Update regarding drinking & smoking in policy

[gaurav_gupta]

Three years back I had take a term insurance policy from Max New york. At that time I haven't update regarding drinking & smoking as I think I smoke occasionally at that time. Now should I need to update regarding smoking & drinking in that policy. Now I smoke 2 to 3 cigarettes per day. And drink occasionally. Should this also affect my premium? And this is mandatory to declare.

[Madhura]

You need to give correct answers to all the questions mentioned in the proposal form. If you have not provided at that time you can do it now.

[Madhura]

Excellent article -Why term insurance claims get rejected? (http://www.policywala.com/content.php/342-Why-online-term-insurance-claims-got-rejected)

[Manish_Kumar]

Three years back I had take a term insurance policy from Max New york. At that time I haven't update regarding drinking & smoking as I think I smoke occasionally at that time. Now should I need to update regarding smoking & drinking in that policy. Now I smoke 2 to 3 cigarettes per day. And drink occasionally. Should this also affect my premium? And this is mandatory to declare.
If at the time of taking the policy you were not smoking or drinking and started lately then no need to provide any detail. Otherwise you had provided wrong details at the time of proposal, which need updation.

[gaurav_gupta]

If at the time of taking the policy you were not smoking or drinking and started lately then no need to provide any detail. Otherwise you had provided wrong details at the time of proposal, which need updation.

So it means i don't need to declare about smoking and drinking. Am i right?

Another question is that I am planning to take one new term policy from LIC. Agent told me that no need to declare about smoking and drinking if you smoke 2 or 3 cigrattess. So it is fine if I am not going to declare about smoking in form. Otherwise there might be possibility if my application reject.

[NewsDesk]

Disclosure of Material Facts
All material facts must be disclosed. Failure to do so could invalidate the policy. A material fact is one which is likely to influence an insurer in the assessment and acceptance of the application. If you are in any doubt as to whether a fact is material then it should be disclosed. If any changes in circumstances arise during the period of insurance cover please provide details.

[NewsDesk]

Material Facts - Facts which need to be disclosed and facts which need not be disclosed? (http://www.policywala.com/content.php/210-Material-Facts-Facts-which-need-to-be-disclosed-and-facts-which-need-not-be-disclosed)

[Manish_Kumar]

At that time I haven't update regarding drinking & smoking as I think I smoke occasionally at that time.
You have provided wrong info at the time of buying policy.


Now I smoke 2 to 3 cigarettes per day. And drink occasionally
This post must have cleared your doubt -
"If you are in any doubt as to whether a fact is material then it should be disclosed. If any changes in circumstances arise during the period of insurance cover please provide details."


Another question is that I am planning to take one new term policy from LIC. Agent told me that no need to declare about smoking and drinking if you smoke 2 or 3 cigrattess. So it is fine if I am not going to declare about smoking in form. Otherwise there might be possibility if my application reject. It's upto you to decide what you want to disclose on the proposal form. My personal opinion is always give right information if asked in the proposal form.

[Aman]

Another question is that I am planning to take one new term policy from LIC. Agent told me that no need to declare about smoking and drinking if you smoke 2 or 3 cigrattess. So it is fine if I am not going to declare about smoking in form. Otherwise there might be possibility if my application reject.
Why you want to submit wrong info?
The main reason to buy life insurance is to cover yourself from future risks and get claim, which may be denied if you submit wrong info at the time of application.