NEED SUGGESTION FOR CASH PLUS POLICY – ICICI PRULIFE

POSTED BY HARI KISHORE ON November 28, 2012 5:19 pm ONE COMMENT

Dear All,

Now my Age is 31, My father has taken cashplus insurance policy in my name (Ofcourse, I signed application without knowing anything about it) it happend 5 years back, Policy has term of 25 year, Policy is from icici prudential insurance co.

I paid premiums for 4 years and i stopped to pay premiums because i realised by reading the policy documents that i am not getting any returns at the end of the policy. At the time they promised to my father that i will receive some amount at the ending of 5th year and there after 10,15 years respectively..but when i approch to company they said to me that i wont receive any amount like this its not mentioned in policy documents. ( I was shocked ).

Now i dont want to continue and i want to close the policy, when i approch to them they said that u will get only 35 % of total of paid premiums.

I need suggestion – what to do?
Any Help is highly appreciated.
Thanking you in anticipation.

Regards
HARI

One reply on this article “NEED SUGGESTION FOR CASH PLUS POLICY – ICICI PRULIFE”

  1. Bond Bhai says:

    This looks like another Jeevan Anand type of policy. You have two options –
    1. Make it Paid up – Don’t pay anymore premiums, whatever you have let it remain and get it back after the policy term (25years)
    2. Surrender and get back whatever they have to give (usually 35% of all the premiums excluding the first year premium).

    There are lots of questions/articles in this website. Serach for Jeevan Anand, you will get it.
    http://localhost/jagoforum2/lic-policy-surrender-vs-paid-up/5281/

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