Can a person have two life insurance from two different insurance companies?

[narayan]

I have one life insurance policy from LIC, India. I want to increase my insurance cover, so discussing with my insurance agent. I am very keen to buy another life insurance from Pvt. Life insurance company. But my agent told me that one cannot buy two insurance policy from two insurance company. If you want to buy another policy, you can only take it from LIC. Is he right?

No, He is wrong. There is no restrictions on number of policies one can take. You are free to take any nos of policies from any insurance company. You can take insurance for any amount as far as you have paying capacity and with in maximum insurance limit as mentioned by Mrinalrulz.

[Manish_Kumar]

Each time you fill a new proposal for a new life insurance policy, you must mention your previous insurance policy details. Failure to mention this, can be held valid for an insurer to reject a claim.