I have two term plans from two different insurers. Will my dependents get the full claim from both these policies in case of my death during the policy tenure?
Ravinder Pal Singh, Gurgaon
You should not be worried about the claims being settled by the insurer, whether you have two term plans or one. Unlike general insurance policies, life insurance does not work on the principal of indemnity, as one’s life is invaluable. It is common for one person to have multiple insurance policies and each one of them is an independent contract between you and the insurer. No matter how many policies you have, the sum assured under them, in case of your demise will be paid as per the terms and conditions mentioned in the policy. Your legal nominees or legal heirs will be entitled to claim the sum total of both the policies.
