Term life proposal rejected because of pincode
Hi, I am a 37 y.o male from Jharkhand. I recently applied for a term insurance with Max Life for Rs 50 lakh cover, and paid premium of around Rs 15,000 on it. I have no PED or morbidities, but my proposal was rejected. The rejection states that my income is lower than required. I earn Rs 9.42 lakh annually, and policy cover is Rs 50 lakh, yet Max Life states i need minimum Rs 10 lakh income for my pincode. Are they right here or should i escalate this matter to the Ombudsman?