Jyoti Thakur (name changed) was shocked on being told that her claim to her late husband’s life insurance policy had been rejected. The insurance company had, in a detailed letter, explained how her husband had failed to disclose necessary information while buying the insurance policy. This is not the first instance of claim rejection due to erroneous disclosure or hiding relevant information while taking a policy. In a recent report, the Insurance Regulatory and Development Authority of India (Irdai) had published data of claim settlement ratio submitted by various life insurers companies. The companies said most claims get repudiated due to non-disclosure of health conditions, misleading details of income and occupation and withholding of insurance with other companies prior to applying for the policy.
75 years to reach per capita income of $2730, will take only 5 years to add another $2000, FM Sitharaman
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