Md Shadab Ansari (Law Student & Human Rights Activist....) 29 August 2009

Need Help relating to insurance..!

My friend has taken an insurance from HDFC.It is a unit linked Pension plan.Its initial premium was 1lakh per annum.The agent told that later u can deduct the annual premium without any extra cost.Next year my friend applied for premium reduction from Rs. 1lakh to 10000 per annum. But the company deducted Rs. 25000 from the amount as premium reduction charge. I want to know what are the IRDA Rules in this regard. Pl giv me the details. Thanks Shadab

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2 Replies

A V Vishal (Advocate) 29 August 2009

It is better to read the fine print of the agreement signed by your friend and the Insurance company after that will have to see whether it can be of any use approaching IRDA

Md Shadab Ansari (Law Student & Human Rights Activist....) 29 August 2009

In agreement its written that in case of reduction of premium 25% of the fund will be deducted. Sir here I want to know the IRDA rules regarding premium reduction.Can u provide it.