Discontinuation of Company Group TERM Insurance Plan
I have a group term insurance plan with Aditya Birla from past 2 years and its due for renewal next month. I was updated by my company that you will receive a call from Aditya Birla and they will intimate you with few changes.
- I received the call from Aditya Birla and they say that due to this pandemic there are some changes made and you cant continue the existing Group Term Insurance Plan which your company offered and need to move to new individual term insurance plan.
- The earlier premium was Approx 8,000/- plus and now they say its Approx 20,000/- plus.
- They say IRDA has asked to discontinue the Group Term Insurance which I am not sure :)
My query is I have paid premium for 2 years and now whether the company can bluntly discontinue the policy. If YES nothing much to do :) If NO can you please guide me how to take it forward.
Appreciate your expert guidance on this.