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,