Revive policy or accept surrender value

The National Commission noted that if the policyholder wanted reinstatement, he should have made a written request and cleared the premiums

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The Commission observed that Kumar was not a lay consumer, but was well-educated and working as the chief executive of Jindal Saw, so he should have abided by the terms of the policy

Jehangir B Gai

3 min read Last Updated : Jun 09 2024 | 10:51 PM IST

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Neeraj Kumar obtained a whole-life unit-linked insurance policy from PNB MetLife India. Under the policy called “Met Smart Plus Policy”, which Kumar purchased, his son was insured for Rs 1.75 crore. The policy had a term of 93 years for which the premium was Rs 5 lakh per annum.

The policy commenced on September 27, 2007, and Kumar paid Rs 15 lakh over three years as premium. From the fourth year onwards (from 2010), he stopped paying the annual premium.

On October 31, 2013, Kumar was informed that the policy had been terminated as the renewal premium had not been paid after

Disclaimer: These are personal views of the writer. They do not necessarily reflect the opinion of www.business-standard.com or the Business Standard newspaper

Topics : BS Opinion CONSUMER PROTECTION consumer awareness insurance claim

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