurance company have to pay without any question?
As per section 45 of Insurance Act, insurance policy shall not be called in question on any grounds after it completes 3 years.
Lets say if I hide the information that I smoke, and nothing happens with in three years, and if something happens after three years, will the insurance company liable to pay the claim?
Concealing information in bad faith, fraud & non disclosure are grounds for rejection of claim even if your policy exceeds 3 yrs, if proven.