Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Anil

Anil Rego  |388 Answers  |Ask -

Financial Planner - Answered on Jun 03, 2021

Anil Rego is the founder of Right Horizons, a financial and wealth management firm. He has 20 years of experience in the field of personal finance.
He’s an expert in income tax and wealth management.
He has completed his CFA/MBA from the ICFAI Business School.... more
Loveneesh Question by Loveneesh on Jun 03, 2021Hindi
Listen
Money

I am 47 years old businessman. I have a query regarding term insurance plan. How many term plans can a person buy? I mean if I have more than 1 term plan then will my nominee get claim from all of them or is there a limit to it?

Ans: There are no specific limits to the number of life insurance policies (including term covers) you can own and you can claim benefit from all of them. However, the insurance companies seek a disclosure of the other insurances you hold at the time of submitting your application form, which they use for financial underwriting.

You can also have different nominees or same nominees for all these plans. The nominee will get a benefit whether it is one policy or more than 1 policy.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Moneywize

Moneywize   |181 Answers  |Ask -

Financial Planner - Answered on Feb 06, 2024

Asked by Anonymous - Feb 06, 2024Hindi
Listen
Money
I am 30 and looking for a term insurance for a term of 40 years. Which company offers the best term plan in terms of lower premium and best cover? Could you kindly suggest one?
Ans: One cannot recommend a specific term insurance plan or company as it depends on various factors like your health condition, lifestyle habits (smoking/drinking), income, budget, and family situation. However, here’s a guide on how to choose the best term plan.

Here are some key factors to consider when choosing a term insurance plan:

• Sum assured: This is the amount your beneficiary will receive in case of your death during the policy term. Choose a sum assured that is sufficient to cover your outstanding debts, living expenses for your family, and future financial goals of your dependents.
• Policy term: This is the duration for which the life cover is valid. Since you are 30 and looking for a 40-year term, you have a wide range of options to choose from.
• Premium amount: This is the amount you pay annually or monthly to maintain the policy. Generally, younger individuals have lower premiums compared to older individuals.
• Riders: These are additional benefits that can be attached to your base plan, like accidental death benefit, critical illness cover, and waiver of premium rider. Choose riders that suit your specific needs and budget.
• Claim settlement ratio: This ratio indicates the percentage of claims settled by the insurance company. Opt for a company with a high claim settlement ratio.

Popular insurance companies often change, and new products may be introduced, so it's essential to check the latest offerings. Additionally, individual factors such as your health, lifestyle, and occupation can affect premium rates. Make sure to disclose all relevant information accurately to get the most suitable coverage.

Remember, it's crucial to disclose all your health conditions and lifestyle habits accurately while applying for term insurance. Withholding information can lead to claim rejection in the future.

Remember that buying ‘best’ term insurance plan is subjective and depends on your specific needs and circumstances.

..Read more

Milind

Milind Vadjikar  |1238 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Mar 07, 2025

Asked by Anonymous - Mar 07, 2025Hindi
Listen
Money
Can I do term insurance more than one insurance company. If unfortunately something happen all the companies will give claim or not. Kindly guide and give suggestions. Nitesh Kumar Gupta
Ans: Hello;

A person may take multiple term insurance policies but he needs to inform the other insurer about his existing life insurance policies.

This will ensure that the insurer provides you additional insurance in line with your increased requirement and also claims are not dishonored later for suppression of facts.

Also people need to understand that insurers do a Human Life Value(HLV) Assessment. Human life is invaluable and no amount of money or other riches can compensate for the loss of it.

HLV tries to predict your earnings over your lifetime.

And since insurance is a protection intended to make good the financial damage caused due any loss or mishap,
no matter how much life insurance you buy, insurers will assess your HLV and make claim payment in accordance with the same irrespective of sum assured.

Do not be under the impression that if you hide your previous term policy from the new insurer then they won't know about it.

The way we can find out everything about insurance companies online similarly with a simple search they may get all details pertaining to client's financial activities including of course life insurance policies.

Nobody would want their family to run long drawn legal cases with insurance companies behind them.

Therefore it is best to keep it plain and simple with one adequate term insurance cover.

Many companies offer term life cover in which you may enhance the sum assured at certain life stages.

Benefit is you get enhanced cover for increased responsibilities without going through underwriting check again.

Do a study of claim settlement ratio over a span of years, capital adequacy, reputation, cost, riders on offer and go for the one which suits your requirement or else consult an insurance advisor.

It is better to buy term cover with accident benefit and critical illness riders.

Best wishes;

..Read more

Latest Questions
Dr Dipankar

Dr Dipankar Dutta  |1521 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on May 31, 2025

Dr Dipankar

Dr Dipankar Dutta  |1521 Answers  |Ask -

Tech Careers and Skill Development Expert - Answered on May 31, 2025

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x