consumer

Ashu (Querist) 27 September 2009 This query is : Resolved
If there is no forfeiture clause in insurance agreement, can the insured person take back his policy amount even after lapse of policy due to non payment of premium.........any case law

Follow Query

Report Abuse

Raj Kumar Makkad (Expert) 27 September 2009
It is impossible to find out the absence of forfeiture clause in the insurance agreement because this is the main business of the insurance companies to retain all such deposited amount if the policy is lapsed due to non-payment of installments for a certain period. When no provision exists the question of citation based thereon doesn't arise.

Adinath@Avinash Patil (Expert) 27 September 2009
Yes File consumer complait insurance company,you will get back your paid premium amount.

Sarvesh Kumar Sharma Advocate (Expert) 27 September 2009
File consumer complait against insurance company

Bhumik Dave (Expert) 27 September 2009
Well advised by Mr. Raj

adv. rajeev ( rajoo ) (Expert) 28 September 2009
In case of failure to pay the insurance premium, after paying full 3 years of premium. Forfeiture of 3 years full paid premium by the insurance company amounts violation of Articles 21,38 and 39 of the constitution.
Forfeiture clause in LIC:
ILR 2007 KAR 602
Insurance-Contract of Insurance-Life Insurance Policy-Clause-4
Nor â€“Forfeiture regulation-Challenge to the constitutional validity of Forfeiture of the premium amount paid by discontinued policy holders Action of the authorities-Legality of HELD- The condition imposed by the insurance company while assuring the life of the policy holders to forfeit the amount if the premium is not paid for full three years, will be detrimental to the interest of the common man and it will be in clear violation of Articles 21,38 and 39 of the constitution-The imposition of the condition No.4 in the policy is more stringent, harsh, arbitrary and in negation of the principles canvassed in Articles 38 & 39 of the constitution thereby depriving the policy holders their right to get back the amount of premium paid by them at the instance of the state agency â€“FURTHER HELD- The implied condition of forfeiture clause provided under condition NO.4 by the authroties in the insurance policy is held to be void and without any basis-Direction is issued to the authorities to return the premium amount paid by the discontinued policy holder is the policy is not renewed.

adv. rajeev ( rajoo ) (Expert) 28 September 2009
Dear Ashu
What citation I have quoated will be useful for u.
In the policy there was forfeiture clause, inspite of it court has ordered that denial of refund of premium paid amounts to violation articles 21,38 & 39.

Adinath@Avinash Patil (Expert) 28 September 2009
By Filing of consmer complaint against insurance you will get speedy remedy.

Sachin Bhatia (Expert) 28 September 2009
File a consumer complaint against insurance company. If there is no forfeiture clause in insurance agreement then you have good chances to take back the policy amount.