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CLAIM OF PREMIUM PAID IN MAX LIFE INSURANCE POLICY
10-Sep-2024 (In Insurance Law)
MY FATHER PURCHASED THE MAX LIFE INSURANCE POLICY IN 2015 BUT ONLY PAID ONE PREMIUM SO DUE TO NON PAYMENT OF NEXT PREMIUM POLICY WAS LAPSED IN 2016, MY FATHER DIED IN 2021 AND I ONLY WANT THE REFUND OR CLAIM OF THAT POLICY AMOUNT FROM MAX LIFE INSURANCE , I WAS THE NOMINEE IN THAT POLICY. AM I ELIGIBLE TO CLAIM THE PREMIUM AMOUNT OR NOT
Since the Max Life Insurance policy lapsed in 2016 due to non-payment of premiums, no insurance coverage would have been in effect at the time of your father's death in 2021. Generally, in such cases, insurers do not pay out claims or refund premiums for lapsed policies. However, you can contact Max Life Insurance to confirm if there is any provision for a refund of the single premium paid. It is unlikely that a claim can be made, but checking the policy terms or any revival clauses may clarify your options.
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Adv. Vaibhav Anand
Lucknow | 50+ Answers
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