POSTED BY February 28, 2014 10:05 am COMMENTS (11)ON
I have paid three annual premiums of ICICI Pru GSIP, where premium payment term was 7 yrs. But now wanted to convert the policy to paid-up, as three premiums are paid.
I was under the impression that in this case I will be eligible for Reduced Sum assured after policy tenure (15 yrs), as mentioned in the brochure. But now i am being told that even if we have paid three yearly premiums the policy will still lapse after two years and I won’t get anything on it later. This is not clearly mentioned in the policy documents whereas the paid-up thing is mentioned.
This was even told to me during policy selling that one can even decide to keep it paid-up, after paying three yearly premiums. I am feeling being cheated here but not finding a way ahead. Can anyone clarify if the policy terms actually imply that policy will lapse, even after being made paid-up.
Also, pls advice on options that I have now apart from continuing to pay the premiums. Thanks!