Forefeiture of insurance amount

Kindly study the policy document and as per terms expressed, you can revive the policy, by paying the overdue payment+ penalty @ rate expressed in the policy. Company can ask for declaration to declare the status of health, etc, during the lapsation period , in the prescribed revival of policy format and/or may ask for health check at your cost at company approved hospital.

IRDA has recently framed rules that some amount shall have to be paid to the policy holder however it may not be applicable to old policies. You can check at IRDA website.

Company is under obligation to pass on all info to you. Hence you may raise specific queries with company first, in writing, under acknowledgment.

Was it LIC

they cannot hold your Contribution

in fact No Insurance Company can , if its Life Insurance

Write to them to return deposited amount with interest

How can they say No amount will be refunded if you lapse

Print that clause here verbatim and tell which Insurance Co was it , also was it Life Insurance or other

We will discuss

A PREMIUM IS CONSIDERATION FOR PROMISE BY THE COMPANY TO INDEMNIFY THWE ASSURED. IF THE PREMIUM FAILS THE CONSIDERATION FAILS AND THUS THE CONTRACT WILL BECOME A NUNDUM PACTOM AND THIS MEANS THAT THE RELATIONSHIP HAS ENDED AND THE COMPANY MUST RETURN THE PREMIUM TO YOU.......................... THESE ARE THE GENERAL PRINCIPALS, ONE CAN RATIFY THSES BY AN EXPRESS AGREEMENTS..........................................

REGARDS

AKASH KAPOOR

My contention is seconded

They must return the premium to Mr Sukhbir Singh

It is not clear your policy is traditional or ULIP, and what is the date of inception, date of first unpaid premium?

Given below is revival clause of one of the policies of LIC. However you may kindly refer to the clause in your specific policy.

It appears you have paid 5 half yearly premium if frequency is half yearly and annual premium is Rs. 1.00 lack

Revival: If due premium is not paid within the days of grace, the policy lapses. A lapsed policy can be revived during the period of two years from the due date of first unpaid premium or before maturity, whichever is earlier. The period during which the policy can be revived will be called “Period of revival” or “revival period”.

If premiums have not been paid for atleast 3 full years, the policy may be revived within two years from the due date of first unpaid premium. The revival shall be made on submission of proof of continued insurability to the satisfaction of the Corporation and the payment of all the arrears of premium without interest.

If atleast 3 full years’ premiums have been paid and subsequent premiums are not paid, the policy may be revived within two years from the due date of first unpaid premium but before the date of maturity, if earlier. No proof of continued insurability shall be required and all arrears of premium without interest shall be required to be paid.

The Corporation reserves the right to accept the revival at its own terms or decline the revival of a lapsed policy. The revival of a lapsed policy shall take effect only after the same is approved by the Corporation and is specifically communicated in writing to the Policyholder.

Irrespective of what is stated above, if less than 3 years’ premiums have been paid and the Policyholder’s Fund Value is not sufficient to recover the charges, the policy shall terminate and thereafter revival will not be entertained. If 3 years or more than 3 years premiums have been paid and the Policyholder’s Fund Value reduces to one annualized premium, the policy shall terminate and Policyholder’s Fund Value as on such date shall be refunded to the Life Assured and thereafter revival will not be allowed.

Having said and done ALL ,

Mr Singh will get something back

Mr Singh , we all at least  deserve a cup of tea

Thsnks all the contributors.