Planing to take 2nd Term Insurance Plan

POSTED BY Kunal Kumar Sharma ON January 7, 2013 10:15 pm ONE COMMENT

I have the query regarding purchasing the second term insurance plan. I have a LIC Amulya Jeevan : 30 Lakh 30 Yr term insurance.

Planning to take another insurance of 60 Lakh for 30 yr from ICICI i protect. I guess i need to tell the ICICI about my existing term insurance plan while applying there.

But Do i need to inform LIC also that i taking another term insurance plan from ICICI? If i do not tell LIC, will it create any problem later on during claim?

One reply on this article “Planing to take 2nd Term Insurance Plan”

  1. You don’t have to inform LIC.

    You are bound to inform ICICI. Such an entry will be available in the ICICI form.

    When LIC gave you the policy or for that matter any insurer they dont put in a clause that in future if you take a policy that they be informed.

    Since such a clause does not exist you dont need to inform

    However if the claim is made LIC has to be informed about ICICI policy and viceversa

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