Considering taking a 2nd Term Insurance

[bhavyakjain]

Hello

I had taken a term insurance policy 1 year back with HDFC Life.
I am satisfied with the premium and cover.

I am getting anxious that at the time.of need, wil the company honour my policy and give full/significant sum assured to my family.

Due to this fear, I am considered taking a second term insurance policy (considering Max Life) also. Thinking of it as a backup. Like if the approved amount from 1st policy is insufficient or any issues with claim settlement, this 2nd policy may help my family in need.

I am okay with paying the premium on both.
My concern is:
1. Is it legal?
2. Any downsides/risks involved?
3. Will it serve my purpose?

Please do suggest any other alternative methods to mitigate the risk and over-reliance on only one company.

 

[helloworld]

legal? yes
risks? need to handle paper work on both carefully
purpose? yes

more (for assurance online reference):

https://www.policybazaar.com/life-insurance/term-insurance/articles/why-should-everyone-have-at-least-two-term-insurance-plans/

 

[bhavyakjain]

legal? yes
risks? need to handle paper work on both carefully
purpose? yes

more (for assurance online reference):

https://www.policybazaar.com/life-insurance/term-insurance/articles/why-should-everyone-have-at-least-two-term-insurance-plans/

It's been pointed out to me that:
1. If one company rejects my claim, highly likely other one would reject as well.
2. Very very often these companies collude together to not have to pay the claim or pay very less amount. Since both are aware about other plans that I have, legally required to reveal so.

Is it true ? How to mitigate this risk ?

 

[helloworld]

It's been pointed out to me that:
1. If one company rejects my claim, highly likely other one would reject as well.
2. Very very often these companies collude together to not have to pay the claim or pay very less amount. Since both are aware about other plans that I have, legally required to reveal so.

Is it true ? How to mitigate this risk ?

its like that, if we think like that then nothing can be progressed.

- if one rejects others may accept // positive
- if one rejects others also reject // negative

both are the possibilities but do think that or train them how to fight incase of policy rejection.

We legally told them about other policies and after reviewing them, they only accpted or revised new policy limit.

So, that means they're ok to pay that amount along with another insurer (positive), not to through blame on other policy and enjoy our premium amount (negative).

submit proper documents and get the claim. if any issues use ombudsman for complaints.

 

[sm9811911]

Hello

I had taken a term insurance policy 1 year back with HDFC Life.
I am satisfied with the premium and cover.

I am getting anxious that at the time.of need, wil the company honour my policy and give full/significant sum assured to my family.

Due to this fear, I am considered taking a second term insurance policy (considering Max Life) also. Thinking of it as a backup. Like if the approved amount from 1st policy is insufficient or any issues with claim settlement, this 2nd policy may help my family in need.

I am okay with paying the premium on both.
My concern is:
1. Is it legal?
2. Any downsides/risks involved?
3. Will it serve my purpose?

Please do suggest any other alternative methods to mitigate the risk and over-reliance on only one company.

If are satisfied with the cover, why take another.
hdfc has a good settlement ratio and overall reputation, so don’t get a new policy just because you think this will get rejected. That can happen to the other one as well.
If you feel you need extra cover, then get a new policy.

 

[Vasuki]

Hello

I had taken a term insurance policy 1 year back with HDFC Life.
I am satisfied with the premium and cover.

I am getting anxious that at the time.of need, wil the company honour my policy and give full/significant sum assured to my family.

Due to this fear, I am considered taking a second term insurance policy (considering Max Life) also. Thinking of it as a backup. Like if the approved amount from 1st policy is insufficient or any issues with claim settlement, this 2nd policy may help my family in need.

I am okay with paying the premium on both.
My concern is:
1. Is it legal?
2. Any downsides/risks involved?
3. Will it serve my purpose?

Please do suggest any other alternative methods to mitigate the risk and over-reliance on only one company.

U can take multiple POLICY as ur income increase for less than 30 age PPL it's 25x of their income.
If
You have MEDICAL records of every year and you don't die of sucide
And you gave full body test for term insurance there is nothing to be anxious about.


Insurance is one part of headge for future.
For immediate need you build other things
Like gold , lic not with term insurance, fd etc etc

If u earning over 20+ .and you have good saving.
Choose a bank with lowest locker fees and keep your important records orginal In it for after life situation.


If one company reject claims other can too ..true only if you have given wrong information.


Now iRda ombudsman is very active in these things so there might be delay but not blanket rejection claim they might say bring this bring that paper but with everything good u r cool


One Bite from me :-

Choose one policy with cancer and other health related rider like paralysis ,coma etc

Other with accidental death riders .




Lastly don't get anxious. Enjoy the life .
Keep building wealth 💪