Need Help relating to insurance..!

Md Shadab Ansari (Querist) 29 August 2009 This query is : Resolved
My friend has taken an insurance from HDFC.It is a unit linked Pension plan.Its initial premium was 1lakh per annum.The agent told that later u can deduct the annual premium without any extra cost.Next year my friend applied for premium reduction from Rs. 1lakh to 10000 per annum. But the company deducted Rs. 25000 from the amount as premium reduction charge. I want to know what are the IRDA Rules in this regard. Pl giv me the details. Thanks Shadab

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Kiran Kumar (Expert) 29 August 2009
Mr. Ansari first pls check the terms and conditions of the contract.

check the conditions written on the cover note or were supplied by the company.

then we will see whether those conditions were in compliance with the IRDA rules.

Md Shadab Ansari (Querist) 29 August 2009
In agreement its written that in case of reduction of premium 25% of the fund will be deducted. Sir here I want to know the IRDA rules regarding premium reduction.Can u provide it.

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