Sir, I have recently got my term insurance. I have filled all the details and without any medical test, I have got my insurance. I am 39 yrs, 50L death and 50L accidental benefit. I am a non smoker and no alcohol consumption. my doubt is that, what if I consume alcohol or start smoking after I get the insurance policy… what will happen. is there any problem?
Laxmish-No need to worry. Because they ask such health issues questions only during buying. Once they take risk of your life, then they not bother about your future habits, income status change or any other issues.Also, in my view it is best practice to inform your insurer whenever you change habits which risk your life. It clears your such doubts. However, if at any point of time the you not pay the premium and policy in lapsed condition, at that time your health issue will comes into picture once again. Because you have to undergo medical examination once again. At that time, considering your health, they may reject to revive.