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LIC term insurance policy refund?

  • I would like to seek opinion on the following- I had applied for a term insurance policy (policy no. 914) from LIC (India) through their authorized agent. After I had undergone one medical test (which was a basic test of height, weight etc), I decided to withdraw from the application process. Thereafter, LIC reimbursed my premium after deducting amount for medical test. However, I believe this deduction is illegal as it was not mentioned that this amount will be deducted either- a. in writing (in any document shown to me) b. verbally, by authorized agent Additionally, c. There are no publicly available rules (on website or otherwise) that mention that such charges would be levied. Am I correct in my argument? If yes, how should I take this matter? Thanks for your time.

  • Answer:

    Dear friend , First of all i think you quoted some wrong that is policy no 914 is not a term insurance , it is an ulip plan named child fortune plus which one closed to sell now a days. Any way all thing is not possible to mentioned by written or verbally by agent .You signed on proposal form it means you agreed with all term and condition. Do you ask before sign on proposal form about this medical charge reimbursement . Actually after medical doctor charged his/her fee by lic. So if lic reimbursed you then how from that given to doctor. By the way you may register complain at IRDA. HAVE A NICE DAY.

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Other answers

Please check with your agent that if you signed any document where this might be written. Because they deduct that amount if you withdraw your application But you can ask LIC office for the documents which you signed and read them again

s k s

The amount deducted is towards medical charges plus administrative charges. If you back out of an arrangement, you have to pay penalty. The charges deducted will be as per rules. Check out with agent.

Abhay Gadiyar

I think you have to visit IRDA site for rules and regulation of any Insurance co's in India.

arlmbhat

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