Can a insurance policy holder claim for the lapsed...

Md Shadab Ansari (Querist) 10 March 2010 This query is : Resolved
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

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A V Vishal (Expert) 10 March 2010
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.

Gulshan Tanwar (Expert) 10 March 2010
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.