Surrendering a lapsed ULIP

POSTED BY Prasoon ON July 11, 2011 11:43 am COMMENTS (5)

I was sold a ULIP (Bajaj Allianz New UnitGain Policy) In December 2008. I had paid just one premium (12000/-) in Dec 2008, and so, policy is in lapsed state now. Current fund value is 5000/-. Any chance that I get some of my money back after December 2011, by surrendering?

5 replies on this article “Surrendering a lapsed ULIP”

  1. Kaunda Ontuga says:

    hey prasoon, did you get the policy pay out?

  2. Prasoon says:

    Just posting the reply, that I received from Bajaj Allianz –

    “We regret to inform you that, you can not surrender your policy without complition of three years premium payment. If, you not pay the premium in revival period there is further no payment has payable to you.”

  3. Bajaj Allianz says:

    Dear Mr. Prasoon,

    Request you to send us your policy number and contact details on

    Our Executive will touch base with you regarding your query and would try to solve it at the earliest.

    Bajaj Allianz

  4. Did you check the policy document ? What does it say about the surrender before 3 yrs ? I think you can get the money as per that time market valuations


    1. Prasoon says:

      Thanks for your reply.
      In December 2011 it’ll complete 3 yrs, and I’ll surrender after that only. In policy document, there is no mention about lapsed policy. I hope that i get at least some amount 🙁

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