Legal Question in Consumer Law in India
I have taken a Max Life Insurance Policy with assured amount in the year 2011 for 20 Year Term. It is not on the market risk. I have paid three premiums to the company. The plan is that I have to pay only six annual premiums and thereafter, the premium will be continued for next 14 years. Now I am facing acute financial crises and want to withdraw my policy, but the company saying that you cannot withdraw the as it is a legal term with you signed with us. If you withdraw the same after three years, the company will pay you only 60 percent of your total amount. Please guide me what to do as I have urgent need of money.
1 Answer from Attorneys
your policy bond will have the terms and conditions specifying the consequence of premature withdrawl of policy.Refund will be governed by the terms of the policy for further query contact 9312411481
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