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Insurer is liable for delayed decision

Failure to communicate the rejection on policy revival application within 15 days would mean approval

Jehangir B Gai 

Sanjay Bare had taken a policy from Life Insurance Corporation of India (LIC). For a cover of Rs 39 lakh, the yearly premium was Rs 1,68,609. The policy was for 24 years starting November 25, 2004. The policy lapsed for non-payment of premium. But, a clause in the policy permitted its revival within five years, subject to undergoing a medical check-up. Sanjay applied for revival of the policy on September 1, 2009, and also underwent a medical check-up by LIC's panel doctor on payment of the requisite charge. According to the Insurance Regulatory and Development Authority of ...

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Insurer is liable for delayed decision

Failure to communicate the rejection on policy revival application within 15 days would mean approval

Failure to communicate the rejection on policy revival application within 15 days would mean approval Sanjay Bare had taken a policy from Life Insurance Corporation of India (LIC). For a cover of Rs 39 lakh, the yearly premium was Rs 1,68,609. The policy was for 24 years starting November 25, 2004. The policy lapsed for non-payment of premium. But, a clause in the policy permitted its revival within five years, subject to undergoing a medical check-up. Sanjay applied for revival of the policy on September 1, 2009, and also underwent a medical check-up by LIC's panel doctor on payment of the requisite charge. According to the Insurance Regulatory and Development Authority of ... image
Business Standard
177 22

Insurer is liable for delayed decision

Failure to communicate the rejection on policy revival application within 15 days would mean approval

Sanjay Bare had taken a policy from Life Insurance Corporation of India (LIC). For a cover of Rs 39 lakh, the yearly premium was Rs 1,68,609. The policy was for 24 years starting November 25, 2004. The policy lapsed for non-payment of premium. But, a clause in the policy permitted its revival within five years, subject to undergoing a medical check-up. Sanjay applied for revival of the policy on September 1, 2009, and also underwent a medical check-up by LIC's panel doctor on payment of the requisite charge. According to the Insurance Regulatory and Development Authority of ...

image
Business Standard
177 22