I HAVE TAKEN A LIFE INSURANCE POLICY WITH TERMS AS TO PAYMENT OF YEARLY PREMIUM FOR 5 YEARS AND THEREAFTER IF I SURVIVE YHE POLICY MONEY WILL BE RETURNED WITH ADDITIONS AFTER 7 YEARS. SINCE I HAVE NOT UNDERSTOOD THE TIME LENGTH PROPERLY I MERELY ACCEDED AND WENT ONPAYING PREMIUMS AND SUCCESSFULLY COMPLETED 5 YEARS PAYING TERM. AFTER THAT SINCE I RETIRED I AM IN NEED OF FUNDS HENCE APPROACHED MY COMPANY WHO GAVE ME RUDE SHOCK CONVEYING SINCE BALANCE PERIOD OF 7 YEARS FOR NORMAL MATUREMENT WAS NOT COMPLETED MY POLICY WILL BE TREATED AS PAID VALUE BASIS AND SURRENDER VALUE EQUIVALENT TO HALF OF PREMIUMS ARE ONLY ADVISED FOR RETURN THIS THEY CITED AS PER TERMS. WHETHR IS THEIR CONTENTION CORRECT. DO I NOT HAVE ANY RECOURSE /?
Dear client, withour directly resorting to the complaint on the insurance company try to re-inititate the claim process and talk to them and submit the required documents. Even then if there is no cla...
Dear Client,
In the given situation, bring the matter to the notice of the Grievance Cell of the concerned Insurance Company endorsing a copy to the insurance regulatory authority, IRDIA. In case, no...
Dear Client,
Pre-existing diseases (PED) are mostly expensive to treat as they are chronic in nature. Unfortunately, most health insurance plans cover pre-existing diseases after a waiting period of 2...
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