Non-compliance by Company against request for policy revival

In Insurance Law
I purchased a life policy from Reliance Nippon Limited on May 2016. I had paid a premium of Rs. 20,725 for the same in 2016 Since then I was not able to pay the premiums due to financial issues as I am currently a student and had other loans to repay. I informed the company through their advisor the same and the advisor misguided me that If I want I may not pay any more premiums and will get the first premium amount after a period of 5 years. Now, last year, I got a call from the Insurance Company that my policy has been terminated due to non-payment of 2 premiums and since a period of 2 years has passed, so, I cannot renew my policy. I pleaded the company stating my strained financial conditions, but, the company kept its stand of ignorance. I also approached IRDAI for the same, but that attempt was also futile. I request concerned advocates to guide me in this regard as I want to continue my policy or want the amount of the first premium back. Thank You Sparsh Handa

Answers (1)

168 votes

Hi Sparsh,

I have seen your query. I would need to check your insurance agreement. Further, if you have any records of your conversation with the advisor or agent where he states that it’s not compulsory to pay premium will be good for your case.
Also please let me know if you received any message from insurance company regarding non payment of dues or cancellation of policy if premium is not paid.

Your query can only be resolved by providing requisite documents to us. Will be happy to help you. Take care.

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