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Can a insurance policy holder claim for the lapsed... (Civil Law)

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This query is : Resolved


Author : Md Shadab Ansari

Posted On 10 March 2010 at 21:25

Can an insurance policy holder claim for refund of premium paid of a lapsed policy. He took an ulip policy with 1 lakh premium but due to some reason he could not continue it. He only paid one premium of 1 lakh and it been around 2yrs. Please give me details if it could be done..Thanks




Expert : A V Vishal

Posted On 10 March 2010 at 22:36

The terms of the agreement to insure govern the query, generally there is a lock in period, it looks like you have paid only 1 premium, contact the agent through whom the policy was taken and speak to him.



Expert : Gulshan Tanwar

Posted On 10 March 2010 at 22:38

Please go through the policy document and the guidelines issued by the IRDA, then see the difference and about the lapse period, you can contact the area office or the Development Officer of the concerned agency who had issued the policy and if they fail to satisfy you then, approach the consumer forum and from their you claim back your money along with mesne profits which the agency had gained by blocking you money, which was never theirs.



Expert : Tarun Kalra LL.M, M.B.A

Posted On 11 March 2010 at 07:04

I DO AGREE WITH MY FRIENDS



Expert : raj kumar makkad

Posted On 11 March 2010 at 08:54

Nothing to add in the opinion of my learned friends.


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