Subroto Sarkar (Consultant) 06 May 2016
A person has taken a life insurance with Bajaj. After paying the first premium he has fallen sick. He wants to surrender the policy prematurely and wants to get back the amount paid. Bajaj threatens to write off the entire amount paid unles the premium is paid for next three years.Is there any other way to get back the premium paid.
Kumar Doab (FIN) 06 May 2016
Which policy is it?
ULIP, Traditional?
What are the T&C of the npolicy?
G.L.N. Prasad (Retired employee.) 07 May 2016
It depends on policy terms and conditions. You can write a Registered letter, seeking succh coopy of policy offer and acceptance that shows the terms and conditions, which were signed by policy holder. Once the terms and conditions are accepted, (unless it is a single premium poliy) one can not go back for personal reasons, and even in LIC they mandate premium payment for a particular period. For small amounts, it is not even worth going for litigation even through District Consumer Forum, in case there is no stipulations of such refund for withdrawal within a particular period.
Kumar Doab (FIN) 07 May 2016
The querist has not replied to the points raised.
The regulator IRDA has framed rules for insurers.
The querist can check with regulator and/or consult an able counselspecializing in such/insurance matters.
Sudhir Kumar, Advocate (Advocate) 07 May 2016
read policy document.
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