Mustafa Shaikh (Officer) 03 July 2014

Need help about lapsed life insurance policy

Respected Sir / Madam,

I Mustafa Shaikh residing at Pune, MH, India. I have purchased No. of 02 Insurance Policies from HDFC Life In year 2011 with half year premium was Rs. 12500/- each policy.

The Plan is HDFC Life Children Double benefits Plan.

I have paid only 2 premium sum of Rs. 50,000/- and after these premium the policy got lapsed due to non payment.

I have no position to pay whole premium till date, So guide me what to do?

1) Can I get refund my basic paid up amount from HDFC Life Insurance Company?

2) Can I Convert above policies in to new policy which is premium amt is Small?

Sir, Kindly suggests what I have to do in this situation. Awaiting for reply….

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3 Replies

Kumar Doab (FIN) 03 July 2014

You can’t convert. For Refund has the company declined. If yes………………who has declined………….is the declinature in writing? Pls confirm and what is stated in it? You may also acquire the email id, contact details of VP-HR of the company.

Mustafa Shaikh (Officer) 05 July 2014

Thank you very much for early response.

Sir, my policies current situation is "Lappes" as per HDFC Bank email.

I want to know that How to approch for refund amt.? I dont want to continue.. because of Money crunch..

What is the 1st stage (what i have to do?)

Please suggest..

Kumar Doab (FIN) 05 July 2014

It is felt that the policies are ULIP.

You may go thru:

INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
(TREATMENT OF DISCONTINUED LINKED INSURANCE POLICIES) REGULATIONS, 2010

Where the policy is discontinued during the policy year	Maximum discontinuance charges for the policies having annualized premium up to Rs.25,000/-
1	Lower of 20% * (AP or FV) subject to a maximum of Rs. 3000

It shall be better to pursue thru a lawyer well versed with Life Insurance cases/consumer matters and show all docs on record and let your lawyer decide what shall you speak on phone, in meeting and what should you write....................

The lawyer that has seen all docs and has analysed your inputs can advise you the best.