Insurence laws
MUKUL SHARMA
(Querist) 08 April 2014
This query is : Resolved
I bought a life insurance policy in 2011.I've deposited a single premium and than couldn't deposit further annual premiums.Now How can I get my deposited single premium deposited money from insurer?I dont want to continue policy.
Devajyoti Barman
(Expert) 08 April 2014
Refer to the Policy document.
As per the terms of the police the police holder generally could not get back the premium money before a lock in period if the same is terminated prematurely.
Kumar Doab
(Expert) 09 April 2014
If it is linked policy (ULIP):
You may go thru the provisions and table of charges explained in following guidelines issued by IRDA. Assuming that 3 policy year are completed the insurer may charge Rs.1500/ as discontinuance charge………………..
INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY
(TREATMENT OF DISCONTINUED LINKED INSURANCE POLICIES) REGULATIONS, 2010
Discontinuance”: means the state of a policy that could arise on account of non-payment of the contracted premium due before the expiry of the grace period or upon receipt of information by the insurer from the insured about the discontinuance of the policy.
Discontinuance charge” means a charge that does not exceed the limits specified in these regulations, expressed as a percentage of one annualized level premium that can be levied upon discontinuance of a non-single premium policy.
You may also go thru:
Consumer Education Website of IRDA:
http://www.policyholder.gov.in/Unit_Linked_Products.aspx#
T. Kalaiselvan, Advocate
(Expert) 09 April 2014
The policy conditions will be seen printed on the face of the policy document and surrender payment conditions can be seen printed in the inner pages of the policy document, you may read the same and decide further course of action as per the policy conditions.
Kumar Doab
(Expert) 10 April 2014
If the T&C in policy bond are in confrontation with above mentioned notification published in Gazette don't hesitate to first draw the attention of Insurer to it and later approach your lawyer and thru your lawyer the forum of your Choice.
The Insurer can not violate the guidelines issued by IRDA.
