is a consumer entitled for take back the policy amount after the lapse of policy .if yes.then any supreme court case law.........
Raj Kumar Makkad (Adv P & H High Court Chandigarh) 10 September 2009
There is no provision to take back the amount of policy if the same is lapsed because it is a specific agreement between the insured and insurance company.
Sachin Bhatia (Advocate) 13 September 2009
No the consumer is not entitled for take back the policy amount after the lapse of policy.
Ashu (lawyer) 14 September 2009
if in an agreement of LIC, there is no forfeiture clause and after paying first premium the policy lapsed, is the insured entitled to take back the policy amount after three years
Daksh (Student) 10 December 2009
Dear Ashu,
I think in some cases the period is 5 years from the date of lapse of policy.
Best regards
Daksh
Satnam Singh (Member) 30 December 2009
If the consumer is not at fault and lapsing of policy is arbitrary, the consumer can take back the amount.
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