Revocation of insurance policy.

If the senior citizen has documentary proof  of cancellation notice within 4 days , Insurance Company is forced to return the money . The steps to be taken are : 

1- Complaint to the Branch Manager 

2- Complain to the grievance redressal Officer  at HO  , wait for 30 days 

3- After 30 days give a notice to company  again . giving 7 days time 

4- Go to any forum - Ombudsman , Consumer Forum , IRDA Grievance Redressal Officer . But you can invoke only one forum at a time . As it is already in consumer forum , you will have to wait till it is decided.

Sir, I wanted any judgment relating to this matter. We have filed the suit already in the consumer forum.

Try  to convince the court instead of going for the judgement, because different views, different judgements on the same point by different judges.  I know present judges dont use their mnds they only rely on the reported judgements.

A     PERSON      HAD      TAKEN      TWO         LIC           POLICIES    IN      THE      YEAR       2001.     HE      COULD        NOT        DEPOSIT       THE      PREMIUM     ANNUALLY      DUE       TO      TO        FINANCIAL     PROBLEMS .    SO      THE      LIC       POLICIES          LAPSED.      WHETHER        HE          WILL         GET       REFUND       OF       MONEY          FROM         LIC           BY         DEDUCTING        THE            INCIDENTAL    CHARGES        &       OFFICE       EXPENSES         OR         NOT??      WHETHER        HE        CAN      REVIVE     THE       POLICIES         AFTER        10 ( TEN )    YEARS    OR     NOT??    IS   THERE   ANY   CASE    LAW...........IF    YES,      PLEASE       SEND     TO   ME.

I do not have judgements at hand . Absence of that will not hamper your case . 

you willhave to see under what circumstances the policy has been cancelled and what are reasons. the queston of four days is not important. The policy can be cancelled if the company has found that some material fact has been concealed which goest ot the root or fraud has been played. The facts of the judgement  are different in al the cases and you should read S. 45 of the Insurance Act, 1938 adn the commentary there under. You can also go through some reported cases and also  cheque on the site of  National Commission as well as Supreme court. If you send the copy of the letter cancelling the policy , more help can be rendered. I am a practicing advocate in National Commisson and Supreme Court and on the panel of number of insuranc companies. kl nandwani advocate

Cancellation is by the insured and not by the company . Insured can cancel it if he does not like the terms . Question of fraud does not arise .

once the agreement is complete and premium has been paid and accepted and policy issued why should the company return the amount and under what law ?  nandwani advocate

I do not think that there is any free look period concept in India. it is only in foreign countries. Howeveer the reading of the terms of he policy will settte the matter.

Dear Member:

A minimum time to return a life policy if the policy holder is not satisfied with the policy is formulated according to the IRDA directives and the insurance companies are bound by it.  Since it is the law no extra evidence is required.  The policy must contain this condition.  If the policy does not contain you can still complain to the forum of the ill information given to you/or not informed to you by the insurer.  Any way there will not be any difficulty in getting your money back if you followed the procedure of returning or informiming your desire to discontinue or return the policy.

Thanks.

AAR. Krishnan

Thanks for all the responses.

Indeed there is free look period in Life policies .