Hey @Ditto_Insurance
I have a life insurance plan from when I was a minor don’t have much details regarding the same but that life insurance is pledged against a bank for a Business loan.
And i may or may not have other insurance maybe me being included in other family insurances.
Now since I’m earning myself now I’m planning to take up other insurance products medical, term insurance etc.
Does me having the one earlier insurance and the same being pledged for a loan will this fact affect premiums and do I have to disclose the same when going for another insurance.
Do banks take life insurance policy as a pledge from minors? I dont think so as minors cannot get any loan or any products. You could have a life policy as a minor but this cannot be pledged.
Well something along these lines not exactly sure how it works but it does 
As someone working in life insurance domain, i can say this:
Depends - if the policy is all paid up then should not. But the sum assured will be affected. You will likely get lower sum assured as you have an existing policy.
Yes you do - insurers have ways and means of finding such information even before the policy is issued. Underwriting processes take care of all this too. Even if you don’t disclose it, it will be found and it can complicate things - some companies do not issue new contracts to those who already have one issued to them. Your level of income will become a factor here. Low income level means less chances of another policy. General rule of thumb is - total sum assured should be 10x your level of income across all policies combined.
When you die - the due amount of the loan gets waived and any balance sum assured goes to the beneficiary.
Just personal opinion from experience - not any form of insurance or investment advice.