Hello Manish,
I kindly request you to advise me on the following scenario;
I bought ICICI Pru Life Insurance called ‘Pinnacle Super LP‘ on January 12, 2013, I paid 5 Lakhs premium for the first year. I got unemployed by the end of 2013 I am could not make the payment of 5 Lakhs premium for the 2nd year, My policy has lapsed because of non payment. Now on January 12, 2015 I am due for the same again, branch manager of ICICI writes to me that If I do not renew my policy by paying the premium of 5 Lakhs for the 2nd year by 12/01/2015, I will lose my first year premium.
Kindly advise me what shall I do in this kind of situation, shall discontinue or continue because I do not want to lose my 1st year premium of 5 Lakhs. I think this policy has a locking period of 5 years.
Please help me ASAP. If you give me your contact number I can call you to discuss the same.
With Kind Regards,
Nagesh Kumar
When I see the policy document http://www.iciciprulife.com/public/Brochures/Pinnacle_Super_brochure.pdf
I cant see anything written where it says that whole premium will go away if you dont pay after 1st year. In most of the cases, what happens is if you discontinue the premium, its transferred to an inactive pool of money and then you get it after the lock in period , which is 5 yrs .
Please confirm it from them .
Manish