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Implications of lying for a retail policy

Going to buy a new health insurance? What if someone suggested you to lie on your retail policy to get lower premium rates? Will you do it without knowing the consequences it may lead to?

Saving a few bucks today by lying on your insurance policy can cause you a fortune during claim settlement. It is thus unwise to withhold critical information which should otherwise be given to the insurer.

Most people lie to insurance companies for either a higher sum insured or lesser premium. As tempting as it might be, lying to your insurance providers may not be in your best interest. Here’s why:

Your policy will be cancelled

Your insurance company holds the right to cancel your policy in case of malpractice. Not just that, but you will lose all the premium you have paid till then.

Your claim will be denied

Imagine being admitted for a major treatment believing that the expenses will be taken care of by the insurance company. Instead, how shocked will you be when your claim is rejected because you lied in your policy application?

It might be difficult for you to get a policy elsewhere

Complications in your insurance history will make it difficult for you to get a new insurance policy.

The insurers will either charge you a much higher premium than before or your application will be rejected straightaway.

So you know what not to do while buying your insurance policy and why.

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