raviyadav1998
KF Rookie
Should I tell term insurance company about my Ulip as a term insurance?
Term insurance
- Thread starter raviyadav1998
- Start date
Sailesh Ivaturi
KF Rookie
Ethically, one should disclose all the other insurance policies before taking a new on. This helps the insurance company in life valuation of the policyholder. Coming to your question, NO you cannot categorise ulip as a term plan in LIC, can't comment about other private insurance companies.
Akshita.sri
KF Ace
Honesty is the best policy, especially when it comes to insurance! 
It's generally recommended that you disclose all insurance policies you hold, including ULIPs (Unit Linked Insurance Plans), when applying for term insurance. This is because your existing policies could impact your premium or eligibility for coverage.
If you don’t disclose this information and later make a claim, the insurer could deny your claim, arguing that you didn’t provide accurate information. So, be transparent about your ULIPs and other policies when you apply for policybazaar term insurance.
It's generally recommended that you disclose all insurance policies you hold, including ULIPs (Unit Linked Insurance Plans), when applying for term insurance. This is because your existing policies could impact your premium or eligibility for coverage.
If you don’t disclose this information and later make a claim, the insurer could deny your claim, arguing that you didn’t provide accurate information. So, be transparent about your ULIPs and other policies when you apply for policybazaar term insurance.
