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s there any way (other than renewal) to get back the premiums paid in a lapsed insurance policy?? I have paid three premiums of the policy. Now lapsed. Can i get anything back??

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11 Sep, 2020 by Prasad Bhagwat

s there any way (other than renewal) to get back the premiums paid in a lapsed insurance policy??I have paid three premiums of the policy. Now lapsed. Can i get anything back??

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Term Life Insurance

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11 Sep, 2020
Mahavir Chopra

Hello Mr. Bhagwat,


1) Could you please let us know the name of the insurance plan you are referring to. Savings based investment life insurance plans would have a minimum policy term of 5 years.

2) How many years were you supposed to pay premium for, as per the policy document.

3) Can you email your policy details to info@beshak.org - and we will get back to you with a detailed response.

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15 Sep, 2020
Prasad Bhagwat
(1) LIC Jeevan Kishor (with profits) table no.102.. Three yearly Premiums Paid out of total 09. (2) LIC Jeevan Saral (with profits) table no.165.. Nine yearly Premiums Paid out of Total 12 (3) HDFC life ClassicAssurePlus One Premium Paid out of total 07. Pls. guide
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15 Sep, 2020
Mahavir Chopra
Hello Mr. Bhagwat, all these policies are traditional policies that require a minimum of 3 years of payment. These policies are only good for capital protection, they will not provide return that beats inflation. These policies provide "return of capital" rather than "return on capital" **How to return or surrender** Once you have completed 3 years you can either surrender or convert the policy into a paid-up policy. - In the case of Paid-up, the amount which you will receive at maturity will be reduced, in proportion to the premiums paid. - In the case of Surrender, you will lose your first-year premium and get a % of the premium you paid for the remaining years - Jeevan Kishore - 3 years: 30% of the 2nd, 3rd-year premium. Jeevan Saral - 9 years: 65% of the premium paid minus first year. HDFC Life ClassicAssure - If the premium you have paid is not high you can simply drop the policy's renewal.
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