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yogesh sheth (director)     25 May 2015


Dear Sir,

I have applied for a policy of guaranteed return with kotak Insurance on 23/3/15  for which premium is Rs 75000/ and the sum assured was 751360/ for which premium paying term was 10 year and policy was 20 years. After that I got a medical test advice from the company which was done by me at their centre. After few days I was informed by the company that " They will be able to proceed with my proposal if I pay additional Premium of Rs 10520/-, reason stated is " Elevated Blood Sugar" and the time provided in the letter was within 60 days . I have paid the same on 24th April well within stipulated time and informed all concern. After that I have not recieved any communication for few days and on enquiring for not recieveing the Policy. I again got a demand for paying another additional premium of Rs 789/- and the reason being the same "Elevated Blood Sugar" as well they have reduced down the sum Assured to Rs 736000/-.

Immediately on recieving the same information I asked clarification that How premium can be escalated for same reason for 2 times without any other medical test but didnt recieve any positive reply. On enquiring to the higher authorities they said that this demand is due to change in in your age in the meantime as my birth date has passed in between as well as mentioned that the policy may not be entitled for deduction u/s 80c and 10(10)Dand the date of policy from the date of issue and not date of proposal, but nothing has been provided to me in writing till date. They have also issued a letter on 21st may that if I dont pay the additional amount my policy will be void and the amount will be refunded after deducting charges.

Now I would like to request seniors please advice:

1) If I dont pay the additional amount can they cancel my proposal inspite of paying as per their 1st additional demand.

2) If the date of policy is from current date then I wil have to loose the 80c advantage and pay tax on the same.

3) How to proceed for remedy and get the policy from the date of my proposal.




 4 Replies

Adv. Nikhil Seth (legal consultant (9867264707))     25 May 2015

Every insurance companies has their own way of  issuing insuarance policies.

In your case present company would have felt more risk for your claim , so hence they would have increased your premium and reduced your sum assutred.You can pay extra premium and get yourself covered . getting yourself is covered more relevant than tax breaks and benfits.


Adv. Nikhil Seth



SURYANAR (ADVOCATE)     25 May 2015

Sir, You need not worry about income tax claim.The amount dedicated from your bank account and eligible for IT claim.What happened to you is abnormal.Please approach irda through grievance settlement forum.You will get 100% relief. Regards R SURYANAR MAHESHAN ADVOCATE 09962575007.

T. Kalaiselvan, Advocate (Advocate)     30 May 2015

The terms of the policy is to be seen for rendering a proper opinion.

Kumar Doab (FIN)     24 April 2016

The policy has not been issued hence refer to the copy of policy brochure and proposal form.

The insurer should have communicated everything in writing that was communicated to you verbally that too when you called the insurer.

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