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How r u, I have a term life insurance policy of 2 crore from 2018. I have some problem of lungs for which I was admitted in hospital in 2016-17,two times. But I did not disclosed in the proposal form about this hospital admission & treatment. Can my claim be rejected due to this old disease, even after section 45 amendment ?
Hello sir,
Whether a term life insurance claim may be denied due to pre-existing lung disease that you have not disclosed in your application depends on the specific terms of the policy and the laws and regulations of your country of residence.
In general, if you do not disclose your pre-existing medical conditions in your insurance application, insurance companies may have reason to deny your claim based on material misrepresentation or non-disclosure.
However, in India, Section 45 of the Insurance Act, 1938 (Amended 2015) states that an insurer cannot refuse a claim on the grounds of failure to disclose the disease or condition for which the insurance policy was valid. It is stipulated. 2 years minimum. This means that if you have been insured for more than two years, you cannot deny a claim for failing to disclose pre-existing lung disease.
thank you