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  Forclosed and Lapsed Charges In ULIP Insurance Policy Not Approved By IRDA-RTI  
  15 March 2014  
  Forclosed Scam of Rs 3-4Lac Cr.- India RTI News Exclusive  
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Millions of Life insurance customers purchased ULIP policies in past 10 years. Due to miss-selling they did not pay 3-5 years compulsory payments. Some did not pay due to the bad financial condition. As per the policies terms and conditions customers have to pay minimum 3-5 years (as per ULIP Plan) premium . In failure of payment companies charge 100% for 1 year payment , 75% approx. for 2 years payment ,50% for 3 years payment of Fund value etc. This charge is called foreclosed charge due to non payment of compulsory term payment. Millions of policies got foreclosed by private and LIC due to non payment of payment . In the Rs20 Lac cr Industry Life Insurance companies eaten Rs 3-4 Lac cr in last 10 years in the name of foreclosed charges. This foreclosed charges are available in policy document. An RTI reply from IRDA says that the IRDA did not approved any foreclosed charges of any ULIP policies. This foreclosed charges is also not available in ULIP guidelines.

Lapsed charges are the charges paid by customer due to non payment of premium in grace period. Companies charge interest from 8 to 10% as lapsed charges to every customer. This charges are also not approved from IRDA .

If these charges are present in policy document then how IRDA approves these policies? IRDA never approves any policy and neither issue any approval certificate of any policy. IRDA issues objection letter to companies and companies never clear these objections and launch these product. A PIL is pending at Bombay High Court for selling non approved products to customers by IRDA.

Download IRDA Order Forclosed And Lapsation Charges

 
 

Life Insurance Agents in Millions are Illegally Terminated by Companies

PIL Filed Against IRDA At Bombay High Court By Customer

 
     
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