Topic: Limiting benefits on death from Term Insurance

Will any good soul please clarify:

If it is possible to take more than one term policy for same person from two different companies (private sector)?

Supposing one policy is for Rs. 10 lac and another for 40 lac. Will be benefit payable on death from all policies be limited to the highest amount of sum assured?

Does this include traditional endowment/ pension etc policies taken from LIC also?

My elder bro who has taken ICICI Prudential iCare says that his Policy has following condition;

"The maximum benefit payable on death in respect of all policies issued on the same Life Assured will be limited to the maximum Sum Assured applicable for this product." What does this mean?

Is it so? I did not know this. This means cheating and no benefit of taking multiple policies.

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