My husband had taken a unit-linked insurance plan (Ulip). After he passed away, the claim was raised automatically and was rejected.
The company said that he didn’t declare his other policy details. Can I still get any claim amount? The form was filled by the agent and even the nominee’s name was misspelt.—PraveenaIn several cases, adjudicating authorities have reversed claim rejection if the policyholder’s non-disclosure would not have impacted the insurer’s underwriting decision.
Declaration of other policies is important for financial underwriting. Insurers are generally comfortable to issue coverage up to 10 to 15 times of a person’s annual income.