Life insurance policy - premium notice

Querist : Anonymous (Querist) 01 October 2011 This query is : Resolved
Whether it is a mandatory obligiation of the Life Insurance Corporation to send advance Premium due Notice/Intimation to the Policy-holders before the premium payment date ? If so, kindly indicate the relevant provision thereof.

Also, any decided case-law on this issue please be provided.

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Guest (Expert) 01 October 2011
It is not mandatory, but is in their own business interest to remind to get the the premium in time.

Advocate. Arunagiri (Expert) 01 October 2011
The premium to be paid is a predetermined payment like EMI, there is no need to send notice demanding premium. Non receipt of premium notice is not an excuse for non payment of the insurance premium.

R.Ramachandran (Expert) 01 October 2011
I fully agree with the views of Mr. Arunagiri.

ajay sethi (Expert) 01 October 2011
agree with experts .

prabhakar singh (Expert) 01 October 2011
It is their business practice that they keep your mind refresh about premium dues in advance,no law is involved.

mahendrakumar (Expert) 02 October 2011
In every policy bond issued by the LIC, future premium due dates are mentioned depending on the mode of payment.these dates are un iform throughout the term of the policy.

still as a customer courtesy LIC do sent premium notices to all policy holders except,salary savings groups.

just check with the servicing branch,is there any mistakes in your correspondence address?

further due to the cut throut competition,there are cases of mischieveous interventions of other companies/agents (most of the postmans or ther close relatvies are agents of one company or other.

Sailesh Kumar Shah (Expert) 02 October 2011
I endorse the views of Shri Mahendrakumar.

Querist : Anonymous (Querist) 02 October 2011
Thank you all experts for their candid views. Invite more experts to contribute their views also please.

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