Amitabh Chaudhry, MD & CEO at HDFC Life, answers your questions
What is the timeline for restarting a lapsed policy? If it cannot be restarted, could I ask the company to pay me the premium after deducting charges?
You may revive the lapsed policy within two years from the date of the first unpaid premium. In order to revive the policy, you would be required to pay all the outstanding premiums and the interest (if any) on the premiums dues along with applicable taxes. The interest rates might vary across insurers. You may get in touch with their respective customer service departments for the rates applicable.
After two years, a lapsed policy cannot be revived. However, in a unit-linked policy, the fund value will be payable (after a lock-in period of five years) after deducting charges (if any). In case it is a traditional policy, you might be eligible for a payout depending on the number of premiums you have paid. You should refer to your policy document for conditions pertaining to your policy.
I had purchased a policy before marriage. Now, I want to change the name in the policy. What is the procedure?
In order to change the name in the policy, you would be required to put in a written request to the company. Normally, these request forms are available at the branches or on the websites of the insurers. You may also be required to submit a proof (marriage certificate in this case) along with your request form at your nearest branch. Charges may apply, depending on the insurer.
The views expressed are expert's own. Send your queries to yourmoney@bsmail.in
