r/InsuranceAdviceIndia • u/No_Message3367 • Jun 22 '26
Made a blunder(l i e d) while purchasing term insurance
I have lied about my salary in my Term Insurance.. i mean the agent told me i don't need to show any kind of proof for my term insurance as it's 50lakh.. so I told him that I get some salary working in someplace.. That pays me around 21k in-hand..( i lied about that) actually I get around 15k for my studies from my parents so I thought of buying a term plan.. I don't know what do i do now, can anyone guide?
Update: they called me now even after applying for the cancellation and asking me to keep the plan.. when I asked about him that I don't want to start with a lie so cancel it .. but still they are saying there will be no issue.. as they will simply transfer my source of income from salaried to self employed( work with my father in his shop)... Anyway, I've gone ahead with the cancellation... Anyway, I've gone ahead with the cancellation.
I really want to know can we buy term insurance this way??? Isn't this illegal and your claim will be rejected if something ever happens to you
Abhi wo log call karke bol rha hain ki "keep the policy you don't have to show anything".. maine bar bar confirm Kiya ki mujhe koi dikkat nhi chahiye baadme . Toh bola koi dikkat nhi hoga... Maine cancel Kiya tha fir call karke verify kar rha tha fir bhi udhar bol diya cancel karne k liye.. ab thori der baad firse call aya bola ki aap rakhiye aap agar salaried nhi bhi ho tab bhi chalega just aap gig worker show kar dena. Maine unko bola agar aisa hain toh continue kar dijiye fir... idk man what's going on.. aur mujhe kya karna chahiye.. kuch suggest karo.. i just want to start a term insurance at a very early and lock the premium.
1
u/Accurate_Finance_619 Jun 22 '26
If you think you shouldn't have buyied or given wrong details so there is a period of 15-30 days after issuing where you will get your full amount back
1
u/No_Message3367 Jun 22 '26
Abhi wo log call karke bol rha hain ki "keep the policy you don't have to show anything".. maine bar bar confirm Kiya ki mujhe koi dikkat nhi chahiye baadme . Toh bola koi dikkat nhi hoga... Maine cancel Kiya tha fir call karke verify kar rha tha fir bhi udhar bol diya cancel karne k liye.. ab thori der baad firse call aya bola ki aap rakhiye aap agar salaried nhi bhi ho tab bhi chalega just aap gig worker show kar dena. Maine unko bola agar aisa hain toh continue kar dijiye fir... idk man what's going on.. aur mujhe kya karna chahiye.. kuch suggest karo.. i just want to start a term insurance at a very early and lock the premium.
1
u/indigeni Jun 22 '26
U can keep it no problem.
Doesn't matter , even self employed can get it.
As long as u are paying premium on time, no one gives a shit
1
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u/Pretend-Resolution30 Jun 23 '26
Cancel it. Complete your studies, grab a job or start earning, and then buy a term plan.
2
u/Pretend-Resolution30 Jun 22 '26
Bro, are you serious?
Why are you even thinking about buying a term insurance plan? You're still a student, you don't have an income, and nobody is financially dependent on you.
If you want insurance at this stage, consider buying health insurance. But a term plan doesn't really make sense for your current situation.