Can I hold two LIC policies at the same time?
Yes, as a policyholder you have any number of Life Insurance policies provided the Insurer is informed about the previous policies while buying any new policy. The other main thing is paying the premium on time without fail.
Whenever a proposer buys a new Life Insurance policy, needs to inform the Insurance company about all previous Life Insurance plans from the same company or from two different companies.
The idea is to have Life Insurance within the limit. If a person closes one Life Insurance, the company may not allow him to buy new Life Insurance immediately. Whenever any Life Insurance is left unpaid, dropped or surrendered, the same has to be mentioned in the new Life Insurance proposal.