Term insurance payment shifted to savings account

711 votes

Refund of premium: Insurers are required to refund any premiums to policyholders within 7 days of the underwriting decision. The refund should be done via electronic transfer to the policyholder's or nominee's bank account. Delayed payments: Insurers must settle claims, including premium refunds, within 7 days. If they delay, they must pay interest based on the bank rate set by the Reserve Bank of India at the start of the financial year when the refund was due. Grievance redressal: If your refund was delayed by a year, you can file a complaint through the insurer’s grievance redressal system. The insurer must resolve it efficiently as per IRDAI rules. What you can do: You may claim interest for the delay beyond 7 days, calculated at the applicable bank rate. If the insurer has not resolved the delay or interest payment, you can file a grievance to ensure the insurer follows the proper process and timeline as required by IRDAI regulations.

Advocate Rohan Venkatesh Yemul LawRato

643 votes

Whether they have transferred the outstanding payment of premiums which were not been paid by you or the ones which have been paid by you were returned, this is what I need to know, in order to give you proper legal advice

Advocate Pankaj Bajaj LawRato