Can I buy two term plans?

Given my income, I am allowed only ₹50 lakh cover in HDFC term insurance. Even though I am willing to pay more for ₹1 crore policy, they are only offering a cover for ₹50 lakh. Can a person buy two term insurance policies of ₹50 lakh? At the time of making a claim, the insurance companies shouldn't create trouble.
- Sumit

You can talk to another insurer. While applying for the term plan, the insurance company will ask you about your existing insurance policies. You must tell them about your existing term plan. Then it is up to the insurer to decide whether they want to offer you the policy.

As far as claim is concerned, in case of admissible death claim, both insurers will pay the sum assured to nominee. To avoid any trouble later, you must disclose all details to the best of your knowledge at the time of buying insurance.

This article was originally published on October 29, 2015.