IDBI Federal — policy refund | |||
We have a policy under idbi fedral health insurance policy is by the name of amandeep singh and policy no is [protected]. We have surrender the policy because we are is great need of money because my mother health condition is serious. The agent have told us that if we surrender the policy no interest will be given to us but we will have our deposited money back. We have given three installments of rs 25000 total amount of rs 75000 to bank out of which only rs 31000 is given to us now when we ask for reason for this the agent is saying us that this is the rule of policy we will not get full deposited amount back. We felt like this is cheating and fraud with us please help us because we need money because my mother health is serious. Policy no is - [protected] Was this information helpful? | |||
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Comments
Hi, Any life policy from LIC or from other insurer, if policy has been surrendered before maturity there will be deduction of 35to50% of total investment besides forfeiture of all additional benefits, Instead of surrender you would have opted for loan against the policy so that policy can be continued & only to think of surrender when insured is not able to pay premiums.
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