ladies... need your advice

Discussion in 'Money Matters' started by nasrindaubic, Apr 16, 2015.

  1. nasrindaubic

    nasrindaubic New IL'ite

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    hi ladies
    Myself and my husband paid the insurance for a month...when we came to know that his company is paying insurance... we decided to not pay anymore... when we asked for the money... the agent told its not possible... ladies just want to know is any way we can get the money back ...atleast 75% of the money....

    Thanks in Advance
     
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  2. Sivasakthigopi

    Sivasakthigopi Gold IL'ite

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    Hi,

    Ask insurance agency about the cancellation process. Or directly visit Insurance company is better solution. My agent dont allow me to do the same. So i visit direct and meet Manager and solve my issue.

    Try yourself more!
     
  3. SujathaR

    SujathaR Gold IL'ite

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    It should be possilbe to cancel the policy. Each policy will have a cooling period and it varies from company to company. Within that cooling period, you can cancel the policy.
     
  4. Shanvy

    Shanvy IL Hall of Fame

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    IRDA - Free-Look Period

    IRDA has brought in some strict and stringent methods. you may not get the full amount on cancellation. depends on the policy and the loading too. if it is a ulip i believe there could be administration charges that would eat away most of the first premium

    how old is the policy???
     
  5. jaden

    jaden Gold IL'ite

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    It all depends of the insurance plan you have taken.Sometimes there is a lock in period say min 3 years.Under such circumstannce you have no way out but to wait for the time period.
     
  6. nasrindaubic

    nasrindaubic New IL'ite

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    thank you all wonderful ladies for your suggestion. We have paid our first premium in 2011 and the date of maturity is 2031... what shall I do now... can go to the LIC office directly and 4 years can I cancel the policy...
     

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