Dr. reena (president) 03 January 2015

Insurence policy

We have got the policy of any private insurance company, which has been two years. If we are unable to pay third installment of Policy and we ask them 6 to 7 months, and that is fine too late installment to be willing to submit to him. They would not do this, your policy will end, you also will not yet have the money deposited. They are true or not, if not then what should we do?

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2 Replies

Rama chary Rachakonda (Secunderabad/Highcourt practice watsapp no.9989324294 ) 03 January 2015

Insurance is a financial tool specially created to reduce the financial impact of unforeseen events and create financial security.
Insurance works on the law of large numbers where contributions by many in the form of premium pay for the losses of a few. By paying a premium for protecting against a certain type of loss, you will be protected for a certain sum of money that you will receive if you face that loss.
For example, if you pay a premium for hospitalisation expenses up to Rs 1 lakh, then the insurance policy will pay you up to Rs 1 lakh when you incur hospitalisation expenses.

Kumar Doab (FIN) 03 January 2015

The policy will lapse at the end of grace period.... It can be reinstated as per T&C of the policy that are given in policy bond and such T&C are as per directives of regulator IRDA... You can check at IRDA website and helpline