Lic policy

Aparna (Querist) 02 July 2014 This query is : Resolved
A senior citizen X had made a LIC policy in the name of his children so that when they grow up and the policy matures the children will get the money.

But the children are not looking after the senior citizen and hence he does not want to give the money to them. When contacted LIC they told him that after maturity the money will go to children only.

What can be done in such a case? Cant he reclaim his money?

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Guest (Expert) 02 July 2014
Forget it or get the policy treated as paid up, if provisions of the company so allows, so that you may not be required to pay any more premium on the policy.

ajay sethi (Expert) 02 July 2014
no he cannot reclaim his money

Rajendra K Goyal (Expert) 02 July 2014
No he can nor reclaim, he can send notice for maintenance.

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