I had applied for LIC e-Term policy where I had mentioned that I have slightly high TSH ( hypothyroid ) and slightly higher LDL cholesterol. I had undergone medical tests twice. Once general tests and once only for TSH. Later I received an email stating that ” It is not possible to accept the proposal at the present and the consideration of your proposal is postponed for 6 months till TSH becomes normal. Kindly let us have your consent for the postponement of the said proposal, as above, or you could also request for refund of the deposit amount (subject to deduction of cost of medical examination/special reports fees), if you so desire.”
I want to know whether I should agree to the postponement or take the refund and then apply for a policy with some other company like HDFC (click to protect plus).Kindly advice.
Anu-They are not guaranteeing you that after 6 months of wait they will issue the policy. Instead, they put the condition that based on your TSH status. There are two risk in it. One is living without any life protection for 6 more months and no guarantee of approval at later stage by LIC. Also, by waiting another 6 months may cost you more premium (as your age increased to one more year). Hence, in my view better to opt for refund and go with HDFC.
When i apply for HDFC do i need to inform them about the postponement of a previously applied policy.Should i inform them about the slightly high TSH and LDL as i had done with LIC or not mention it.
I think test reports should be mentioned. The claim rejections are mostly for not revealing any underline morbidity or risk factor.
Anu-No need to mention of LIC issue with them. Bu, you have to mention about the TSH and LDL with HDFC too.Yes, they may reject the claim only when you hide the material information.
Drpupai-But according to lines shared by him, I feel they once again ask for fresh TSH test.