Life insurance
PRAVEEN GOBBUR
(Querist) 17 January 2015
This query is : Resolved
DEAR SIR,
I sent proposal for LIC e-term policy and accordingly they have asked to undergo medical test and for few documents. after submitting every thing they have not issued policy and neither they are returning my money. they are go on asking one document after other and there is no positive reply. kindly advise me how to get my advance premium money so that i can go for some other company for insurance. i never expected such a bad experience with state owned insurance co.. kindly advise me..
PRAVEEN GOBBUR
ajay sethi
(Expert) 17 January 2015
it is in your interest to comply with requirements laid down by LIC . policy would be issued to you on completion of all formalities . furnish documents sought by LIC . you can always ask LIC to refund your advance money paid if you dont want the policy
Rajendra K Goyal
(Expert) 17 January 2015
Completion of formalities and submission of required documents is in your favor otherwise in case of any claim company may object payment due to incomplete document / information submitted.
Devajyoti Barman
(Expert) 17 January 2015
yes, do not conceal any relevant information.
Kumar Doab
(Expert) 17 January 2015
Hope everything is being asked from you and being supplied by you in writing under proper acknowledgment.
The Life Insurance operated on Principle of Utmost Good faith…
The medical tests are asked in case of age>45Y, Sum Assured>5lacs, and as per reply to health questionnaire in proposal form………..
Apparently the new documents or addendums being asked from you are based on above and results of medical tests……..
If the company has to decline the policy it shall do so in writing and has to refund the premium paid by you…..
If you decline to take the policy company may deduct cost of medical tests and refund…..
You may go thru the regulation of ‘Protection of Policy Holder’s Interest’ that is available on IRDA website……
