Request for suggestion regarding getting risk cover of pnb met life insurance policy.
Sunil Kumar
(Querist) 17 December 2015
This query is : Resolved
My father purchased a policy of PNB met life insurance in the year 2014 under the Risk cover Rs. 14 lacs. When purchasing the policy my father is illness condition and I do not know the agent has mentioned the illness in the proposal form. My father has paid three premiums and the due to illness they cannot pay the premium timely resultantly the policy has been lapsed for non payment of premium. After some time my father has passed away. The PNB Met life Insurance company is not ready to pay Full Risk Cover amounting to Rs. 14 lac and also not ready to pay the paid premium. I have requested time and again for providing full risk cover amounting to Rs. 14 lac. But the company refused to pay. Kindly suggest me what can I do to gain benefits of the risk cover. The company refuse to pay risk cover on the pretext that the policy of the deceased person has already been lapsed and the lapse policy do not cover any Risk cover amount. Kindly suggest what can I do.
Kumar Doab
(Expert) 18 December 2015
You may go thru: latest version of IRDA Life Insurance Regulations e.g. of 2013, and relate your details of the policy with it.
IN case of difficulty speak to IRDA.
Rajendra K Goyal
(Expert) 18 December 2015
Refer the terms of the policy and if any of the term violated by company, you can
move legally.
T. Kalaiselvan, Advocate
(Expert) 26 December 2015
You have no claim if the police was not in force as on the date of death the life assured. It is an agreement between the policy holder to pay the insurance policy premium an to keep the policy in force and in return the Insurer shall pay the sum assured to the nominee of the deceased policy holder in the event of his unfortunate death before maturity f the policy.
Therefore you may not be able to succeed if the policy was lapsed as on the date of death of your father.
Kumar Doab
(Expert) 26 December 2015
If you are unable to resolve on your own you may show the policy schedule/bond/T&C, IRDA regulations to an able counsel specializing in such consumer matters and understand the options,merits,remedies.
