ICICI Prudential life insurance-surrender policy

Querist : Anonymous (Querist) 27 March 2011 This query is : Resolved
sir,
I take unit link insurance policy(ULIP)From ICICI PRU LIFE INSIRANCE COMPANY,CHENNAI((@ dated 22 aug 2008 on monthly instalment basis,i paid 3 month premium, due my financial problem, stock market down problem i am unable continue policy,

As per IRDA Guidance- ULIP policy can surrender any time after completion 3years.
I approach ICICI Company- they told premium should paid 3 years continously,then only policy eligiable for surrender.
Due to my finance condition atleast they should return my money
Pls advice me

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Guest (Expert) 27 March 2011
yes you can claim your policy after 3 years completed.

Sarvesh Kumar Sharma Advocate (Expert) 27 March 2011
irda is authrised for making rules over the companies ,company norms can't stand!
you can claim after provided yrs by irda!

Devajyoti Barman (Expert) 27 March 2011
Though you lay claim to the principal amount only after the lock in period of 3 years, the company can not refuse to handover the same as because the same was continued for 3 years at a stretch.
So for redressal you can either apply before the Insurance Ombudsman or the Consumer Forum.

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