Paid my first LIC premium 2 days before, can I get back my money ?

POSTED BY mountirfan ON August 14, 2014 6:33 pm COMMENTS (5)

I paid my first annual premium of Rs 25,000 in cash to a local LIC agent through a reference for an endowment plan. Today I came to know through this website that online term policy+PPF is a better option. I also read about the cooling period of 15days, but the agent told me yesterday, He will give my insurance papers BY HAND only after 1 month because of rush. Kindly advise me, how to go about it. Thanking you all!

5 replies on this article “Paid my first LIC premium 2 days before, can I get back my money ?”

  1. mountirfan says:

    Thanks a lot sir. Agent gave me cheque of the same value without any deduction.

  2. Hemanth Chandra says:

    So, are you able to cancel the policy and got money back ?

  3. mountirfan says:

    He showed me the LIC receipt for premium deposit.

  4. mountirfan says:

    Thanks a lot sir. I have forwarded an application to LIC through the same agent for refund of premium. Agent told me, he will process the application, I will also call LIC directly to track the progress. Quite happy that came to know about it well in time. Thanking you, will keep posted.

  5. Kshitij_Peter says:

    Your agent is playing a trick so that you can not unsubscribe within this 15 days.

    Take the details from the agent and approach LIC directly and get the documents yourself. You might loose the processing fees, but in the long run that much smaller monetary loss as compared to a)Long term Monetary loss and b) the mental agony of keeping losing the money.

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