My wife was missold a HDFC Standard Life (HDFCSL) policy through HDFC Bank under which Rs. 25,000/- was annual premium, in Dec 2008. The bank and HDFCSL have not agreed that they have missold the policy and have refused to refund premium. Since then no premium has been paid.
Now I am receiving calls from IRDA Insurance Helpline (this is how they are introducing themselves) under which if I invest Rs. 24,000/- annually as premium for a minimum of three years or Rs. 50,000/- lump sum premium in another policy in another Insurance Company, my wife will get back a sum of Rs. 31,350/- or so on the lapsed policy within a period of 70-75 days. The new policy will be in another insurance company which could be Reliance, Tata AIG, KotaK Mahindra etc. The new policy can be surrendered after five/three years at the surrendered value.
Is there any such scheme by IRDA where I can receive back the premium paid on my lapsed policy if I invest in another new policy for 3/5 years?