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INSURANCE CLAIM

(Querist) 23 March 2008 This query is : Resolved 
Dear sir/madam,
goodevening,
i want ask about a claim settelment case of my own father's life insurance.
my father took a life insurance policy (beema gold)from LIC of india in the year 2006 in the month of march dated 28th.his policy premium was 10000/- annualy.MY FATHERS AGE WAS 58 THAT TIME.in that policy he had the death benefit of 2 lac , as well as accidental death benefit of 2 lac.unfortunately in the year 2007, in the month of april dated 30th he died in a road accident.it was very unfortunate for me as well as for my mother also.any how,after several days of this sad moment my mother applied for that insurance claim ,the policy which my father opt for, but now insurance company is dening to give that claim by saying that policy was in LAPS mode. because my father dalayed the payment by one month one day.

sir i want to ask u that 1.-- our insurance agent delay that payment , my father already gave him cheque.
2.-- if a company giving the grace period of one month as their company proffessional are saying then u can see the calender at that day of april 28th was satureday (in this day most of the LIC office/employees are not working and on 29th it was sunday and on 30th (monday)my father died in an accident .my mother is saying that they were on the return way after collecting his own policy cheque from the agent because agent was not able to submit his renwal premium because of his personal problem.

now sir please help/guide us in this case that my mother was a house wife & i am also earning a bit.
please tell us what we can do now , is there there any possibilities to claim this amount by my mother, is there any law is available who can give my mother's right .please suggest the right way.

jitender dhiman
manmeet singh arora (Expert) 23 March 2008
DEAR JITENDRA.
1. RIGHT A REPRESENTATION TO THE HEAD OFFICE OF THE LIC STATING ALL THE ABOVE FACTS.
2.THE POLICY COULD NOT TAKE ITS EFFECT DUE TO DELAY IN PAYMENT OF PREMIUM
3. IF THE LIC DOES NOT AGREE WITH YOUR ABOVE REASON THEN FILE A CONSUMER SUIT AND COURT WILL DECIDE ITS APPROPRIATE RELIEF

BEST REGARDS
SANJAY DIXIT (Expert) 25 March 2008
Mr Jitender, Will you more clear on your querry?
B'coz the policy of L.I.C. (Bima Gold) does not lapse in delayed payment of 30 days. The policy lapses after 6 months from the date on which it became due. Till the lapsation risk cover continues in the policy for the whole sum assured.
Dhrumil (Expert) 26 March 2008
Dear Jitendra,

I read your facts for insurance matter.
before i give my suggestion following question are raised.
1. Is agent registred with LIC for which your father had given the preimum chq.
2. if yes than as per the provisions of Insurance Act and IRDA Act agent have to deposit preimum cheque within 24 hours from the collection.
3. if agent is registered with LIC and made defult in submitting the cheque than according to contract Act principal will be liable for the act of agent.
4. In my view the question of grace period not arises.
5. The apex autority in insurance sector is IRDA. so you vist the IRDA website.
6. another remedy is to contact the ombudsman under the legal service authrities Act,1987
jitender dhiman (Querist) 02 April 2008
thanx a lot to all gentlemen for your kind advice.

jitender dhiman
Prakash Yedhula (Expert) 11 April 2008
I agree with the suggestions given by my learned friends


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