Life insurance policy

Querist : Anonymous (Querist) 23 November 2011 This query is : Resolved
I was agent of BALIC and purchased a policy one in my name and other in my wife name. On receving policy i was shocked to see the deductions of huge charges. i applied for free Look with in prescribed period. co didn't replied for a long time even many reminders. now after 3 years they denay to freelook policy saying i was agent and know about t & c. please suggest i can get refund of my amount through court or not. i have acknowledgement receipt and other mails correspondence with co. Please help.

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Devajyoti Barman (Expert) 23 November 2011
Only if you could prove that the company did not provide you something which it promised you before you can file a civil suit for damages out of breach of contract.

Raj Kumar Makkad (Expert) 23 November 2011
The act and conduct of insurance company is clearly a deficiency of service so you can approach to consumer forum for your grievances.

Rajeev Kumar (Expert) 23 November 2011
Agree with both experts

Shonee Kapoor (Expert) 24 November 2011
But what were you doing for 3 years????

Regards,

Shonee Kapoor
harassed.by.498a@gmail.com

mahendrakumar (Expert) 24 November 2011
how can you justify the delay of 3 years?

what was the date of latest communication from the insurance company?

If you had requested for refund within the cooling off period of 15 days,I feel representing to the insurance ombudsman and IRDA are better options than consumer forum.

Sailesh Kumar Shah (Expert) 24 November 2011
I agree with Mr.Mahendra Kumar only.

Advocate. Arunagiri (Expert) 24 November 2011
Refund on the insurance policy can be considered only on the money back policy. What policy you have taken?
How much premium you have paid?
What is that deductions details?

Based on the above details I can give a solution.

prabhakar singh (Expert) 24 November 2011
agree because could not get a reason to disagree.

Querist : Anonymous (Querist) 24 November 2011
Dear Experts

1ST YEAR THERE WAS NO REPLY FROM CO. THEN THEY ASKED TO GIVE TIME TO STUDY CASE. DURING THIS TIME I WAS IN CORRESPONDENCE WITH CO ON EMAILS FOR THIS I AM HAVING RECORDS. CO HAD REFUSED TO FREELOOK POLICY VERY LATE. NOW PLEASE SUGGEST. WHAT TO DO.

Sailesh Kumar Shah (Expert) 24 November 2011
Take action with reply of LIC as suggested by Mr. Mahendra Kumar. It is quite speedy.

Raj Kumar Makkad (Expert) 24 November 2011
You can even make complaint to Insurance Ombudsman and can initiate legal action against the company. Agent doesn't mean to know each and every term and condition of company and thus insurance company cannot take undue benefit of this position.

mahendrakumar (Expert) 25 November 2011
Mr.Arunagiri,you seems to be confused.

return on money back policy is not refund. It is only a survival benefit paid by the insurance company.

the query was related to a new concept of "cooling off" period introduced by insurance companies,wherein if a customer is not satisfied with the terms of any new policy,he can get the refund of the premiums within 15 days of receiving the policy document.

if anyone asks for such refund,the company is legally bound to return the premium. The only drawback is the customer cannot take any new policy within one year of such refund.

Devajyoti Barman (Expert) 26 November 2011
Please put your reply without attacking anyone.

mahendrakumar (Expert) 06 December 2011
I am sorry,if my above reply created such feeling as projected by Mr.Barman.

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