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Submit earlier medical reports while buying new policy

The life cover will be based on your medical and financial eligibility

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I am 45 years old and I want to buy term life insurance policy. I have undergone treatment for cancer and am completely cured now. Will I get a life insurance policy? For how much amount should I buy? My annual income is Rs 25 lakh. 
– Tushar Meghraj

I will recommend you apply with a life insurance company. You might be required to submit all your medical reports, treatments you underwent and any medications you are currently taking and the treating oncologist report. Based on this information the insurer will be able to ascertain and provide you with adequate cover. The life cover will be based on your medical and financial eligibility.

I have an LIC policy since 1999 and the premiums are all up to date. I have all the premium payment receipts. But the address is my parents' house in Bangalore because I was living there when I bought the policy. When I shifted from Bangalore to Mumbai I lost the policy document. What should I do now? 
– Nitin Karnik

In case of loss of policy document, you can visit the nearest branch of your insurer and submit a request. The insurer will be able to provide you a policy certificate and also execute the change of address.

If I surrender my life insurance policy will the amount be taxed? 
– Satish Garg

Any sum received from life insurance policy including bonus or surrender receipts is exempt from Tax u/d 10 (10D) of Income Tax Act except in some cases like Key Men insurance policy, premium paid is higher than 10%/20% of sum assured,

Sumit Rai, MD & CEO, Edelweiss Tokio Life Insurance

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

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