I have four money-back policies. I was unable to pay the premiums for two years due to financial problems. After two years, when I contacted my agent, he asked me to transfer Rs1.05 crore to his account, which I did, but even after six months of transferring the amount, he has not paid the premiums. Should I get in touch with the insurer? How do I get my money back?—Srikanth
If you do not pay renewal premiums within the grace period, the insurance policy lapses. A lapsed policy can be revived by paying past premiums, interest and other administrative charges that insurers levy. However, in no case should the money be paid to the agent or intermediary. Premiums have to be paid directly to the insurer only.
