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Term Policy Rejection

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02 Aug, 2021 by  Alok Patro

Hello All,

A friend had applied for Term Plan with Max Life and was rejected(after initially informing premium revision) without stating any reason to him. He then initiated the process through Bajaj informing them beforehand about the previous case of Max Life. Bajaj team meanwhile reached out to him asking for rejection reasons by Max Life, he shared the Max policy application no. with them. Bajaj team informed that Max Life rejected the policy under "occupational risk" grounds. Now he received the update- Bajaj Allianz Life application no XXXXXX is postponed due to occupational risk till 30-OCT-21.

Surprisingly he is a marketing professional with no typical risks involved in the occupation. The only critical factor is his high BMI and over-weight.

Any suggestions on how to go forward?

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Term Life Insurance
Purchase
Opinion
Basics of Insurance

3 Answer

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02 Aug, 2021

Hi Alok, this is very strange. Let me ask my fellow expert Manoj Kumar Pandey to address this question.

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02 Aug, 2021

Dear Alok

Case seems to be misrepresented . Please note that most of term insurances cases are underwritten by reinsurance and case need to be represented well .

Take steps as follows :

1. Select an established agent of Max llife .

2. Resubmit the case through new agent .

3. Write a hand written letter giving all details about occupation and type of work he does .

4. Ask agent to follow up with case through Branch Manager .

Please note that mostly case is not rejected due to BMI but geberally premium is revised . Case is rejected if BMI is very bad . Just share his height and weight , also tell the product and territory covered .

Hope this clarifies



Shailesh

Insurance Samadhan

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05 Aug, 2021
Alok Patro
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06 Aug, 2021

Dear Alok


Weight is really high , your friend will not get term insurance .

He should try for long term endowment or whole life insurance .

Try for Jeevan Anand of LIC , he may get it .

Hope this suffice .

Shailesh

Insurance Samadhan

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