Being an expert in the industry, I would like to clarify the following point with you :-
I have taken a term policy from Max Life recently for Rs.1 Crore. My diabetic history was disclosed in the proposal. Though the medical reports were normal, life insurance company charged me 50% extra premium based on my health declaration.
I have 2 personal accident policies and 2 Medi claim policies in my name which I mentioned on my proposal form. However, I forgot to give the details of 2 term policies which were lapsed in 2013. Actually, those term policies were taken in 2012 but I discontinued them due to the overcharging of premium (on my health ground). And I don’t have those policy details also. So I could not give the details of those policies on proposal form.
Also I didn’t mentioned in the proposal form that I had been charged with extra premium by other insurance companies earlier. However, details of all current (existing) policies were given on the proposal. In your expertise, should I ignore my new term policy and go for a new term insurance plan to avoid any complications due to
non-disclosure of fact and insurability.? Will my nominee face any problem in case of a claim, since I didn’t mentioned the details of expired policies.?
Will this issue be treated as a very serious offense even after paying the premium for 3 years.?