shrikant v. sathe (retired) 22 August 2010
I had a ex party dirvoce.My ex wife is absconding. I want to delete her name in jeevansathi policy,which is named both of us, As she was non earner,and all the premiums were paid by me.I want to revoke the policy .Lic had given me release deed format which ihave franked,but the term of 6 months have lapsed. can it be revalidated?or what remedy do i have to gain that amount of lic without court order?
Kumar Doab (FIN) 23 August 2010
You may contact the local office of LIC and their CRM, and your concerned Development Manager.
Insurance companies/regulators are inclined to keep the policies in force.
Lapsed policy can be revived.At your age the company as per terms and conditions of the policy may ask for medicals,however,local office shall be able to clear the matter. Terms and conditions, UIN of the policy ,even if it has been same brand name, might have been updated over years.In your case your policy shall be governed by the terms and conditions in your policy docs.
Since you have been paying the premiums, you might have been included as proposer.Since you have been paying the premiums, the receipts might have been issued in your name.
Complete clarity can be obtained from the policy document and company office.
You may also consult a local lawyer with policy document and feedback from LIC office,who handles LIC cases, and the lawyer shall be able to guide you.
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