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Update incorrect alcohol-consumption information ?

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17 Sep, 2021 by  Sohom Bhattacharjee

HI, I bought a Term policy online from Max Life Insurance company.


During the process i was on-call with an agent. This agent asked me about my alcohol consumption habits and I indicated that I am a very rare consumer of alcohol (less than 1 beer a month on avg). Now the information regarding consumption of alcohol and drugs on the Policy proposal form is selected as "NO". (This was filled in by the agent and I failed to double check)


I also indicated to the Medical Examiner about my occasional alcohol consumption.


Now the policy is issued and it marks me as a non-consumer of alcohol.


Seeing this error, I emailed the Insurance company and they haven't responded yet.


My questions are:

1. Will this error cause a big problem down the line ?

2.Should i consider returning the policy and buying a new one (im under the free-look period)

3.How much alcohol consumption is considered negligible and not worth mentioning on the proposal ?

4.Am i overthinking this ? Should I leave everything as it is since the policy is issued and anything directly related to alcohol is not covered anyway.



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Term Life Insurance

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18 Sep, 2021

Hi Sohom,


You have approached this situation quite well. I would suggest that you keep the copy of your email sent to the insurer on records. Generally, insurer would respond to such communications. In the absence of any response, you may consider no changes in the terms of acceptance by the insurer.


Hope it helps.


Regards

Krishnan

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20 Sep, 2021
Sohom Bhattacharjee
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19 Sep, 2021
Rohit Dhingra

Hey Krishnan,


Incase you still have not received any response please send them a reminder. If they still don't respond please write a mail to grievance team. The grievance id will be on your policy document as well on their website. Simultaneously, put pressure on your agent to get the same rectified stay away from him in future.


Hope this helps


Regards

Rohit Dhingra

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