Skip to main content

No Claim rejection after 3 yrs for life insurance policy

No Claim rejection after 3 yrs if you have Life insurance policy

If your policy is 3 yrs old, no matter what happens, the life insurance company will not be able to deny the claims. There was an amendment in the sec 45 of the Insurance Act 1938, and due to that now onwards a policy can’t be denied a claim because the policy-holder gave some wrong information.
As per IRDA, the company has 3 yrs in hand to detect any misrepresentation or misstatement from the customer side and reject the policy. However, once this period is over, the insurer will have to settle the claims.

Comments

Post a Comment

Popular posts from this blog

what happens when the policyholder dies within the grace period provided after the due date of paying the premium.

what happens when the policyholder dies within the grace period provided after the due date of paying the premium.  Every life insurance company provide a grace period of 30 days for paying the premium after the due date is over. Companies send reminders on SMS and emails to make sure the customer pays their premiums on or before the due date. But if they forget to pay the premiums on time, still they get 30 days of grace period. If premium are not yet paid after the grace period, then the policy is considered to be LAPSED and no death benefits will be given if the death happens after the grace period. Do you get sum assured if death happens during grace period ? And the answer is YES. As per the rules, if the death of the policy holder occurs on the due date of the premium payment or during the grace period, still the policy is valid and the beneficiaries will get the sum assured. But after deducting the the unpaid premium for the current year.
Post a Comment
Read more

LIC Jeevan shathi plan

For more information contact Sanjay Patil INSURANCE AND INVESTMENT CONSULTANT M-8866351264
Post a Comment
Read more