Quote Originally Posted by Rahul View Post
Its duty of the proposer to declare all facts, he know at the time of making proposal. So I would suggest you to inform both the insurer that you have another term insurance policy from another life insurer. E.g. Aviva Life Insurance -> tell about LIC policy and same way to LIC about AVIVA policy.
a. Agreed, curious to know, if declaration now would increase my premium amount?
b. Would there be any problem in settlement(if case, if it happens), if one doesn't declare other insurance?