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LIFE INSURANCE: Insurer cannot refuse claim only due to delay in applying for it

Insurers can't repudiate delayed claims until the reasons of delay are specifically ascertained, recorded and the insurer is satisfied that the delayed claims would have otherwise been rejected even if reported on time

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I was thinking of buying a cancer policy since my mother and sister had cancer. But I cannot get because of this reason. What is the use of such a policy? All studies say that familly history is the main reason for cancer. 
– Sucheta Shankar

I can empathize with the situation. While there are some companies which may not offer you a Cancer policy if there has been a family history of Cancer, there are some which may still cover you for the same. Alternatively you can look at critical illness policies which also cover cancer as one of the ailments. These policies usually do not have such restrictions.

I am planning to buy a life insurance policy. If I get diabetes after buying my life insurance policy, should I inform the company? I have a family history of diabetes and I am worried that I may contract the ailment when I am older, though I don't have the ailment now 
– Karan Kuber

No, Life Insurance Companies do not mandate for any such information sharing as long as you have been diagnosed of the ailment post issuance of the policy.

My father had personal accident cover given by his club to all its members. We did not know about this. We found about this only two years after his death. Can we claim the money now? 
– Pooja Chandiramani

Insurers can't repudiate delayed claims until the reasons of delay are specifically ascertained, recorded and the insurer is satisfied that the delayed claims would have otherwise been rejected even if reported on time. Hence, you can and you should apply for the claim settlement.

The writer is deputy CEO, IndiaFirst Life Insurance

Clear your doubts with regard to life insurance. 
Send your queries to
personalfinance@dnaindia.net

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