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Premium paid but policy terminated

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28 Jun, 2022 by  suba kumaran

Hi everyone, I have purchased Saral Suraksha Bima Policy (Accident) from Manipal Cigna with quarterly premium payment. I Missed the final qtr premium payment due on 17.03.2022 (fault on my side). After having received an email on 31.03.2022 Mar stating that the policy would terminate if payment is not made by 31.03.2022, I have made the payment on 31.03.2022. Did not receive any communication regarding termination, neither did i receive back the premium paid amount.

On June 19, 2022 I have renewed the policy by paying the annual premium amount. Having not received the policy documents, I approached the customer care team. I was told that the premium due on 17.03.2022 was not received and the policy was terminated/ lapsed wef 02.04.2022. Information about the same was received on 22.06.2022.

Experts please throw some light on the below queries:

  1. As per IRDAI, Should the insurance company have communicated about the lapse of policy at a much earlier date?
  2. As per IRDAI, what is the maximum date by which the premium paid should be refunded to customers?


Thanks in advance.

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Accident Insurance

1 Answer

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30 Jun, 2022
MBA | 5 years experience
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Hi Suba,


Incase of quarterly premiums grace period is for 15 days. It is clearly defined in policy details.


1) There no such criteria to communicate that the policy has lapsed.


2) Refunds incase of cancellation do happen in 7-10 days. I don't recall if there is a time line specified for refunds by IRDA. Incase you have not received the refund reach out to customer service and share details of your payment.


Regards

Rohit Dhingra

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