Legal Question in Insurance Law in India

1.my father has purchased an insurance policy for rs.30000/-yearly policy for which he paid for three years then stopped payment.he wants his money back is it possible?

2.some one made call to him and cajoled him to invest Rs.70000/-to get himself identified to get his money back from icici ,i have mentioned above.he yielded and invested with the assurance that his rs.70000 will be returned back to him along with his money invested in icici through a single cheque of cumulative amounts plus interest on investment in icici.hdfc was suggested by the caller and he also send a person at home to collect the cheque. 2 years have elapsed since then and whenever my father contacted the person on mobile, he duck the request for return of money. i feel it is cyber net of fraudesters having data of clients.insurance policy is for 10 years ,i want to withdraw otherwise every year he would have to pay rs.70000 annually additional.is there any remedy ?please advice.


Asked on 2/08/14, 3:01 am

2 Answers from Attorneys

wdo you have the policy bond or are you paying the money to the caller. how can you beleive on an online caller and invest such a huge amount. Ther is a period of 15 days called cooling in period where you can return the policy but that period has expired also.please visit the icici office and apply for closure of the policy .They will deduct a hefty amount and will return you a paltry sum. for further query contact 9312411481.

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Answered on 2/08/14, 7:28 am
Rajiv Gupta +91 9811284735 KarVai Legal Solutions www.karvai.in

You can approach the consumer forum for the desired release.

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Answered on 2/11/14, 1:39 am


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