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Am I eligible for one time premium paid in a lapsed LIC policy.
08-Dec-2023 (In Insurance Law)
Am I eligible to get back the one time premium paid, with out any bonus or allied benefits, in an LIC policy which was lapsed about 15 years back
No, you are not eligible for any kind of benefits which lapsed 15 years back.
What is life insurance premium?
Insurance is a contract between the insurance company and the life assured and every contract to be enforceable under law must involve a valid consideration. In this case, premium is the consideration which makes the contract complete.
An insurance premium is generally expressed as premium per thousand rupees of sum assured and is illustrated in the form of tables of premium rates by insurance companies. Premium varies across ins ..
you can refer to the article below for better understanding.
http://economictimes.indiatimes.comhttp://economictimes.indiatimes.com/your-money/important-things-to-know-about-paying-life-insurance-premium/tomorrowmakersshow/48574922.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
What is life insurance premium?
Insurance is a contract between the insurance company and the life assured and every contract to be enforceable under law must involve a valid consideration. In this case, premium is the consideration which makes the contract complete.
An insurance premium is generally expressed as premium per thousand rupees of sum assured and is illustrated in the form of tables of premium rates by insurance companies. Premium varies across ins ..
you can refer to the article below for better understanding.
http://economictimes.indiatimes.comhttp://economictimes.indiatimes.com/your-money/important-things-to-know-about-paying-life-insurance-premium/tomorrowmakersshow/48574922.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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Adv. Siddhant Sharma
Delhi | 500+ Answers
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