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Last Updated On 25-May-2021
Insurance

Withdrawal of premium insurance

I purchased an insurance cum ULIP plan with gauranteed benefits with yearly premium ₹98k and death cover of ₹9.8 lakh only. After paying 1 premium, now I don't want to continue with it and the policy has lapsed. Although terms and conditions say that I won't get anything on withdrawal upto 3 years. Can I approach IRDA against such clause (although I've agreed with terms and conditions Earlier)

( Saharanpur, Uttar Pradesh )

23-May-2021

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A.
you had 15 days to backout of policy if you not liked it.
after 1 year it is not possible.

But due to corona, policies are available for renewal after getting lapsed but depends on company.
It is advisable to pay for minimum number of years as per terms and conditions to surrender it.
Posted On 25-May-2021
Vidhikarya
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Hi,
Since the policy has lapsed, the amount you paid is no longer valid and you have also agreed to the terms of the policy previously. If you want to be eligible for the benefit under the policy you must approach your agent anf pay the fine and the premium and , and reinstate the policy. However, if you wish to discontinue then you have no remedy since you agreed with the terms and conditions and such terms can only be struck down if they are against public policy.

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Posted On 24-May-2021
Vidhikarya
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Hi,
It is advised that you should go through the policy documents first before accepting it. Your paid value is forfeited as the policy has lapsed. In order to enjoy the benefit, you need to pay the premium for at least 3 years. Reinstate the policy by paying the premium with fine amount. Pay till 3 years, and then withdraw the policy.
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Posted On 24-May-2021
Vidhikarya
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Many times agents sell the policy by giving you the wrong information. They tell such things, which they are not included in the policy document. If this happens, you can complain against the insurance company.
You should first contact the Grievance Redressal Officer (GRO) of that insurance company. You can express your problem by giving written complaint to them. That officer will try to resolve your complaint within a given timeframe.
If you do not get a satisfactory answer from there in 15 days, then you can contact IRDA directly.
You can contact IRDA's Grievance Redressal Cell at toll free number 155255, complaints @ irdai.gov.in.
Posted On 24-May-2021
Vidhikarya
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Dear clieAd you stated herein that you paid for one year. Now policy lapsed. Any policy holder must pay premium for 2yrs. Then surrender value is considered as pet law. Otherwise it will be forfeited. Hence, pls confirm your policy terms and conditions and if possible then pay lapsed policy with fine for not paying on time. Especially, during Vividh period they may allow you for the same.
Thanks
Posted On 24-May-2021
Vidhikarya
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Dear Sir,
You are correct. the insurance companies making people fool. Also approach High Court by filing PIL.
Posted On 24-May-2021
Kishan Dutt Kalaskar
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I don't think you can as the insurance has lapsed and you are saying that you had agreed to those terms and conditions.
Posted On 24-May-2021
Abhimanyu Shandilya Advocate Abhimanyu Shandilya
Abhimanyu Shandilya
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